Political hurdles to resolving euro debt crisis intensify

ITALY braced for a confidence vote in Silvio Berlusconi’s government and Slovak leaders scrambled to secure approval for a stronger euro zone rescue fund yesterday, highlighting the political hurdles to resolving the bloc’s debt crisis.

Political hurdles to resolving euro debt crisis intensify

The European Union’s top economic official said in Dublin the currency bloc was in a “very dangerous situation” and pressed governments to take strong action at an EU summit, pushed back to October 23 to give politicians time to come up with a new strategy for Greece and ailing banks.

Inspectors from Europe and the IMF gave a green light on Tuesday for Greece to receive a new aid payment needed to avert default, but new data showed the budget deficit widening and Greek tax inspectors vowed to strike next week over wage and pension cuts.

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