Rome

European markets spooked by Monti resignation announcement

Milan bourse plunges 3%, Italian spread shoots up 30 points

European markets spooked by Monti resignation announcement

Rome, December 10 - Stock markets throughout Europe suffered losses in early trading on Monday with investors concerned that the eurozone crisis could deteriorate after Italian Premier Mario Monti said at the weekend he would resign when the 2013 budget law is approved. The announcement came after ex-premier Silvio Berlusconi's People of Freedom (PdL) party said it had stopped backing Monti's administration and the media magnate said he would run for a fourth term in upcoming elections. The Milan stock exchange's FTSE Mib index had shed 3.1% with respect to Friday's close after a hour and a quarter of trading, dropping to 15,210 points. The yield spread between 10-year Italian bonds and the German benchmark, a barometer of Italy's borrowing costs and of investor confidence in the country's ability to weather the eurozone crisis, shot up 30 basis points to 353. The yield climbed to 4.80% after closing at 4.5% on Friday. The Madrid stock exchange lost 1.6% of its stock value early on Monday. The Frankfurt and Paris exchanges were 0.5% and 0.7% down respectively, while London lost 0.26%.

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