European Council President Herman Van Rompuy called an emergency meeting today to discuss the spreading debt crisis that is hitting Europe. As it has hit Ireland and England among others hard, and as Greece’s debt crisis has made economic news, the council worries Italy may be next.
Among those attending will be Central Bank President Jean-Claude Trichet, Jean-Claude Juncker, chairman of the region’s finance ministers, Olli Rehn, the economic and monetary affairs commissioner and European Commission President Jose Manuel Barroso.
A spokesman for Van Rompuy tried to put down concerns saying, “It’s a coordination, not a crisis meeting.” It was even added that Italy would not be a topic of discussion, but two officials have reported otherwise, as concerns for Italy being hit next has spread.
Following Greece, which has already been hit hard by a debt crisis, Italy has the highest sovereign debt ratio relative to its economy. On a side note, discussions on Greece being given a second international bailout will occur.