LONDON, July 29- Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region's banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc's economy. "While a number of individual banks have clearly fared badly, the overall finding of the European Banking Authority- that... » Read More
European banks need bail-ins rather than bailouts of fresh capital, as the European Central Bank’s liquidity operations come to an end, according to ratings agency Fitch.
Hedge fund managers make for unlikely supporters of François Hollande, the French socialist presidential candidate, the Financial Times reports.
Consumer sentiment will remain weak across the euro zone as the region grapples with austerity, rising unemployment and the specter of recession—apart from Germany, where the economic fundamentals are underpinning a rise in consumer spending, Bob Parker told CNBC.
Standard & Poor's (S&P) Ratings Services announced on Monday that it had lowered the credit rating of 16 Spanish banks. The downgrade came ahead of an announcement of Spain’s first quarter GDP figures, which showed the country had fallen back into recession.
Tens of thousands of protestors took to the streets of Spain’s capital on Sunday to protest against new austerity measures that will hit health and education benefits.
The array of people — from finance guys, to school teachers, to film producers, to specialists in aging well, to government officials (foreign and domestic) — is really extraordinary.
The U.S. economy "looks healthy and is in pretty good shape" compared with other developed countries, despite data showing cooling growth in the first quarter, hedge fund investor Barton Biggs told CNBC Friday
Standard & Poor’s ratings agency denied on Friday it had not taken into account the recent reforms Spain had announced when it downgraded the country for the second time this year, saying Spain’s weaker-than-expected economic outlook and rising risks in the banking system had added to concerns and prompted the downgrade.
Spanish banks are facing a “tragic” situation, and there should be no complacency about their problems, according to Bill Blain, a senior director for the Special Situations Group at UK brokerage Newedge.
Spain will be downgraded further by credit agencies, the managing director of Roubini Global Economics said on Friday, because its balance sheet is so large that it can’t resolve its problems by spending cuts alone.
The European Central Bank needs to go “back to the normal procedures” after “extraordinary” measures such as its mass liquidity injections, according to the former Bundesbank President who presided over the inception of the single currency.
Earnings are strong, the U.S. is not in recession and Europe's problems have eased a bit. So why aren't more people in the stock market? Greg Fleming, president of Morgan Stanley Smith Barney, thinks investors are still mindful of what happened in 2008 and are remaining cautious.
The Czech Republic's government faces a confidence vote in parliament on Friday, the latest European government to face protest over tough spending cuts and unpopular measures needed to cut the country's budget deficit back below 3 percent of gross domestic product.
The front-runner for the French presidency, the Socialist candidate François Hollande, said on Wednesday that if elected he would ask other European leaders to renegotiate a fiscal treaty in order to promote growth, the New York Times reports.
The UK is back in recession, and the UK Chancellor, George Osborne, is adamant that he still knows what to do.
The French housing market would be the next bubble to pop if the European Central Bank increases interest rates, or if markets begin to perceive the same fundamental weaknesses in France as they currently do in Spain, analysts at Danske Bank wrote in a market note.
The government and the Bank of England have few options left in terms of policy responses to combat the second recession to hit the UK in four years, analysts have told CNBC.com.
With borrowing costs for the euro zone’s peripheral nations rising and a battle over growth versus austerity set to dominate politicians' attention, two leading contrarians have taken aim at the current policy response. 1st paragraph goes here
As opposition to austerity measures mounts across Europe, those demanding frugal spending are facing up to a battle with those who dare question Europe’s current grand plan.
Indebted governments will have to find ways of "rigging the financial system to suit themselves," because there is no decent economic growth, according to HSBC Chief Economist Stephen King.