Euro Crisis

Euro Crisis: Spain’s bank crisis heads to the courtroom

05 Jul 2012 @ 19:42
Former head of the International Monetary Fund Rodrigo Rato is due to appear in a Spanish court over accusations of criminal fraud relating to his involvement with mortgage lender Bankia. Bankia, which the Spanish government gained a controlling stake of in May, is only one of a number of banks facing legal cases. Novacaixagalicia, Banco […]
 

Euro Crisis: German PMI falls to 49.9

04 Jul 2012 @ 19:28
As IMF, ECB and European Commission officials meet in Greece to assess the initial success of the country’s recent bailout newly released PMI figures were announced showing that Germany’s service sector contracted in June. Falling to 49.99 from May’s 51.8 the figures indicate that the on-going euro crisis is having an impact on the currencies […]
 

Euro Crisis : Bank Union Plan Lacks Detail

03 Jul 2012 @ 21:13
Plans for an EU-wide banking union overseen by the European Central  Bank, (ECB), lack required details to ensure they succeed,  credit ratings agency Fitch warned yesterday. The EU banking reforms aim to break damaging links between banks and their national governments. Fitch’s managing director Bridget Gandy conceded guidance of the ECB “could help reinforce financial stability...
 

Euro Crisis: Spain’s bank crisis heads to the courtroom

03 Jul 2012 @ 00:11
Former head of the International Monetary Fund Rodrigo Rato is due to appear in a Spanish court over accusations of criminal fraud relating to his involvement with mortgage lender Bankia. Bankia, which the Spanish government gained a controlling stake of in May, is only one of a number of banks facing legal cases. Novacaixagalicia, Banco […]
 

Euro Crisis: ECB – Greek progress “virtually stalled”

02 Jul 2012 @ 19:00
ECB executive board member Jörg Asmussen has warned that progress to resolve the Greek financial crisis has “virtually stalled” over the last three months since the last bailout agreement. Speaking at a conference in Athens Asumussen argued that “the first priority for the new Greek government has to be getting the programme back on track” […]
 

Euro Crisis: June 2012 Timeline

29 Jun 2012 @ 22:00
June 6 Spanish economic minister Luis de Guindos has today denied that the country is seeking a bailout of its banking sector. June 7 UK Prime Minister David Cameron has argued that Germany ‘cannot act alone’ to resolve the eurozone crisis. June 11 European and Asian stock markets have risen sharply following news of a […]
 

Euro Crisis : Spain and Italy Win Concessions in Brussels

29 Jun 2012 @ 20:08
It was grim deadlock at the EU Summit in Brussels last night, as Italy and Spain refused to let an overall deal progress until receiving guarantees the eurozone would act to cut soaring borrowing costs. European stock markets rose sharply this morning on the surprise news Germany had agreed to new, less Draconian bail-out measures. Spain and Italy’s […]
 

Euro Crisis: Monti urges cooperation to support interest rates

28 Jun 2012 @ 19:58
European nations could “go to hell” if they fail to cooperate on keep interest rates on debt down argues Italian Premier Mario Monti. Speaking ahead of a European summit Mr Monti stated that “political forces which say ‘let European integration, let the euro, let this or that large country go” would be a “disaster for […]
 

Euro Crisis: Merkel - No Eurobonds “as long as I live”

27 Jun 2012 @ 19:17
German Chancellor Angela Merkel has called Eurobonds “economically wrong and counterproductive” in an attempt to stop the proposed method of solving the European debt crisis. Supported by France, Italy and Spain Eurobonds would mutualise the debt of countries within the Eurozone. Germany, the zone’s largest economy, instead proposes a permanent rescue fund, the European Stability […]
 

Euro crisis : Merkel Stubborn Pre-Summit as Spanish Banks Downgraded

26 Jun 2012 @ 20:12
Spain has this morning sold 3.0 billion euros worth of short-term debt, but with the highest rates since November. Yield on three-month bonds was 2.362% –  a huge increase from last month’s 0,846%. Meanwhile yield on six-month bonds was 3.237% up from 1.737%, the Guardian reported. Credit ratings agency Moody’s last night downgraded 28 Spanish banks. […]
 
 
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