Europe gropes for crisis fix, bond buys pushed
The Associated Press
A man with a bag over his head, and a rope around his neck, protests with European trade unions calling on EU leaders to go ahead with a tax on financial transactions to mobilize money to help poor people hit by the economic crisis, in front of the European Council building in Brussels, Wednesday, May 23, 2012. The leaders of the 27 countries that make up the European Union are to meet in Brussels Wednesday to try and find a way to keep the debt crisis in Europe from spiraling out of control and promote jobs and growth.
The last two and a half years of Europe's government debt crisis have seen Greece, Ireland and Portugal seek multibillion-euro bailouts after high borrowing costs made it impossible for them to finance their debts on the international bond markets. Now markets-watchers fear Spain and Italy may soon be joining the bailout club as their borrowing costs spiral ever higher.
The leaders of the 17 countries that use the euro have been under global pressure to find a substantial solution to the debt crisis rather than piecemeal measures that provide only temporary relief.
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