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Investors dump Italian bonds, ignite stock sell-off

Europe’s debt-crisis plans founder

Traders in New York (above) were not alone yesterday: Markets slid around the world. Traders in New York (above) were not alone yesterday: Markets slid around the world. (Scott Eells/Bloomberg News)
By Christine Hauser, Graham Bowley, and Nelson D. Schwartz
New York Times / November 10, 2011

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Europe’s efforts to stem financial contagion foundered Wednesday as investors dumped their holdings of Italian government bonds, prompting a global stock market sell-off. Investors drove up the cost of borrowing for Italy beyond 7 percent, a critical level that many economists see as unsustainable and that last year precipitated bailouts for Greece, Ireland and Portugal.

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