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
With all the uncertainty in Europe, how should you trade the euro? Willie Williams, director of global macro sales at Societe Generale, discusses the currency trade.
The European situation is resembling a chronic disease, says Roger Altman, Evercore Partners, who says there will not be a sudden solution, like the Fed did with the U.S. financial crisis.
As European leaders ready themselves for another summit on the euro zone crisis, one economist said that the critical situation in Greece should be dealt with by focusing on growth instead of debt.
The countries that will have the most success in weakening the real value of their currencies "are likely to flourish better or at least suffer less than others," author Andrew Smithers wrote.
CNBC's Silvia Wadhwa has the story on whether there is any solution in site for Europe's trouble.
Insight on the actual amount of money needed to resolve European sovereign debt issues, with Jim McCaughan, Principal Global Investors CEO, who adds that Europe will eventually get it right but not this time; with Oliver Sarkozy, The Carlyle Group
David Cameron has urged European leaders to take a “big bazooka” approach to resolving the eurozone crisis, warning they have just a matter of weeks to avert economic disaster. The FT reports.
ABN Amro, the Dutch bank that has seen two of its three post-crisis owners collapse, is on a mission to re-emerge as a force in the sector and has promised to be a buyer of euro zone financial assets that capital-stretched banks are preparing to sell, the FT reports.
The currency markets have been all about Europe all week long. Here's a way to trade the upcoming debt-crisis meetings.
How you can profit from this weekend's EU summit by using currencies, with CNBC's Scott Wapner and the Money in Motion traders. And making money off the yen, as the dollar falls to record levels against it.
Every snippet of Europe news is moving the markets ahead of the summits. Here's a euro trade for when the knee-jerk reactions subside.
The euro is a credible currency, and the euro zone as a whole has better economic fundamentals than the U.S. and Japan, Jean-Claude Trichet, the outgoing European Central Bank President, told TVN-CNBC in an interview Friday.
"We're in a situation, if you were scripting a disaster movie, you really couldn't build the tension better," one analyst told CNBC.
The situation in Europe has now become deeply scandalous. People's lives are being ruined and national governments are teetering on the edge of destruction.
The European Central Bank tapped a foreign exchange swap facility with the Federal Reserve earlier this month, borrowing $500 million. In exchange, the ECB puts up collateral of Euros worth slightly more than $500 million. The ECB wants the dollars so it can lend them out to European banks, which have been having trouble borrowing dollars at affordable rates due to fears about their financial health.
Greek lawmakers have passed a deeply resented austerity bill that has led to violent protests on the streets of Athens, despite some dissent from one Socialist lawmaker.
"Even if the Europeans come up with something very robust...to deal with the crisis, this is going to be a long slog," says former FDIC chief Bill Isaac.
"There is such an ingrained negative mood internally in the U.S. about itself," Goldman Sachs Asset Management Chairman Jim O'Neill told CNBC Thursday. "People now seem to be convinced that Europe is going to drag the U.S. down. That might happen, but there is a strong likelihood that it won’t."
Former British Prime Minister Gordon Brown has called on the United States to show leadership on the global economic recovery at the next G20 Summit to be held in Nice, France next month.