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France has a special responsibility as a euro zone heavyweight to take deficit cuts seriously, even though its budget deficit is above target, Bundesbank chief Jens Weidmann said in an interview published Sunday.
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The cost of insuring Portuguese debt against default hit a record high on Wednesday and yields on Portuguese bonds spiked after Moody's cut the country's credit rating to junk and warned it may need another bailout.
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The situation facing European countries like Greece and Portugal is directly comparable to the economic crisis which hit Latin America in the late 1990s, Andy Brough, co-head of Schroders’ Pan European Small and Mid Cap team, told CNBC Wednesday.
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The biggest question in any debt crisis is whether a credible path back to solvency can be found. For Greece, this now seems very unlikely, the Financial Times reports.
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European stocks were expected to edge higher on Wednesday after a mixed close on Tuesday and following the decision by credit rating agency Moody's to downgrade Portugal's credit rating to junk status.
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Moody's downgraded Portugal debt to junk citing risk of a second bailout, with CNBC's Michelle Caruso-Cabrera.
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A 32-year-old French writer plans to file attempted rape charges against former IMF chief Dominique Strauss-Kahn, reports CNBC's Scott Cohn.
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CNBC's Stephane Pedrazzi reports on new IMF chief, Christine Lagarde, and Dominique Strauss-Kahn's latest legal woes back in France.
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Evangelos Venizelos, who was brought in as Finance Minister of Greece two weeks ago, said Greece's part in the euro zone was "not reversible" in a first on CNBC interview Tuesday.
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The Arab Spring helped boost diamond prices as the region's wealthy individuals moved their cash from stocks and bonds to safe haven investments and tangible assets , a London-based fund manager told CNBC Tuesday.
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The current situation in the euro zone is "untenable" and policymakers will have to either pursue greater European economic integration or see countries exit the euro, George Magnus, Senior Economic Advisor, UBS told CNBC Tuesday.
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Growth in the euro zone's dominant service sector slowed for a third straight month in June, and by more than an initial estimate, with sluggish new orders dimming the outlook, a survey showed on Tuesday.
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European shares are expected to open flat to slightly lower on Tuesday as one-month high equity prices prompt investors to take profits ahead of the euro zone services PMI and retail sales data, which may offer some short-term direction to the market.
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France's Casino warned archrival Carrefour on Monday that a merger of its Brazil unit and the country's biggest retailer, Grupo Pao de Acucar, could not go ahead without its consent.
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The European Central Bank will continue to accept Greek debt as collateral for loans unless all the major credit rating agencies it uses declare it to be in default, said a senior finance official to the Financial Times.
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A Greek default is coming and the European authorities trying to avoid it will have to face up to it eventually, a leading economist told CNBC Monday.
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The price of corn is the latest of a series of signals that remind investors about 2008, the year the financial crisis spread across the globe and Lehman Brothers collapsed, Simon Derrick, chief currency strategist at Bank of New York Mellon, wrote in a note Monday.
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European stocks were expected to open higher on Monday after they hit a one-month closing high on Friday as better-than-expected manufacturing data for June raised hopes that the US recovery is still on track and euro zone finance ministers agreed to release the next tranche of aid to Greece.
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Little by little, the woman's credibility as a witness crumbled — she had lied about her immigration, about being gang raped in Guinea, about her experiences in her homeland and about her finances, officials told the NY Times.
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NBC's Martin Fletcher is in Paris on the ground to gauge the reaction to Dominique Strauss-Kahn's release today.
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