Markets in Europe extend losses as Wall Street slumps. Bank stocks among the biggest losers. Yields fall in the latest 5- and 10-year auction of Italian debt. Negotiations between Greece and private-sector creditors continue. Underwriters hike cost of insuring Portugal bonds and want upfront payment. And Germany's Merkel to actively support re-election efforts of Frances's Sarkozy.
Bowing to mounting evidence that austerity alone cannot solve the debt crisis, European leaders are expected to conclude this week that what the euro zone countries need is a dose of economic growth. The New York Times reports.
With the European financial crisis still threatening a trail of defaults, United States banks are betting that their insurance is going to pay out, the New York Times reports.
Greece once again appears on the verge of reaching a deal with its private-sector creditors on how much of a loss they would be willing to accept on their bond holdings, The New York Times reports.
The health of the global economy, and that of markets, depends on the success of a series of medium-term handoffs between the public and private sectors – in growth, balance sheets and credit flows.
Is the risk rally for real? Stocks, risk currencies rally on hopes of a global recovery. Currency traders signal the all-clear on the global economy, with CNBC's Melissa Lee and the Money in Motion traders. And will the jobs report ruin the rally. The currency trade behind next week's jobs report. With Joe LaVorgna, Deutsche Bank.
Everyone is thinking of the European Central Bank’s Greek bond holdings the wrong way.
During Europe's financial crisis the European Central Bank has been "an anchor of stability and confidence," former president Jean-Claude Trichet said.
The European Central Bank has reportedly come under pressure to “participate” in the haircuts being negotiated for Greek bonds.
Former president of the European Central Bank discusses the future of the euro zone, bondholders clashing on Greek interest rates and whether or not Europe will have a more centralized power.
Even as Greece tries to convince creditors that its debt-reduction efforts are on track, gloomy new IMF forecasts about its long-term economy are threatening to derail talks meant to secure the nation’s next big installment of bailout funds. The New York Times reports.
This is a live blog from "The Future of the Eurozone," an event at the World Economic Forum in Davos, Switzerland, in which our panelists will debate the question, "How will the Eurozone economies emerge from the euro crisis?"
"Europe needs a two-speed euro," Dr Gerard Lyons, chief economist at Standard Chartered, said on CNBC, "You don't have any room for flexibility, any room for manoeuver and that's why here at Davos, one of the big worries that people have is that this European problem is going to run."
As bonus season in the City of London gets underway in earnest next week the first of the UK’s major banks, Royal Bank of Scotland (RBS), announced the bonus package for its chief executive Stephen Hester on Thursday evening and immediately came in for criticism.
European investors fled a range of long-term investment funds in December 2011, capping a bad year for the fund management industry as a whole, research published on Thursday revealed.
Investors underestimate just how positive an effect the ECB's move to flush the market with liquidity has had on banks, Huw van Steenis, head of EMEA banks and financials research at Morgan Stanley, said.
With the Federal Reserve vowing that interest rates will stay low through 2014, this strategist sees a risk-on trade.
George Soros, Soros Fund Management chairman, explains why the European debt crisis could be worse than the 2008 crisis in the U.S. While Europe has a common central bank, he points out, it has no common Treasury. By contrast, the U.S. had the authorities in place to deal with its financial crisis in 2008, he tells CNBC's Maria Bartiromo.
"We are completely focused on expenses," says Vikram Pandit, Citigroup CEO. "We are going to be cautious on the market side," he tells CNBC's Maria Bartiromo.
Hedge funds that in the last month or so have purchased an estimated 4 billion euros ($5.2 billion) of beaten down Greek bonds that mature on March 20 are now trying to unload their positions, according to brokers and traders. The New York Times reports.