"What we see now is contagion rising and hitting probably Germany as well," said OECD chief economist Pier Carlo Padoan.
"The euro is getting clobbered as worries about Greece are intensifying and fears of contagion are rising," David Scutt, a currency trader at Arab Bank Australia in Sydney, told Reuters.
* Spanish 10-year yields top 6percentt, contagion fears rise.
Apocalypse now, indeed, starring Kirsten Dunst ("Melancholia"), Michael Shannon ("Take Shelter"), Matt Damon ("Contagion") and James Franco ("Rise of the Planet of the Apes").
"In the near term, the main risk is an escalation of financial stress and contagion, prompted by rising concern over sovereign risk," the I.M.F. said.
"We are waiting for a rise in contagion, especially in the East" says Olga Rudneva, "especially among the people who use intravenous drugs, and this is because of the restrictive policies of separatist governments, like the LPR (Luhansk People's Republic).
"We are waiting for a rise in contagion, especially in the East," says Olga Rudneva, "especially among the people who use intravenous drugs, and this is because of the restrictive policies of separatist governments, like the LPR (Luhansk People's Republic).
Though Italy's sovereign debt is hefty, around 120 percent of gross domestic product, and its economy is stuck in neutral, the market's jitters also stem from the country's political instability and rising fears of contagion from Greece and other debt-ridden euro zone countries.
Amid claims in the markets that politicians in Athens were playing a dangerous game of bluff, a potential schism in the monetary union saw borrowing costs for Spain and Italy rise over fears that contagion could spread from Greece through southern Europe.
