Slovakia is the only member of the euro zone that is yet to approve the proposed expansion of the European Financial Stability Fund (EFSF).
One of the four parties that form the ruling coalition has refused to ratify the measure, triggering speculation that the government could fall apart and it could take longer for the country to approve the increase in the bailout fund’s size.
Slovak finance minister Ivan Miklos warned the parliament that if it fails to approve the measure, consequences could be worse than the 2008 crisis that followed the demise of Lehman Brothers.
Likewise, the FTSE 100 has faded above 5,400 in recent months and we have seen the same again today. This is a major resistance level for the UK index.”
The markets are currently waiting for EU policymakers to present a specific plan to address the European debt crisis, which German Chancellor Angela Merkel and her French counterpart Nicolas Sarkozy said would come within a few weeks.
Resources stocks were among the heaviest fallers in London today, hit by concerns that Europe’s debt issues could lead to slower economic growth and reduce demand for energy.
Oil and gas firm Cairn Energy (LON:CNE, down 3.8pct at 286.5p) hit the bottom of the FTSE 100 pile, followed by mining majors Antofagasta (LON:ANTO, down 3.5pct at 1,056p) and Xstrata (LON:XTA, down 2.8pct at 911.3p). For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment