Debt watch: Two more years of turmoil?
As the G8 summit starts, German finance minister Wolfgang Schaeuble has indicated that Europe could face another two years of financial market turmoil.
The latest on the euro zone debt crisis:
**11.00:** German finance minister Wolfgang Schaeuble has indicated that he sees Europe facing as much as another two years of financial market turmoil. In an interview broadcast today with French radio he predicted a calming of financial markets in 12 to 24 months.
**1015:** German Chancellor Angela Merkel is reported by Greek media to have initiated a phone call with Greek President Karolos Papoulias this morning.
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