Eurozone CRISIS on way with debt-hit Italy and Portugal about to become the new Greece
TROUBLES in the Italian and Portuguese economies could blow up this year to shatter the eurozone, as disastrous Greece almost did last year.
By LANA CLEMENTS
Express.co.uk
Wed, Feb 17, 2016
Both countries are heavily laden with huge piles of debts and struggling to register any growth amid global market turmoil.
Recent figures showed Italy’s economy grew by just 0.1 per cent in the last quarter of 2015, while Portugal’s was only 0.2 per cent.
Investors have become increasingly concerned about the anti-austerity agenda of the Portuguese socialist government, fearing defaults could lie further ahead, which has seen the borrowing costs for the government soar.
Debt levels in the country now stand at a staggering 130 per cent of GDP making Portugal one of the most indebted in Europe, according to economists at RBS.
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