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.
Greece has to approve an austerity plan before the "troika" - the IMF, the European Central Bank, and the European Commission - release aid. Here's how to trade the drama.
Greece will default, U.S. economist Martin Feldstein told CNBC Wednesday, and it might be good for the country to leave the European Union.
Demonstrators on Wednesday threw stones and gasoline bombs at police outside parliament during a two-day general strike that unions described as the largest in years.
Tens of thousands of protesters rallied in front of the Greek parliament on Wednesday and there were isolated outbreaks of violence as a general strike shut down much of the country ahead of a vote on a painful new round of austerity measures.
Discussing why President Obama's jobs bill will help create modest economic growth, with former New Mexico Governor Bill Richardson, (D), who also weighs in on why President Obama will be re-elected.
The youth unemployment rate is expected to show a "minimal decrease" in 2011 since its peak last year but the young, particularly in areas most hit by the crisis, are struggling to find jobs, the International Labor Organization said in a report released Wednesday.
Most people who have a mortgage are doing very nicely, thank you very much, out of lower interest rates.
Greece has been the butt of jokes throughout the financial crisis, and the implication is always the same: that the Greek people are lazy and don’t like to work.