New bailout fears for Italy and Spain

It is feared new and bigger euro area bailouts may soon be needed.

It is feared new and bigger euro area bailouts may soon be needed.

Italy's Finance Minister is holding emergency talks in Luxemburg this morning with the Eurozone Chief Jean Claude Juncker, as the country faces continuing pressure on international money markets due to its debt levels.

The cost of borrowing for Italy and Spain hit a new record high yesterday.

The Italian Prime Minister Silvio Berlusconi is to address the Italian Parliament on the situation later today.

Europe is also urgently trying to prevent Spain from becoming the next government to need a financial bailout.

Investment Director with Seven Investment Management, Justin Urqhurt Stewart has said one possible solution to the financial crisis in the eurozone would be to split the currency.

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