Saturday, June 16, 2012

Eurozone Tearing Itself Apart:Bank of England

In quarterly inflation report of Bank of England, the governor of same Mr. Mervyn King has warned that the Euro zone was "tearing itself apart" and a veritable storm is headed from the continent, which cannot leave the UK "unscathed". IMF chief Christine Lagarde hinted at the possibility of a messy Grexit, and said the Fund would have to be prepared. Spanish sovereign debt yields reaching all-time
highs, Moody's downgrading 26 Italian banks, and according to reports, more than $ 1.2 billion
in savings fled Greek banks in just two days, signaling an escalation in the flight of capital from
the country. Italy is also on the door of deeper economic crisis. France fiscal deficit has also
reached a record high.

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