Financial Times
July 11, 2011
Stocks had their worst one-day drop since the Japanese earthquake in March, as a host of European countries saw their default insurance costs soar to record highs as eurozone contagion panic gripped markets.
The euro sank to a record low against the Swiss franc and a seven-week trough against the dollar as investor fears heightened that Italy was about to be engulfed by the crisis that forced bail-outs of Greece, Ireland and Portugal.
“Contagion was the word on everyone’s lips as the eurozone debt crisis threatens to envelope the periphery,” said Gavan Nolan, of Markit. “But it was Italy that is the real concern for the markets – it was regarded until recently as having decoupled from the rest of the periphery but that has changed over the past week.”
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