As European leaders meet in Brussels with Greece potentially facing a devastating sovereign default, it is easy to forget that just six months ago it looked as though the European Union was about to turn the corner in its debt crisis, the FT reported.
European leaders arriving for a summit in Brussels on Thursday reinforced calls for Greece to push ahead with austerity measures in return for further financial aid and called on the country to stand united as opposition to the measures grows.
German Chancellor Angela Merkel has certainly changed her tune. Now she's warning about the exposure of European financial institutions to credit default swaps that insure Greek bonds.
Financial markets should brace themselves for a restructuring of Greek debt in September, Barry Eichengreen, Professor of Economics at the University of California, Berkeley said on Thursday.
A special military court in Bahrain yesterday convicted 21 - mostly Shiite - activists on charges of conspiring to overthrow the government during the unrest seen in the kingdom during February and March of this year. The court sentenced eight of these activists to life in prison and the others to terms of up to 15 years.
The New York Times considers the possibility that a firm or group of firms insured billions of dollars of European debt through derivatives.
Greece is facing an exit by some of the most talented people in its workforce, as well as its broader economic problems, John Sfakianakis Group Chief Economist at Banque Saudi Al Fransi, told CNBC Thursday.
Greece’s new finance minister has attempted to renegotiate parts of the austerity deal struck with international lenders last month, drawing anger from his European counterparts as they battle to find a solution to Athens’ debt crisis, reports the FT.
The UAE and Qatar markets are in focus as the highly anticipated MSCI decision on whether or not to upgrade these markets from ‘frontier’ to ‘emerging markets’ status was delayed until December of this year.
Saudi Arabia is expected to enforce a highly-anticipated new mortgage law that could offer valuable opportunities for banks and investors seeking the next growth story in the Kingdom.
With persistent uncertainty over the Greek government's policies and over the EU's ability to agree on a solution, the euro should be on shaky ground, according to some analysts.
European stocks were expected to open lower on Thursday after Federal Reserve Chairman Ben Bernanke revised the US growth forecast downwards.
As a two-day meeting of EU leaders gets underway in Brussels on Thursday, analysts expect the summit to provide temporary relief for financial markets with leaders present a united front and insisting they will continue to support Greece, but not much more.
The number and bank balances of the world's millionaires have rebounded to above pre-crisis levels, but demographic and geographical shifts are changing the face of global wealth, according to a report on high net worth individuals by CapGemini and Merrill Lynch, released Wednesday.
Publicly, executives may say that the Cannes Lions awards for the advertising industry are only part of the appeal of the 2011 Cannes Festival of Creativity, behind the scenes, advertising companies are feeling the pressure to perform.
All eyes are on Greece yet again Wednesday morning after the Greek parliament backed Prime Minister George Papandreou's new cabinet Tuesday in a midnight vote, with some analysts saying much more is needed for markets' confidence to come back.1st paragraph of story should go here
European stocks were expected to open mixed on Wednesday after posting the biggest gain in two months on Tuesday amid optimism that Greece will receive a fresh bailout and avoid defaulting.
Albert Einstein is reported to have said that insanity consists of doing the same thing over and over again and expecting different results. By those standards, the deal with Greece that is about to be agreed looks insane. The only justification, as I argued in a column on May 10, is that it is needed to play for time. This is a bad strategy. Something more radical is required, according to the FT.
Greece's parliament gave Prime Minister Papandreou a midnight vote of confidence, but the move doesn't mean Greece will ultimately go along with the austerity plan, or even avoid default.
Greece's parliament is expected to give Prime Minister George Papandreou a midnight vote of confidence, but the move doesn't mean Greece will ultimately go along with the austerity plan, or even avoid default.