Greek debt crisis contagion continues as focus of markets; IMF chief warns of delay in resolving crisis
Apr 29th, 2010 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Fears that the Greek debt crisis would spread contagion to the weaker members of the 16-country common currency area, accelerated on Wednesday as Spain suffered a debt downgrade from Standard & Poor’s and the IMF managing director was reported to have said that €120bn would be needed to support a 3-year Greek adjustment programme. He also said every day a resolution to Greece's problems was delayed, the risk grew of them spreading “far away”.