Greek and Italian Prime Ministers submit resignations

International\\ The European Sovereign Debt Crisis took a new turn with the Prime Ministers of Greece and Italy offering their resignations. Greek Prime Minister George Papandreou declared his resignation from the post to make way for the former European Central Bank Policymaker Lucas Papademos. Italian Premier Silvio Berlusconi resigned to let former European Commissioner Mario Monti take charge of the country. The Greek economy is heavily in debt to all eurozone countries and owes a grand sum of $74 billion to Germany and France alone. The country’s total debt, $329 billion, is 165.6 per cent of the country’s GDP. Given the crisis, the new government in action introduced major austerity measures to bail out the country. While austerity measures were also brought into force in Italy, traders were troubled by signs that the unending debt crisis was enveloping eurozone’s third largest economy, a nation too big for Europe to bail out. The euro made strongest gains against the dollar and Italian bond yields, that had raced against sustainable levels, fell in relief at the prospect of improvement under a new government. European shares also saw a rise, with Italian banks rallying. Eurozone’s fourth largest economy, Spain, was another country facing trouble with the bursting of its housing bubble. This left the country, half the size of America, with an equal number of unoccupied homes. While the storm was brewing in Europe, the people in America continued with the Occupy Wall Street Movement which first started on September 17 at the New York City’s Zucotti Park, spread to 70 major cities of the USA and then to 1500 cities round the world. “We are the 99 per cent” was the chosen slogan of the “Occupy Wall Street”protesters who were protesting against the influence of money over the government and its representatives in Washington, capitalism and government corruption. With the growing rate of unemployment in America and the spreading dissatisfaction amongst the masses over the gross disparity with the upper and the lower classes, the crowd refused to bow down and started making preparations for winter. Huge military-style canvas tents designed to withstand plunging temperatures sprung up, flu shots were being offered and women were being provided with safe spaces of refuge. As the entire West is trying to fight this financial crisis Asia seems to be doing better than its American and European counterparts. But if Europe and America fail to bail themselves out, trouble will soon enter the Asian market due to its trade ties with the western nations.