Thursday, 6 May 2010

Debt crisis: pension pledges lie at heart of investor fears

European commission warns of dangers of crisis spreading as investors grow fearful of pension commitments

Financial markets tumbled today after a warning from the European commission that the turmoil in Athens was in danger of spreading to other countries, including the UK.

The commission said mounting government debts could trigger widespread panic among investors and threaten the EU's economic recovery.

The European monetary affairs commissioner, Olli Rehn, said it was vital to stop the crisis spreading beyond Greece. "It's essential to contain the bushfire in Greece so it will not become a forest fire and a threat to financial stability for the EU and its economy." more...


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