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UPDAT ED October 28, 2011

Tracking Europe's Debt Crisis

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Markets quick embrace of the latest effort to tackle Greeces mammoth debt burden and restore confidence in the Continents banks reflected hope that this plan was broader and more robust than previous ones, but skeptics quickly emerged. Got an idea for an update? Send a suggestion by e-mail.
COUNTRY LATEST DEVELOPMENTS COMING EVENTS VITAL STATISTICS RECENT ARTICLES

France

Oct. 28: President Nicolas Sarkozy cut France's growth forecast for 201 2 and said he would offer new spending cuts.

Leaders of the G-20 group of nations will meet Nov . 3 in Cannes.

Debt/G.D.P.: 81 .7 % Unemploy ment, A ug. 201 1 : 1 0.0% S. & P. Rating: A AA

France Eyes More Belt-Tightening as Election Looms (Reuters, Oct. 25)

UPDATED

Germ any

UPDATED

Oct. 28: Germany 's Federal Constitutional Court issued a temporary injunction to prev ent a panel of lawmakers from making decisions about funds for the euro zone rescue.

Debt/G.D.P.: 83.2% Unemploy ment, A ug. 201 1 : 5.9% S. & P. Rating: A AA

Calling Bankers Bluff, Merkel Won Europe a Debt Plan (The New York Times, Oct. 28)

Greece

Oct. 28: Prime Minister George Papandreou urged Greeks to support the new rescue plan.

Debt/G.D.P.: 1 42.8% Unemploy ment, June 201 1 : 1 6.4% S. & P. Rating: CC

Greeks Applaud E.U. Agreement to Cut Debt (The New York Times, Oct. 27)

UPDATED

Ireland

Oct. 27 : Ireland's gov ernment may benefit from parts of the agreement on Greek debt, although the country remains committed to pay ing its debts in full, Bloomberg reported.

Debt/G.D.P.: 96.2% Unemploy ment, A ug. 201 1 : 1 4.9% S. & P. Rating: BBB+

Ireland May Seek Ancillary Rew ards from Greeces Debt Failure (Bloomberg, Oct. 27)

Italy

Oct. 28: Italy s borrowing costs rose sharply , as concerns mounted ov er the country 's ex posure to bad debt. It had to pay 6.06 percent to sell 1 0-y ear bonds, the highest y ield it has paid at auction in the euro era.

Debt/G.D.P.: 1 1 9% Unemploy ment, A ug. 201 1 : 6.8% S. & P. Rating: A

Euro Zone Warns Italy to Stick by Pledges (RT, Oct. 27)

UPDATED

Portugal

Oct. 27 : Two large Portuguese banks said that they may turn to the gov ernment to meet new capital requirements.

Debt/G.D.P.: 93% Unemploy ment, A ug. 201 1 : 1 2.3% S. & P. Rating: BBB-

Tw o Portugal Banks May Tap State Aid to Raise Capital (Nasdaq, Oct. 27)

Spain

Oct. 27 : Banks in Spain won't seek state aid to meet capital requirements.

General elections on Nov . 20 will likely turn on economic issues.

Debt/G.D.P.: 60.1 % Unemploy ment, A ug. 201 1 : 20.5% S. & P. Rating: A A

Spain Banks Rule Out State Aid to Raise Capital (Bloomberg, Oct. 27)

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Tim es Topics: European Sov ereign Debt Crisis (2 009 - )

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