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Spain seems to be in the pain now due to its borrowing problems..will the Euro crash now?

Tags: spain, news & events, euro crash
Asked by dharamender nebhnani, 19 Jun '12 10:39 am
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Answers (1)


Euro is crashing. G-20 chiefs met as Spains borrowing costs soared to a euro-era record and elections in Greece failed to damp the threat of contagion. Merkel, who heads Europes largest economy and rejects pooling euro-area debt or boosting deficit spending, said shell defend her policies with good arguments as world leaders press Europe to stamp out the debt crisis now in its third year. Obama has blamed the turmoil for slowing U.S. employment growth.

The euro-areas G-20 governments will commit to protecting the currency union, according to an excerpt of a draft of the statement that leaders will issue at the summits close.

As part of the crisis toolkit, the worlds largest emerging economies announced contributions to the International Monetary Funds financial firewall at the meeting, with $10 billion pledges each from Russia and India. President Hu Jintao told leaders at the summit China will contribute $43 billion to the backstop, which the IMF said in April would total $430 b ...more
Source: business week
Answered by Ataur Rahman, 19 Jun '12 10:42 am

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