Presumably the European Commission is building a parallel case to bring against oil indexed supplies from Algeria to Spain and Libyan gas to Italy?
FORBES: Getting Tough With Gazprom Could Be Suicide For Europe
This echoes a chorus of complaint against German-inspired austerity now rising across the continent, from Ireland and the Netherlands to Italy and Spain (see Charlemagne).
French President Francois Hollande said the meeting of the 17 eurozone heads of state, held after the leaders of the EU countries outside the single currency area had left, was the result of pressure from Spain and Italy quickly to find short-term measures to stabilize the markets.
Bond yields in Europe, while still nowhere near crisis-era peaks, flared up Monday in response to the latest headlines from Italy and Spain.
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That so many flowed through this pipeline from semi-obscurity in Spain and Italy to the semi-obscurity of a suburb northwest of London is no coincidence: All three clubs belong to Giampaolo Pozzo, a longtime owner in Italy.
As Martin Wolf of the FT pointed out this morning on Today, this German fear of becoming banker to the entire eurozone even infects the capacity of the European Central Bank to buy the debt of Italy and Spain in sufficient quantity to prevent their sovereign borrowing costs from ballooning to potentially lethal levels.
And Mediaset has failed to diversify away from recession-mired Italy and Spain.
But quite apart from the explicit lending to banks, the ECB and central banks of the stronger economies, especially the Bundesbank, also have a huge "counterparty" risk to Greece, Italy and Spain from the way that the payments system in the eurozone works.
"I'd say so, because someone from Italy has got a different sort of mentality to the way they go about their training to someone from Spain, " Onuoha explaied.
BBC: SPORT | Football | My Club | Man City | Onuoha backs Man City youngsters
"Everyone who came to Argentina took the best from Italy, France, Spain and made a mixture, " he says.
Because it is less dependent on manufacturing than Germany, Italy and Spain, France has less to fear from low-cost Asian competition.
Finally, Mr. Sarkozy said he would accept the private-sector involvement if Ms. Merkel dropped her resistance to giving the euro-zone bailout fund broad new powers to buy debt of weak countries directly and move to protect such countries as Spain and Italy from bond-market contagion.
WSJ: European Disunion: Dithering at the Top Turned EU Crisis to Global Threat
However for Morgan Stanley, the risk aversion of German, French and other northern European banks is now so entrenched that it does not expect them to cease their withdrawal of credit from Spain, Italy and the other weaker economies, even in the circumstances where the ECB penalises them for sitting on cash.
Most of the capital - a protection against possible losses on loans to highly-indebted countries - is expected to be raised by banks from Greece, Portugal, Italy, Spain, Germany and France.
Furthermore, the implied 5-year PD from CDS spreads for Italy is above 35% and close to 40% for Spain, (Figure 3).
FORBES: The Fate Of The Euro Hinges On Italy. Italy's Looking Iffy.
It remains the case that together the economies of Spain and Italy are too big to be rescued from existing funds.
Currently the menu is Belgian-focused, but Sweeney and Guerrero plan to include beer and food from other countries like Spain and Italy soon.
In Europe, ECB President Mario Draghi politically outmaneuvered the hawkish Deutsche Bundesbank, successfully announcing a program authorized to buy unlimited sovereign debt from troubled nations like Spain, Italy and (maybe) Greece.
One need only look at Brazil's dipping birth rate to see that Latin American Catholics are edging on to a route already travelled in countries such as Portugal, Spain and Italy one that can soon lead from disobedience to disavowal.
Germany is concerned that a Greek exit from the eurozone could lead to a domino effect, whereby a number of indebted nations -- including Ireland, Portugal and potentially Spain and Italy -- may be forced to withdraw from the common currency, which could lead to a full break-up of the monetary union.
Greece defaulted, Portugal, Italy, Ireland and Spain suffered horrible depressions from which perhaps only Ireland has yet to make any kind of comeback from.
Major European banks probably need a 500 billion euro transfusion to write down their debt holdings of weak sister paper from Spain, Italy and Greece.
In January, seven vessels from Spain, Britain, France, Portugal and Italy set sail from Gibraltar to patrol the southern Mediterranean, in a first step towards a common European border guard.
The call comes as data watchdogs from the UK, France, Spain, Germany, Italy and the Netherlands team up to launch a joint action against U.S. search-engine giant Google over alleged breaches of EU privacy rules.
CNN: EU watchdogs need 'teeth' to clamp down on privacy breaches
From afar, it would be easy to underestimate how thoroughly depositors in Spain and Italy understand that they are inside the magic circle of "core Europe" and have nothing to fear from the Cyprus precedent, in which insured bank depositors might be asked partly to pay for their own bailout.
Britain's closeness to America over Iraq attracted adverse comments from leftists in France, Spain and Italy.
The catalyst for such a market decline is liable to come out of Europe again, perhaps from an actual debt default by Greece, or a worsening spread of the crisis to Italy or Spain.
Germany, Europe's largest economy, fears that a Greek exit from the eurozone could lead to a domino effect in which other massively-indebted countries -- Ireland, Portugal, Spain and Italy -- may pull out from the common currency, leading to the breakup of the eurozone.
But here's the thing (and sorry for springing this on you now): investors have been taking exceptionally low interest rates from the British government precisely because they don't want to lend to Spain or Italy, they don't want to increase their eurozone exposure, and they've got to put their cash somewhere.
The UK, France, Germany, Italy, Russia, and Spain join the United States as the first countries to benefit from this new hotness, while Chrome, Firefox, Safari, and Internet Explorer 8 are the first supported browsers.
ENGADGET: Google announces Google Instant search, available now for desktop, mobile this fall
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