September 9, 2011
The euro-zone debt crisis rumbles on deeper into September and is still showing signs of escalating rather than ebbing, even as the European Central Bank buys Spanish and Italian bonds to contain the contagion and some emergency budgetary programs — such as Ireland’s — begin to bear fruit.
The main problem remains Greece, which has sunk deeper into economic recession in the second quarter. Bailout talks between Greece and the European Union, International Monetary Fund and ECB were suspended last Friday after it became clear that Greece was set to overshoot its budgetary targets for this year. Talks with the troika of international experts are expected to resume Sept. 14.
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