Problems in Portugal, Greece and Spain weigh heavy on global economy
BRUSSELS â€" Fears of another crisis spiral for the military man economy deepened Friday by and by the Portuguese parliament defeated a government ascesis plan, triggering renewed concern that the financial crisis in that country and in Greece could spread through the eurozone and spill crosswise its b says.
Spooked investors worldwide were fleeing risky assets like stocks. And from Shanghai to Sao Paolo, people were rouse to the reality that what is happening in these European minnow states has enormous implications for the fate of the fragile global economic recovery.
Stocks fell in Asia and Europe as governments in Portugal and Greece pushed against fierce political metro at home to cutbacks aimed at getting their deficits under control.
Markets forethought Greece may carelessness or require a costly bailout from already strapped European governments, and those concerns are spreading to other financially troubled governments such as Portugal and Spain.
Portugals position looked even weaker Friday after opposition parties defeated a government plan for austerity measures that the country needed to pass to soothe markets and reduce the gliding cost of insuring its debt, a measure of investor fear.
Portugal is next in annotation with ... what is now a very timid attempt to shoot down forth its deficit down, said Marco Annunziata, chief economist at UniCredit.
surmount EU officials, the economy commissioner Joaqin Almunia and European Central Bank qualifying Jean-Claude Trichet, tried Wednesday and Thursday to reassure markets of the strength of the eurozone and Greeces determination to bring down spending. But markets havent listened.
The reason is a growing review of government funds worldwide, and knowledge that a Greek default would tear new holes in banks already battered finances if they hold Greek bonds, most of which were sold to west European investors outside Greece....If you want to get a full essay, order it on our website: Ordercustompaper.com
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