11/10/2011
Serious and wide-ranging consequences will be felt globally if the contagion spreads to affect Spain and France. Exposure to European sovereign debt by financial institutions across the world and the impact of a selective default will make the US sub-prime mortgage crisis seem like a distant irritating memory.
France and Spain were yesterday drawn into the euro maelstrom as the markets’ focus began to move from Italy to other big members of the single currency.
