Britain facing a £43billion hit if the Italian economy collapses
By Tim Shipman, Deputy Political Editor
Last updated at 8:31 AM on 12th July 2011
Translation by Autumnson Blog
Britain faces losses of nearly £43billion if the Italian economy collapses, according figures compiled by the Bank of England.
英國面臨虧損近430億英鎊如果意大利經濟崩潰，根據英格蘭銀行編制的數字。
The level of exposure was revealed as Eurozone nations met in Brussels amid warnings that the financial contagion is spreading to Europe’s third biggest economy.
暴露的水平被揭示當歐元區國家在布魯塞爾會面，正值警告說金融危機在蔓延到歐洲的第三大經濟體。
British banks and investment houses risk losses of £7.9billion if the Italian government defaults on its debts and another £5.7billion if Italian banks collapse.
如果意大利政府拖欠債務，英國銀行和投資行冒七十九億英鎊損失的風險，及如果意大利銀行倒閉有另外的五十七英鎊。
Financial firms face losing another £29.2billion should Italian companies fold as the debt crisis spirals.
金融公司面臨失去另一筆廿百九十二億英鎊，如果意大利企業在債務危機螺旋中摺埋。
Chancellor George Osborne was travelling last night to Brussels for a meeting of the EU’s 27 finance ministers today.
財相喬治奧斯本於昨晚飛往布魯塞爾，今天與歐盟27國的財長開會。
Last night, a meeting of Eurozone ministers, to which Britain is not invited since the UK is not part of the single currency, discussed plans for a fresh bailout of Greece.
A Treasury source said: ‘The important thing is to get the Greek bailout sorted out, which will spread confidence through the Eurozone.’
談話：財政大臣喬治奧斯本將會今天在布魯塞爾會見財政部長們
But Gary Jenkins, head of fixed income at Evolution Securities, said: ‘Italy with a debt to GDP ratio of 120 per cent and debt of 1.6trillion euros is a pretty big elephant to have in the room. You have to stop the contagion getting to Italy.’
Yesterday the Milan stock market plunged by 3.4 per cent, wiping billions off the value of Italian companies.
壓力：意大利總理西爾維奧貝盧斯科尼未來可能有麻煩
The interest rate on government bonds rose from 5.3 per cent to 5.6 per cent, indicating a fall in confidence.
British taxpayers have already contributed £12.5billion in aid to Greece, Ireland and Portugal but the Government has refused to join a second EU bailout fund for Greece.
The Rome government has already announced £40billion of cuts after Italy’s credit rating was downgraded last month.
Jane Foley, analyst with finance house Rabobank, said: ‘The fact that contagion is spreading marks the failure of politicians to draw a line under the euro-crisis.’
http://www.dailymail.co.uk/news/article-2013722/Britain-facing-43billion-hit-Italian-economy-collapses.html
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