Hold the condolence cards, but the recession cost the rich. The share of income received by the top 1 percent — that potent symbol of inequality — dropped to 17 percent in 2009 from 23 percent in 2007, according to federal tax data. The New York Times reports.
In the fiscal accord, the nations that use the euro essentially agreed to go back to Plan A — that is, the principles and rules with which they created their common currency two decades ago.
A move announced by central bankers on Wednesday to contain the European debt crisis resulted in euphoria in global stock markets, but it also prompted skeptics to wonder: will this time be different? The New York Times reports.
In a stern pronouncement, Moody’s Investors Service this week warned of rising prospects for multiple defaults by countries in the euro zone and credit rating downgrades of nations across Europe if leaders should fail to resolve the spreading debt crisis. The NYT reports.
About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain, according to people briefed on the matter. The New York Times reports.
The euro zone's formidable couple—Merkozy, as the media calls German Chancellor Angela Merkel and French President Nicolas Sarkozy—were on the brink of divorce more than once.
The British fret over Europe and Germany's bond auction disappoints - it's time for your FX Fix.
As the European debt crisis threatens to engulf even France along with Italy and Spain, Bernard Connolly's longstanding proposition that a common currency for the region would end in ruin is getting a wider hearing.
The window of opportunity to save the euro is rapidly closing, as the sovereign debt crisis erodes the solvency of Europe’s banks and drives up borrowing rates for even once rock-solid countries like France.
Europe’s banking sector is ready for a shake-up as its largest financial institutions try to slim down their operations in response to the sovereign debt crisis. The NY Times repeorts.
However long they were married, the price of breaking the contract was huge -- sometimes even reached nine figures.
Though financial institutions are not yet turning away customers at the door, they are trying to discourage some depositors from parking cash with them. NYT reports
As EU leaders scramble to present a united front for this weekend’s critical meeting in Brussels, anxiety is growing in Europe, and not just about the euro, the NYT reports.
Italian Prime Minister Silvio Berlusconi won a crucial vote of confidence on Friday, giving his struggling center-right government a new, but probably short, lease of life.
"I think this headline that Dexia has been nationalized, or there is a bailout, is absolutely wrong. What we know is, the Belgians are going to take responsibility for the Belgian citizens, the French for the French citizens; and this leaves 180 billion in US municipal lending, and another 180 billion in European municipal lending, for which no one is taking any responsibility," Phillippa Malmgren, president and founder of Principalis Asset Management, told CNBC.
CNBC's Ross Westgate reports that the Dexia Board has agreed to the rescue plan after its marathon meeting.
Europe has too many broken banks and the time has come to fix them. With Dexia's problems laid bare, it must now be apparent to even the most myopic politician that the European Banking Authority's 2011 stress tests were a complete failure, writes CNBC's Guy Johnson.
Regulators in the United States and overseas are cracking down on computerized high-speed trading that crowds today’s stock exchanges, worried that as it spreads around the globe it is making market swings worse. The New York Times reports.
The prospect of guaranteeing the debt of richer but more spendthrift countries like Greece, Portugal and even Italy has led to public outrage in tiny Slovakia, the second-poorest country in the euro zone where the average worker earns just over $1,000 a month. Now it is threatening to derail a collective European bailout . The New York Times reports.
Moody's said Friday it put Belgium's Aa1 local and foreign currency government bond ratings on review for possible downgrade.