Wednesday 17 January 2018

Thomas Molloy: Three continents in crisis and one hell of a problem

'JUST when I thought I was out, they pull me back in," cries Michael Corleone in 'The Godfather'. The same could be said of the debt crisis. Every time Europe's leaders get ready to make things safe, the crisis jumps to another country and makes the latest solution inadequate.

Italy, Corleone's spiritual home, yesterday became the latest and biggest country to suddenly threaten the eurozone's attempts to contain the debt crisis.

With the yield on 10-year bonds jumping from 4.62pc to 5.7pc over the past five weeks, the eurozone's third largest economy is now paying more or less the same as Ireland to borrow money under the bailout scheme.

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