It seems that after Greece, Ireland and Portugal, it’s the turn of Italy and Spain to merge under the flow of debt crisis. Due to slowdown in these countries, Markit Eurozone Services Purchasing Managers' Index (PMI) for July has decreased by 51.6.

Billionaire investor George Soros has recently announced about the foreseeable departure of Greece from the euro, upon which, Finance Minister Michael Noonan said yesterday that the European leaders think that they can efficiently avoid debt crisis in Ireland and Portugal but the main issue of concern for all is that Greece could trigger problems in larger economies such as Spain.

Zurich Financial Services, on Tuesday, said that it has being transferring bulk of its general insurance portfolios in Italy, Spain and Portugal to its Ireland unit in order to rationalize its European Union business. The transfer will help in simplifying the legal structure of the company as well as in improving the capital management.

In a statement, the Swiss-based Corporation said that the carry-over of the insurance portfolios is effective as on January 1.

Spain and Portugal have announced that they are going to bid jointly to host the FIFA World Cup in 2018 or 2022.

The delegates from the two nations in the leadership of Angel Maria Villar and Gilberto Madail, the presidents of the two countries' Football Associations have handed their proposal to the Joseph Blatter, FIFA president, and General Jerome Valcke, FIFA Secretary, in Zurich.