the Australian stock market lost $37 billion because of Europe's economic crisis.
FARK.com: (6720149) While you were sleeping, the Australian stock market lost $37 billion because of Europe's economic crisis
AUSTRALIAN shares have plunged more than 3 per cent lower today as the never-ending eurozone crisis has entered dangerous new territory. Italy, the eighth largest economy in the world is in debt of $2.2tn. Overnight, rates on Italian bonds rose past 7 per cent. When Ireland, Greece and Portugal hit this 7 per cent mark - they needed to be bailed out. But Italy is "too big to bail" and the possible contagion effect from a failure of Italy is causing global markets to fall.
Other news spooking markets is that French and German officials are exploring the idea of a smaller eurozone, sparking fears that this could be the start of a eurozone breakup.
more
LIVE: $37 billion wiped off local shares as Italy's debt crisis leads to global sell-off | Latest Business & Australian Stock market News | Courier Mail
FARK.com: (6720149) While you were sleeping, the Australian stock market lost $37 billion because of Europe's economic crisis
AUSTRALIAN shares have plunged more than 3 per cent lower today as the never-ending eurozone crisis has entered dangerous new territory. Italy, the eighth largest economy in the world is in debt of $2.2tn. Overnight, rates on Italian bonds rose past 7 per cent. When Ireland, Greece and Portugal hit this 7 per cent mark - they needed to be bailed out. But Italy is "too big to bail" and the possible contagion effect from a failure of Italy is causing global markets to fall.
Other news spooking markets is that French and German officials are exploring the idea of a smaller eurozone, sparking fears that this could be the start of a eurozone breakup.
more
LIVE: $37 billion wiped off local shares as Italy's debt crisis leads to global sell-off | Latest Business & Australian Stock market News | Courier Mail
