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Death and taxes in Italy

Giuseppe Campaniello set himself ablaze after not being able to pay a tax billWives of these “economic suicides” have formed a group, the “white widows”Suicide rates in European nations hard hit by the debt crisis are on the riseEditor’s note: This week, CNN International will be examining “The Future of Europe,” a look at the debt crisis as the eurozone faces another week of critical meetings that may impact the future of the 17-nation monetary union. Torrevecchia Teatina, Italy — Six months ago, an Italian bricklayer behind on his taxes wrote a note to his wife of 27 years, then […]

FRANKFURT Short-dated Spanish and Italian government debt rallied sharply, dragging down yields and steepening yield curves Tuesday, a day after European Central Bank President Mario Draghi indicated a new bond-buying plan could embrace debt with maturities of up to three years without violating the prohibition on central-bank financing of government borrowing. The yield on two-year Spanish debt fell 0.26 percentage point to 3.05%, while the yield on two-year Italian debt dropped 0.29 percentage point to 2.34%, according to Tradeweb. News reports said Draghi told European Parliament members late Monday that the ECB’s new bond-buying program could target debt with maturities […]

MADRID German Chancellor Angela Merkel has asked Italian Prime Minister Mario Monti to hold off on a request for a bailout, according to a report in Spanish daily El Mundo on Friday. Merkel reportedly made the request to Monti at their meeting in Berlin on Wednesday, and the newspaper said she would make the same request of Spanish Prime Minister Mariano Rajoy when they meet next Thursday. The efforts by Merkel are reportedly aimed at calming an internal crisis at the Bundesbank, whose central bank chief, Jens Weidmann, is strongly opposed to any action by the European Central Bank to […]

FRANKFURT The extra yield demanded by investors to hold Spanish and Italian government debt over safe-haven German paper fell Monday, after a weekend news report in Germany’s Der Spiegel magazine said the European Central Bank was weighing a plan that would cap yields on government bonds at a certain level above German yields. The yield on two-year Spanish debt fell 0.26 percentage point to 3.12%, while the spread between two-year Spanish and German yields narrowed by 0.37 percentage point to 3.14 percentage points, according to electronic trading platform Tradeweb. The 10-year Spanish bond yield fell 0.27 percentage point to 6.16%, […]

– The markets seem to be on summer shut-down, the likes of which I can barely remember in my career lifetime.From eurozone data that showed growth shrinking everywhere bar Germany, to Greece saying theyll need to extend the terms of their bailout – the market reaction is barely more than a shrug.I doubt everyone is lounging by a pool with a cocktail, but it does seem the markets have embraced a relaxed summer mode.Give it a week of two and the panic mongering will no doubt begin again, because Europe’s problems have not gone away.Policymakers are still struggling to smooth […]

The decision by Standard & Poor’s to strip France of its prized AAA credit rating and downgrade eight other European countries slammed a continent struggling with a debt crisis and an economic slowdown. But beleaguered Europeans can take…

Standard & Poor’s swept the debt-ridden European continent with punishing credit downgrades Friday, stripping France of its coveted AAA status and dropping Italy even lower. Germany retained its top-notch rating, but Portugal’s debt …

France was stripped Friday of its top-notch credit rating and rumors swirled in financial markets that its debt-burdened neighbors would be next, complicating Europe’s efforts to solve its financial crisis. Finance Minister Francois Baroin told a French TV station that France had …

Hours before kicking off earnings season, Alcoa (AA) said on Monday it plans to scale down operations at three aluminum smelters in Italy and Spain to tighten expenses as metal prices continue to fall. The curtailment will reduce the company’s global smelting capacity by 12…

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