Economy

Greece: Bailout Funds Held Until After Vote

Greece will not receive any more money from the eurozone emergency bailout fund until after its referendum, the leaders of France and Germany warned ahead of a G20 summit set to be dominated by the fallout from the decision.

European Bailout Fund Could ‘One Day’ Issue Bonds in Yuan, Regling Says

The euro area’s bailout fund could at some point issue bonds denominated in the Chinese currency, Chief Executive Officer Klaus Regling said in Beijing today.


Sarkozy to Seek China Aid as EU Expands Rescue Fund

Jonathan Stearns and Helene Fouquet Bloomberg.com 28.10.2011
Chinese President Hu Jintao (R) welcomes his French counterpart Nicolas Sarkozy (L).

French President Nicolas Sarkozy conferred with his Chinese counterpart Hu Jintao as European policy makers seek to build support for an enlarged rescue fund designed to resolve the region’s sovereign-debt crisis.

France Likely to Lose Top Rating: S&P

John Glover Bloomberg.com 21.10.2011
France Likely to Lose Top Rating: S&P

France is among euro-region sovereigns likely to be downgraded in a stressed economic scenario, according to Standard & Poor’s.


EU Debt Talks Stalled Over Bailout Fund: Sarkozy

Plans to tackle the euro zone debt crisis have stalled with Paris and Berlin at odds over how to increase the firepower of the region's bailout fund, French President Nicolas Sarkozy said on Wednesday.

Moody's warns France on possible negative outlook

Walter Brandimarte Reuters 18.10.2011
Moody's warns France on possible negative outlook

Moody's warned on Monday it may slap a negative outlook on France's Aaa credit rating in the next three months if the costs for helping to bail out banks and other euro zone members stretch its budget too much.


Berlin tempers summit hopes, banks under pressure

Matthias Inverardi Reuters 18.10.2011
Berlin tempers summit hopes, banks under pressure

Germany said on Monday that a summit of EU leaders next Sunday would not produce a miracle cure for the euro zone's sovereign debt crisis, a warning that pushed down markets after a rise in the past week on expectations of a breakthrough.

US to Play 'Very Major Role' In Helping Europe: Geithner

The U.S. plans on being an active partner as efforts intensify to get Europe get back on its feet financially, Treasury Secretary Timothy Geithner told CNBC Friday.


Slovakia votes down eurozone bailout expansion plans

Slovakia's parliament has voted against measures to bolster the powers of the eurozone bailout fund, seen as vital in combating the bloc's debt crisis.

German push for Greek default risks EMU-wide 'snowball'

Ambrose Evans-Pritchard Telegraph 11.10.2011
German push for Greek default risks EMU-wide 'snowball'

Germany is pushing behind the scenes for a "hard" default in Greece with losses of up to 60pc for banks and pension funds, risking a chain-reaction across southern Europe unless credible defences are established first.


Berlin, Paris vow new crisis plan as global pressure builds

The leaders of Germany and France have promised to unveil new measures to solve the euro zone's debt crisis by the end of the month, as international pressure builds for bold steps from Europe to avert an economic backlash of global proportions.

US's Geithner warns Europe crisis a global threat

Europe needs to step up efforts to control its debt crisis before it pulls the United States and the rest of world into a renewed downturn, Treasury Secretary Timothy Geithner urged on Wednesday.


Moody's drops Italy credit rating by three points

Dominic Rushe The Guardian 05.10.2011
Moody's drops Italy credit rating by three points

Italy's sovereign debt rating has been cut for the second time in as many weeks, with ratings agency Moody's citing "sustained and non-cyclical erosion of confidence" as it slashed its forecast for the country.

Greece Falls Into 'Death Spiral': Rising Debt, No Growth

Drowning in red ink, Greece has nowhere to turn to revive the economic growth that might put its debt on a sustainable trajectory, reassure angry foreign creditors and offer hope to its recession-weary citizens.


Sarkozy, Merkel to Meet as Europe Weighs Greece

Helene Fouquet Bloomberg.com 01.10.2011
Sarkozy, Merkel to Meet as Europe Weighs Greece

French President Nicolas Sarkozy said he’ll meet German Chancellor Angela Merkel in coming days as European officials begin debating a new round in their effort to prevent a Greek default.

Greek default would destroy faith in Europe: Merkel

Allowing Greece to default on its debt now would destroy investor confidence in the euro zone and might spark contagion like that experienced after the bankruptcy of Lehman Brothers in 2008, German Chancellor Angela Merkel said on Sunday.


Six weeks to save the euro: George Osborne's warning after another day of financial turmoil

World leaders were warned last night that they have just six weeks to save the euro from collapse. On another day of gathering economic gloom, George Osborne savaged eurozone leaders for failing to get a grip on their towering debts.

Bad policy decisions could push the US into a 'lost decade' and put the eurozone into recession, warns IMF

Bad policy decisions could condemn the US to a "lost decade", tip America and the eurozone back into recession, and lead to "stagnation" in the world's major economies, the International Monetary Fund (IMF) has warned.


Lenders press Greece to shrink state and avoid default

George Georgiopoulos and Ingrid Melander Reuters 20.09.2011
Lenders press Greece to shrink state and avoid default

International lenders told Greece on Monday it must shrink its public sector to avoid running out of money within weeks, as investors spooked by political setbacks in Europe dumped risky euro zone assets.

The future of Greece rests on a phone call

Helena Smith The Guardian 19.09.2011
The future of Greece rests on a phone call

Europe's debt crisis has intensified after Greece's embattled government said the country's financial future would rest on a make-or-break conference call with EU and IMF officials on Monday.



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