France, Germany clash over ECB role to stem crisis

By Nicholas Vinocur and James Mackenzie – Facing rising borrowing costs as its AAA credit rating comes under threat, France appeared to plead for stronger ECB action, adding to mounting global pressure spelled out by President Barack Obama.

Bond market contagion is spreading across Europe. Italian 10-year bond yields have risen above 7 percent, unaffordable in the long term. Yields on bonds issued by France, the Netherlands and Austria — which along with Germany form the core of the euro zone — have also climbed. more>

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