By Anna Fifield in Washington
Even Herman Cain would not have claimed to be a foreign policy expert.
In fact, the former pizza chain boss turned Republican presidential
hopeful has seemed to revel in his lack of knowledge about the outside world, saying he didn’t need to know who led “small insignificant states” like “Ubeki-beki-beki-beki-stan-stan”. Read more
Welcome back to the FT’s live coverage of the eurozone crisis and the global fallout. By Tom Burgis and David Crouch in London with contributions from correspondents around the world. All times are GMT.
Italian bond yields are back up over 7 per cent, and French and Spanish bonds are also under pressure. Stock markets are down across Europe. Meanwhile, Mario Monti – Italy’s prime minister designate – is battling to create a new government capable of dragging Italy out of the eye of the storm.
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17.59 We are wrapping up our rolling coverage – thank you for reading. But before we go, here is a quick reminder of today’s latest FT news and insights on the eurozone crisis:
- Italian prime minister designate Mario Monti will see president Georgio Napolitano on Wednesday morning to present his new government, after he received the backing of outgoing premier Silvio Berlusconi’s People of Lilverty party
- Following anaemic data on European economies today, more than three quarters of fund managers predicted Europe will slide into recession next year
- Italy’s 10-year bond yield once again soared above the 7 per cent mark and French yields hit a record spread over German Bunds, causing global markets to wobble
- US Treasury yields were close to unchanged as better-than-expected retail sales data offset safe-haven buying due to rising eurozone yields
- The Austrian coalition government, faced with rising yields on government debt and a possible downgrade, decided to accelerate the pace of spending cuts
- German frustration over Britain’s approach to the eurozone crisis was laid bare after a close ally of Angela Merkel accused the UK of selfishly pursuing its own interests just days before a meeting in Berlin between the German chancellor and UK prime minister David Cameron