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Optimism fades at EU debt summit

Euro’s value falls, while Italy’s cost to borrow rises

Italy’s staggering debt precludes it from being bailed out and has spurred investors to demand more money to lend to the eurozone’s third-largest economy. The crisis has caused Italian automaker Fiat SpA Panda to review its financial targets for 2012. Italy’s staggering debt precludes it from being bailed out and has spurred investors to demand more money to lend to the eurozone’s third-largest economy. The crisis has caused Italian automaker Fiat SpA Panda to review its financial targets for 2012. (Alessia Pierdomenico/Bloomberg News)
By David McHugh and Gabriele Steinhauser
Associated Press / December 15, 2011
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The euro slid to an 11-month low and borrowing costs spiked Wednesday for heavily indebted Italy, as economic realities dispelled the last wisps of optimism left about an EU deal aimed at containing Europe’s debt crisis. The market verdict - that Europe’s debt problems are still unsolved - comes after five days of accumulating questions about whether the deal’s new limits on debt and added contributions to the International Monetary Fund will take full effect.

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