Greece will eventually default on its debt because the country is highly indebted and the euro zone's approach towards saving it is the wrong one, Carl Weinberg, chief economist at High Frequency Economics, told CNBC Friday.
Portugal raised about 1.5 billion euros yesterday and Spain 3.9 billion euros today in auctions that were surprisingly oversubscribed.
The United States is a decade away from being Greece, if it fails to get on the path of fiscal responsibility, former US Comptroller of the Currency David Walker told CNBC Thursday.
Two global Eco disasters are evolving and being handled similarly: they continue to leak, and repair attempts have been ineffective. Residents, citizens, markets, and investors are losing confidence in ever seeing the promised rose gardens of repair and resolution.
For years, almost nobody paid attention to the sky-is-falling alarms of Edward Hugh, a gregarious British blogger and self-taught economist who repeatedly predicted that the euro zone could not survive. The NYT reports.
The euro hit an all-time low versus the Swiss franc Tuesday, after hitting a 4-year low against the dollar the previous day. The single currency recovered in morning trade but fell back against the greenback in early afternoon, and analysts say it will remain volatile. Check out what the pros have to say.
The world's sovereign debt crisis should be tackled in the same way one tackles fictitious zombies – “save those you can, but leave many to die,” Nicoholas Colas, ConvergEx chief market strategist, wrote in a research note.
Q&A on-line exclusive with the chairman of Morgan Stanley, John Mack.
Eurozone nations on Monday started setting up a massive bailout fund that could rescue any member of Europe's currency union from default, aiming to soothe market jitters that have sent the euro to a new four-month low against the dollar.
John Mack thinks a lot of the toxic assets that lead to the financial crisis in 2008 have been taken off-the-balance sheet or marked down drastically.
Engaging in what I perceive as their only avenue to grow, Germany’s Finance Minister Schaueble and France’s PM Sarkozy made statements intimating that the weak Euro is not an issue for the country’s in the European Monetary Union.
If the economy keeps growing at 3 percent the balance of 2010, demand for new capacity—improved rental housing, better located new homes, and commercial construction for retail and factory improvements—should accelerate in 2011.
The argument is widely heard in Europe and elsewhere: If only Greece and other struggling euro-zone countries could let their currency depreciate, as other collapsing economies have done when hit by debt crises – in Asia and Latin America, for example.
When it comes to overspending, Greece gets the gold medal. Governments in the Greek capital of Athens haven't balanced a budget in nearly 40 years, and the country narrowly averted bankruptcy in May before panicky European partners grudgingly put up massive rescue loans.
Caught between a populace resistant to more austerity measures and investors demanding budget cuts and more flexible labor markets, the Spanish government is finding it increasingly difficult to keep a grip on power.
Canada raised its key overnight lending rate .25% to .50% Tuesday despite the world-wide caution over the trend in global economic affairs.
Investors are playing the markets carefully during these volatile conditions but stocks will resume their way up once the wave of international bad news subsides, Robert Doll, BlackRock vice chairman, told CNBC Wednesday.
Just how much the US economy will expand this year and next remains a question among economists—with the wild card being the impact of European turmoil on US growth.
It is noteworthy that the BP oil explosion occurred on April 20. Three days later, on April 23, the market peaked. Is this is a coincidence? Or is Mr. Market telling us something that we do not yet fathom?