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Borrowing Problems Moves To Italy

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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The pressure on the financial situation of the weakest nations in Europe continues to grow, and Italy became the latest country to face a sharp rise in borrowing costs. The news ahead of a summit of EU leaders is not likely to change the critical position of Germany, which is against setting bonds that cover all of the union’s nations or a let up in the supervision of austerity plans. Italy’s six-month borrowing costs rose to 2.957% at auction on Wednesday, the highest since December, according to CNBC.

Without some new overwhelming action to change the hearts of international capital markets investors, the bonds of nations such as Spain and Italy will be shorted. Money will continue to flow to the sovereign debt of Germany, and more so to the United States. Many experts believe this will cause the European Union to crumble, as well as trigger immediate bailout needs for several nations in the region. So far, those concerns have not been enough for Germany to change its position.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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