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.
Slovakia will most probably cave in to international pressure and vote for the expansion of the euro zone's bailout fund, but the previous rejection should serve as a lesson, analysts told CNBC.com Wednesday.
Growth in emerging markets slowed to its weakest pace for more than two years between July and September as manufacturing output decelerated amid fears of a global slowdown, according to figures from HSBC.
The direct financial impact of the euro zone debt crisis will be felt in Asia as trading volumes on financial markets fade, just as they have in the west. When markets are as jittery as they are now, it seems geographic diversification counts for little. The FT reports.
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.
More uncertainty remains for the euro. "Looking into the fourth quarter, there is significant downward pressure," says Jens Nordvig, global head of G-10 currency strategy at Nomura Holdings . "We could be testing the lows from 2010."
With only two countries apart from Slovakia left to approve the extension of the euro zone's bailout fund, all eyes are on the Eastern European nation of around 5 million people who are not keen on helping richer Greece.
Slovakia's parliament may vote on the expansion of the euro zone's bailout fund as soon as mid October, but the risk of a Greek default is still possible, Slovak Prime Minister Iveta Radicova told CNBC in an interview in Bratislava.
Like Americans trying to raise quick cash by unloading their unwanted goods, the federal government is considering a novel way to reduce the deficit: holding the equivalent of a garage sale, reports the NY Times.
Concerns over investment in Central and Eastern Europe have grown as a solution to the problem of sovereign debt in the peripheral euro zone has eluded policymakers and global growth has slowed.
LONDON—Greece may never be able to pay off its huge debts, but its bonds, long scorned by investors, are suddenly being gobbled up by hedge funds. After a number of investors struck gold by betting against French banks, many have turned their attention to the hot yet risky euro zone trade of the moment: buying Greek government bonds that traders say are changing hands for as little as 36 cents for each euro of face value.
Hungary's decision to help its citizens pay back the foreign exchange loans they took at the height of the economic boom a few years back has sparked outrage among banks and spooked foreign investors.
Two men who worked on the hit movie “Black Swan” have mounted an unusual challenge to the film industry’s widely accepted practice of unpaid internships by filing a lawsuit on Wednesday asserting that the production company had violated minimum wage and overtime laws by hiring dozens of such interns. The NYT reports.
Greece may never be able to pay off its huge debts, but its bonds, long scorned by investors, are suddenly being gobbled up by hedge funds, the New York Times reports.
Hungary's government is taking steps to pull the country out of the difficult economic conditions it still faces but needs to ensure predictability, Eleni Tsakopoulos Kounalakis, US Ambassador to Hungary, told CNBC.com.
Since it was elected last year, Hungary's government has aggressively aimed to cut the country's debt burden, through raising taxes and nationalizing private pension assets, amongst other measures.
The correction in markets around the world have given us the opportunity to pick up stocks that we wanted to in the past that were too expensive, says Mark Mobius, Templeton Emerging Markets Group executive chairman.
I've been to three European countries in three days and have not seen one newspaper headline on Greece, or the debt crisis. In fact, the topic when raised elicits yawns.
Fear of another downturn in the world economy lurks behind the smiles and relaxed atmosphere; the Czech Republic is heavily reliant on exports to the euro zone, especially Germany, for its economic growth.