Transcript for Italy Crisis Hits Stock Markets Globally
Stock markets around the world are being clobbered because of the economic crisis in Italy prime minister Silvio Berlusconi announced on Tuesday. That he will resign after helping to pass a new budget but. That didn't stop Italy's borrowing costs from setting a new record today above the 7% threshold Bloomberg TV's channel Hao ran says this signals a big prop. Let that tells us is borrowing costs are moving higher and the market is really doubting the future of Italy and it's going to be harder for the company that country which has. Over -- trillion dollars in debt one of the largest in the eurozone. To make its payments. Berlusconi caved into pressure and agreed to resign after losing a confidence vote in Italy's parliament.
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