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Milan stock exchange hits pre-eurozone crisis levels

FTSE reaches 20,000 point threshold last seen in July 2011

15 January, 16:24
Milan stock exchange hits pre-eurozone crisis levels (ANSA) - Milan, January 15 - Milan's leading stock exchange, the FTSE Mib, reached the 20,000-points mark late Wednesday afternoon - a level last seen in July 2011 before a devastating eurozone crisis hit Italy. The FTSE Mib rose 1.4% to hit 20,008 points late in the afternoon, passing the mark seen July 5, 2011.

Following that, financial markets were hit hard as the eurozone crisis began, combining a government debt crisis, a banking crisis and a growth-and-competitive crisis.

While the crisis started in Greece, it quickly struck at confidence in numerous other European markets - including Italy.

For months it was feared that Italy would fall into a Greek-style meltdown, a situation that led to the resignation of former premier Silvio Berlusconi in November 2011 and the appointment of a caretaker government headed by former European commissioner Mario Monti.