“We think Europe is only half-way through resolving the crisis,” the Credit Suisse analysts added. “In particular, we believe that we will need an ECB [European Central Bank] deposit guarantee or a €2 trillion five-year [long-term refinancing operation].”
The fog surrounding Spain is also costing debt-ridden Italy dearly, as its economy slides deeper into recession and it is forced to borrow additional billions of euros to cover its 22-per-cent share of the Spanish bank rescue tab. “There is a permanent risk of contagion,” Prime Minister Mario Monti told an economic conference during the weekend."
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