The European Central Bank has abandoned Italy and Spain to their tortured fate. Its refusal to act in the face of an existential threat to monetary union has set off violent tremors across the global financial system, raising the risk that the crisis will spiral out of control. 04 Aug 2011 The US, Britain, and Europe are together embarking on a sudden and severe tightening of fiscal policy, in unison, before economic recovery has reached safe take-off speed. The experiment was last tried in the 1930s. 03 Aug 2011 The European money markets have begun to seize up as pressure mounts on the Italian and Spanish banking systems, tracking the pattern seen during the build-up towards the financial crisis in 2008. 02 Aug 2011 Fears of a double-dip downturn on both sides of the Atlantic have set off fresh mayhem in Southern European bond markets, dashing hopes that Europe's summit deal in late July would contain the escalating crisis. 01 Aug 2011 We have a glimmer of hope. The key indicators of the US money supply are at last firing on all cylinders, a dramatic turn for the better that would normally signal recovery or even a mini-boom within the next six to 12 months. 01 Aug 2011 A chorus of global banks has warned that Washington risks triggering a global slump and may suffer permanent loss of credibility by flirting with default on America's $14.3 trillion (£8.8 trillion) federal debt. 28 Jul 2011 Fears of recession in Italy and the Germans' reluctance to back the EU's bail-out fund with real muscle have set off fresh eurozone tremors, pushing yields on Southern European bonds back to levels seen before last week's emergency summit. 27 Jul 2011
Ambrose Evans-Pritchard
Ambrose Evans-Pritchard is International Business Editor of The Daily Telegraph. He has covered world politics and economics for 30 years, based in Europe, the US, and Latin America. He joined the Telegraph in 1991, serving as Washington correspondent and later Europe correspondent in Brussels.
LATEST FROM AMBROSE EVANS-PRITCHARD
The ECB throws Italy and Spain to the wolves
The West's horrible fiscal choice
Europe's money markets freeze as crisis grows
Italy in eye of the storm as cash runs low
America is merely wounded, Europe risks death
Warnings of global slump
Europe's hot summer as Italy and Cyprus join sick list
Sunday, 7 August 2011
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