Tracking Europe's Debt Crisis

The European Central Bank lowered its benchmark interest rate, as the new president, Mario Draghi, sought to address a looming recession and acute tension caused by the sovereign debt crisis. Prime Minister George Papandreou of Greece called off a planned referendum on a new European debt deal. Got an idea for an update? Send a suggestion by e-mail.

Country	Latest developments	Coming events	Vital statistics	Recent articles
France	Nov. 1: President Nicolas Sarkozy, who is facing a reelection fight, was criticized by political opponents for seeking support from China.		Debt/G.D.P.: 81.7% Unemployment, Aug. 2011: 10.0% S. & P. Rating: AAA	French Economy: Hope Is to Cut While Still Fostering Growth (Financial Times, Nov. 2)
Germany	Nov. 3: German Chancellor Angela Merkel urged Greece's Prime Minister George Papandreou to clarify whether his country would proceed with the rescue plan agreed upon last week.		Debt/G.D.P.: 83.2% Unemployment, Aug. 2011: 5.9% S. & P. Rating: AAA	Merkel and Sarkozy Halt Payments to Athens (Spiegel, Nov. 3)
Greece Updated	Nov. 3: Prime Minister George Papandreou called off his plan to hold a referendum on Greece’s new loan deal with the European Union.	Mr. Papandreou is to face a no-confidence vote in Parliament on Nov. 4.	Debt/G.D.P.: 142.8% Unemployment, June 2011: 16.4% S. & P. Rating: CC	Greece: Papandreou’s All-In Bet (Business Week, Nov. 2)
Ireland	Nov. 1: Ireland said that its 2010 debt was lower than previously estimated because of an error in accounting.		Debt/G.D.P.: 96.2% Unemployment, Aug. 2011: 14.9% S. & P. Rating: BBB+	Ireland May Seek Ancillary Rewards from Greece’s Debt Failure (Bloomberg, Oct. 27)
Italy Updated	Nov. 3: Italian 1-year bond yields rose sharply, then dropped, as concerns about the Greek bailout plan fluctuated.		Debt/G.D.P.: 119% Unemployment, Aug. 2011: 6.8% S. & P. Rating: A	Italian Banks May Rely More on ECB Funding, Bank of Italy Says (Bloomberg, Nov. 3)
Portugal	Nov. 3: Portugal wants to negotiate more flexible terms for repaying bailout funds, Prime Minister Pedro Passos Coelho said.		Debt/G.D.P.: 93% Unemployment, Aug. 2011: 12.3% S. & P. Rating: BBB-
Spain	Nov. 3: Yields rose in an auction of Spanish bonds.	Spain will sell 10-year bonds on Nov. 17.	Debt/G.D.P.: 60.1% Unemployment, Aug. 2011: 20.5% S. & P. Rating: AA	Greek Uncertainty Galling for Diligent Spain and Portugal (Reuters, Nov. 2)

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