09 Nov '11, 12am

Berlusconi resignation pledge boosts euro

NEW YORK: Italian Prime Minister Silvio Berlusconi's pledge to resign late Tuesday sent the euro higher against the dollar in late trade, after spending much of the day lower. The single European currency jumped almost immediately following the announcement that Berlusconi would step down once key reforms are adopted later this month, a move aimed at defusing a political crisis that spelled financial danger for the country and the larger eurozone. At 2200 GMT the euro was at $1.3836, compared to $1.3773 late Monday. The move came on a day that Italy's cost of borrowing hit a record 6.76 percent on 10-year bonds, with the spread between Italian and German bonds widening to nearly 5.0 percent. "We have to show the markets that we are serious. I think that is the important thing we should worry about, then we can worry about who leads the government," Berlusconi told his own ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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