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Soaring interest rates on Spanish debt, the financial difficulties of Spain's regional governments, as well as IMF criticism of Greece have helped push the euro below $1.21. Some banking circles suggest that the IMF may cut off credit to Greece, which could lead some European countries to do likewise.
Madrid and Athens shock markets – Die Welt
Vice-President of the European Commission and Commissioner responsible for competition, Joaquín Almunia, is urging Spanish Prime minister Mariano Rajoy to ask the EFSF to buy Spanish bonds, supporting a more flexible use of the fund, as agreed in the last EU Summit in June. Meanwhile, as Spain’s 10-year bonds reached a record high at 7.45%, it decided, along with Italy, to freeze short-selling — the process whereby dealers sell shares they do not have in the hope of buying them back more cheaply later — for three months to avoid speculative attacks.
EU urges Spain to ask EFSF to buy debt – El Mundo
As the EU-ECB-IMF troika arrives in Athens amidst rumours of Greek default, the Athens daily stresses that the entire eurozone, and particularly Italy, is affected by the situation in Spain.
Panic in eurozone because of Spain – I Kathimerini
On the eve of the arrival in Athens of the EU-ECB-IMF delegation, the European Commission warned Greece that it will not obtain a new tranche of €31.5 billion in aid in September, if no agreement is reached on cuts of €3.5 billion in 2012 and €11.5 billion for 2013.
Troika ultimatum for express measures – To Ethnos
Now worth $1.21, the euro has reached its lowest level in two years. A drop that the Spanish bank bailout of July 20 has failed to halt.
Euro weakens more and more – Hufvudstadsbladet
According to revenue offices, there were nearly 13,600 zloty millionaires in Poland in 2011 — one million zlotys being equivalent to 250,000 euros – a few hundred more compared to the pre-crisis year of 2008. The richest taxpayer declared 56.6 million zlotys (€14.1 million) in income.
Number of millionaires in Poland rises – Dziennik Gazeta Prawna
In a meeting with representatives of Hungary's Roma minority, Prime Minister Viktor Orbán said it is important to give the Roma the opportunity to work, and he defended Europe's strategy for the integration of the Roma, explaining that "you can not live on crime or allowances."
“You can not live on crime” – Magyar Hírlap
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