Europe: Economy


  • Erste Bank Sharply Cuts CDS Portfolio; To Close It Friday, 28 Oct 2011 | 5:19 AM ET

    Austrian bank Erste announced on Friday that it had drastically reduced its credit default swaps (CDS) portfolio and that it would close it by the end of the year, after valuing it based on what it would be worth in the market - known as marking to market - earlier in the month.

  • Europe Stocks to Continue Debt Deal-Driven Rally Friday, 28 Oct 2011 | 2:09 AM ET
    Close-up of a pen on stock price chart

    European stocks were expected to open higher on Friday as stocks continue a rally sparked by the announcement Wednesday of a plan to resolve the euro zone sovereign debt crisis.

  • Greece Deal Won't Lead to Lehman-Like Event: Dallara Thursday, 27 Oct 2011 | 2:51 PM ET

    The deal that allowed Greece to renegotiate its debt will not lead to a credit event on the scale of the Lehman Brothers failure that triggered the US financial crisis, the lead negotiator in the talks told CNBC.

  • Gulf Bank's CEO Looking East for Growth Thursday, 27 Oct 2011 | 4:17 AM ET
    Abu Dhbai

    The European debt crisis is worrisome but it is unlikely to pose a danger to major banks on the continent, Michael H. Tomalin, CEO of the National Bank of Abu Dhabi, told CNBC.

  • Swiss Exchange Lures High Frequency Traders Thursday, 27 Oct 2011 | 3:39 AM ET
    Close-up of a pen on stock price chart

    In the computerized world of markets, it’s not every second that counts – it’s every micro second.

  • Europe Stocks Open Higher on Euro Deal Relief Thursday, 27 Oct 2011 | 3:13 AM ET
    Close-up of a pen on stock price chart

    European stocks opened higher on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with private bondholders that they would take a 50 percent haircut on Greek government debt.

  • The former Greek Prime Minister, George Papandreou

    A deal that imposes 50 percent losses on private sector bondholders means Greece's debt burden will be sustainable, Greek Prime Minister George Papandreou said on Thursday.

  • Euro Investment Vehicle 'Giant Sub-Prime CDO' Wednesday, 26 Oct 2011 | 3:50 AM ET

    As the prospect of a conclusive road map for the euro zone emerging from Wednesday's European Union summit receded, proposals to expand the European Financial Stability Facility (EFSF) via a special purpose investment vehicle (SPIV) were met with cynicism.

  • Europe Shares Seen Lower as Summit Hopes Fade Wednesday, 26 Oct 2011 | 2:42 AM ET

    European stocks were called to open lower on Wednesday, following Asia overnight where shares fell ahead of a crucial meeting of European policymakers which some analysts fear will not bring forward a lasting plan to ease the sovereign debt crisis in the euro zone.  

  • How to Break the Cycle in Greece: Economist Tuesday, 25 Oct 2011 | 7:58 AM ET

    As European leaders ready themselves for another summit on the euro zone crisis, one economist said that the critical situation in Greece should be dealt with by focusing on growth instead of debt.

  • Today's Economy 'Is a Rerun of the 1930s': Author Tuesday, 25 Oct 2011 | 3:38 AM ET
    Unemployed men queuing for coffee and bread at a soup kitchen run by the Bahai Fellowship at 203 East 9th Street, New York, circa 1930.

    The countries that will have the most success in weakening the real value of their currencies "are likely to flourish better or at least suffer less than others," author Andrew Smithers wrote.

  • Europe Shares Seen Lower, Summit Outcome Uncertain Tuesday, 25 Oct 2011 | 2:10 AM ET

    European stocks were called to open lower on Tuesday, a day ahead of a second summit of European leaders where a deal is expected to be reached over the nature of a plan to resolve the sovereign debt crisis in the euro zone.

  • Luxury Back in Fashion Despite Downturn Monday, 24 Oct 2011 | 9:48 AM ET
    Aligator Purse

    The market for luxury goods has come back with a bang in the past couple of years, despite volatility elsewhere in the market.

  • Cash Register

    The real economy is being harmed by the lack of resolution to the euro zone debt crisis, as consumers put off big ticket purchases while waiting for a decision, a fund manager told CNBC on Monday.To help solve Europe's sovereign debt crisis, a special organization was set up in 2010 called the European Financial Stability Facility, or EFSF. So what is it and how does it work? CNBC explains. The European Central Bank—or ECB—is the central bank for Europe's single currency, the euro. Managing the euro and the countries that use it is a big task, as CNBC explains.

  • Europe Needs a 'Big Bazooka' Approach: Cameron Monday, 24 Oct 2011 | 1:52 AM ET
    David Cameron

    David Cameron has urged European leaders to take a “big bazooka” approach to resolving the eurozone crisis, warning they have just a matter of weeks to avert economic disaster. The FT reports.

  • Europe Stocks Seen Flat; Euro Zone Nears Crisis Deal Monday, 24 Oct 2011 | 1:49 AM ET

    European stocks were expected to open higher on Monday following a much anticipated summit of European leaders on Sunday, where policymakers edged closer to an agreement on recapitalization of the region's banks and details relating to the European Financial Stability Facility.

  • Jean-Claude Trichet

    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.

  • EU building flags brussels

    "We're in a situation, if you were scripting a disaster movie, you really couldn't build the tension better," one analyst told CNBC.

  • European Stocks Seen Higher Ahead of Europe Summit Friday, 21 Oct 2011 | 1:29 AM ET

    European stocks were expected to open higher on Friday ahead of a crucial summit of European leaders on Sunday.

  • Greek Parliament Passes Additional Austerity Measures Thursday, 20 Oct 2011 | 2:44 PM ET
    Demonstrators shout slogans during a protest against plans for new austerity measures on October 19, 2011 in Athens, Greece.

    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.

Contact Europe: Economy


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