EU Struggles to Tame Crisis Amid Contagion
The leaders are now struggling to come up with solutions to sovereign debt crisis that is effecting the Euro-zone. The two countries at risk currently are Italy and Spain which have seen interest rates on their respective bonds skyrocket in the last couple of days. The European Central Bank initiated a buy back program for Portuguese and Irish bonds while the European Commission called for a strengthening of the European Financial Stability Facility, the rescue fund for troubled Euro-zone member states.