"If the spread in Italy remains at this level for some time, then you’re going to see a non-EU oriented, non-euro oriented, non-fiscal discipline oriented government in Italy", Mario Monti said.
European Central Bank President Mario Draghi said the bank would make a new effort to buy government bonds to drive down the high borrowing rates squeezing the continent’s indebted governments. And he urged leaders of the 17 countries that use the euro to use their bailout fund to do the same.
The message from the ECB was clear: Europe’s financial crisis is getting worse and requires more forceful remedies than leaders have so far been able to come up with.
