Eurozone Crisis: Spain Edges Closer to Disaster as the Euro Crisis Spreads
Europe can ill-afford to rescue Spain – the fourth largest economy in the single currency bloc – and Italy is widely seen as too big to save.
The Eurozone was back on the brink last night as Spain edged towards a financial disaster that could tear the single currency apart.
Analysts said Spain’s huge economy was at a ‘tipping point’ and would inevitably need international aid.
In a sign that Europe’s debt crisis is deepening, Italy’s borrowing costs edged higher, Greece was was facing a 1930s-style depression and its austerity measures were said to be faltering.