The second Greek bailout deal was finally clinched in the early hours of Tuesday morning. European markets and the euro were initially expected to rally after the market open – but a troika report leaked to the Financial Times could exacerbate fears in the market that Greece may not
February 21, 2012
European Stocks Drop After Greece as Euro Weakens, U.S. Futures Pare Gains
European stocks declined from a six- month high and the euro weakened against the dollar on concern that Greece’s debt crisis will persist even after a second bailout. U.S. equity futures pared gains while Treasuries fell. The Stoxx Europe 600 Index lost 0.7 percent at 6:50 a.m. in New
February 21, 2012
Europe Seals New Greek Bailout to Avert Default
Euro zone finance ministers sealed a 130-billion-euro ($172 billion) bailout for Greece on Tuesday to avert a chaotic default in March after persuading private bondholders to take greater losses and Athens to commit to deep cuts. After 13 hours of talks, ministers finalised measures to cut Greece’s debt to 120.5
February 20, 2012
Euro Zone Seeks Central Banks’ Help in Greek Bailout
Euro zone governments are looking to the European Central Bank and national central banks to help pare back the cost of a second rescue package for Greece which would otherwise amount to 170 billion euros ($224.2 billion). Figures seen by the Financial Times reveal Greece needs 136 billion euros in
February 20, 2012
Yen Slumps, Aussie Cheers as China Joins Stimulus Bandwagon
The yen fell to six-month lows on the greenback on Monday, while commodity currencies jumped after China’s central bank joined other major counterparts globally in stimulating growth. The dollar [JPY= 79.42 -0.19 (-0.24%) ] jumped to 79.65, surpassing the October peak around 79.55
February 16, 2012
Emerging Stocks Fall on Greece Delay, China
Emerging-market stocks fell, set for the lowest in almost a week, after a decision on a second bailout for Greece was delayed and foreign investment into China declined. The MSCI Emerging Markets Index (MXEF) fell 1.3 percent to 1,044.28 as of 8:47 a.m. in London. A close at that
February 16, 2012
Europe Demands More Greek Budget Controls
Europe’s creditor countries struggled to bridge divisions over a rescue of Greece, seeking more control over how future aid is spent as the clock ticked toward a possible default next month. Stocks and the euro fell. In a replay of the brinkmanship that marked the early stages of the
February 16, 2012
Portugal Will Show That It Is Not Greece: Minister
Portugal’s economy minister sought to dispel impressions that the country could follow a similar path to Greece in an interview with CNBC, pointing out that the tough economic reforms it is carrying out enjoy the support of the population and stressing that Portugal will not turn its back on
February 16, 2012
Moody’s May Downgrade 17 Banks, Securities Firms
Moody’s warned on Thursday it may cut the credit ratings of 17 global and 114 European financial institutions in another sign that the impact of the euro zone government debt crisis is spreading throughout the global financial system. The U.S. rating agency said its action on financial institutions from 16
February 21, 2012
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