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Dutch sell debt in auction as markets calmer

HOLLAND sold debt at two auctions today but a former member of Geert Wilder’s party said that the country’s demands for austerity in Greece have come back to haunt it.

The country sold €2.5bn of sovereign debt – a positive move after Dutch prime minister Mark Rutte handed in his resignation to Queen Beatrix after Government talks broke down over an austerity budget.

Geert Tomlow, a former member of the Dutch right wing PVV party, which brought down the country's government down by refusing to a tough budget, said in an interview:

“Holland has fallen into its own trap.”

He added that while they demanded that countries like Greece met a 3pc budget deficit target, Holland can’t meet the target itself.

Mr Tomlow also suggested it may be necessary to introduce a two, or even three tier euro to cope with the crisis.

Stock markets were calmer after a massive sell-off yesterday on fears of increasing uncertainty in Europe.

The euro also gained in value but markets remain jittery.