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Europe Italy Bonds Hit Danger Zone AP Photo

Italy Bonds Hit Danger Zone

Italian Prime Minister Silvio Berlusconi’s exit may not be enough: Italy’s borrowing costs surpassed 7 percent Wednesday, the highest level since the country adopted the euro in 1999. The 7 percent level is considered unsustainable, having been the mark at which Portugal, Greece, and Ireland were all forced to seek E.U. bailouts. An E.U. team will arrive in Rome Wednesday to begin monitoring Italy’s plans to deal with debt. Meanwhile on Wall Street, stocks tumbled on fears that Italy's bond spike would cause Europe's debt crisis to sprial even more.

November 9, 2011 10:00 AM