Eurozone in crisis talks as pressure mounts on Italy

EUROZONE finance ministers held crisis talks yesterday in a desperate bid to come up with a solution to the Greek debt problem and avoid the euro debacle escalating to include Italy.

Various solutions to cut what Greece owes to a more manageable amount is being closely watched by Ireland as it may offer the country a way to reduce its debt.

European stocks have slumped over fears for the eurozone’s future. In Milan, the FTSE Mib index closed at 18,295 points, down almost 4%. Italy’s two biggest lenders, Intesa Sanpaolo and UniCredit, fell 7% and 5.2% respectively.