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Italy’s own economic reforms are showing signs of faltering while it is also trying to fend off market speculation that it may become the next country in the euro zone to need a bailout.
Italy will offer up to 4.5 billion euros in bonds at a smaller-than-average auction.
In an effort to try to contain the crisis France said it wants the European Central Bank to have a stronger role in overseeing banks in the single currency bloc as part of a package of urgent reforms to increase financial stability in Europe, sources told Reuters on Wednesday.
Those views were echoed by U.S. treasury secretary Timothy Geithner who said Europe should create a banking union, build a stronger bailout fund and spur growth soon to prevent its debt crisis from moving into a phase that could spell financial calamity for the rest of the global economy.
Meanwhile, French president Francois Hollande warned the Greek people in a Greek television interview that some countries within the euro zone would be willing to force Greece to leave if it did not keep to its international agreements.
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