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 […]
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 […]
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 […]
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. […]
25 Jun 2012 @ 22:37
Leading hedge fund manager George Soros has argued that “Germany must take full responsibility for the financial and political consequences” if it blocks the creation of a eurozone fund to buy and hold debt of crisis hit countries. Arguing for a debt reduction fund that would issue bonds supporting by all eurozone states Mr Soros […]
22 Jun 2012 @ 22:41
Fifteen major global financial institutions were downgraded by Moody’s late last night, reflecting losses the ratings agency says are likely due to the current, ongoing volatile state of capital markets. Affected lenders included British banking giants Barclays, HSBC, RBS and Lloyds as well as Credit Suisse. The Swiss institution was dealt the harshest and most unexpected blow as...
21 Jun 2012 @ 18:58
A three-party coalition government has been formed in Greece in support of the international bailout and keeping the country in the euro. The leader of the centre-right New Democracy party Antonis Samaras was sworn in yesterday and will head a government that also comprises the socialist Pasok and Democratic Left parties. Whilst broadly supporting the […]
20 Jun 2012 @ 18:52
President Obama has said that European leaders recognised the need for “bold and decisive” action to resolve the debt crisis. Speaking at the G20 summit the US President argued that whilst there was no “silver bullet” that “Europe is moving closer towards further integration rather than break-up”. In a communique issued at the end of […]
19 Jun 2012 @ 20:44
Early news from the G20 summit in Mexico reflects rising global alarm over the ongoing euro crisis saga. European Commission President Jose Manuel Barroso mounted a strong defence of the EU’s handling of the financial crisis this morning. He told world leaders “we have not come here to receive lessons,” and pointed out that the […]
18 Jun 2012 @ 21:28
A pro-bailout coalition government could be formed in Greece following the second election in six weeks. The centre-right New Democracy party gained the largest vote share with 29.5% with the pro-bailout socialists and former governing party Pasok on 12.3%. The formation of a pro-bailout government may lead to the Eurozone providing Greece with further financial […]