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A lead adviser to Greece on its debt deal, Mitu Gulati, argues that instead of repeated austerity-based bailouts, other European countries should cut a deal directly with their creditors to reduce their debt loads.
Unlike Greece, Portugal is a debtor nation that has done everything that the European Union and the International Monetary Fund have asked it to, in exchange for the 78 billion euro (about $103 billion) bailout Lisbon received last May. The NYT reports.
The European Central Bank's rescue of the region's banks by showering them with cheap loans could be creating the conditions for another financial crisis several years from now. The New York Times reports.
Greece has found itself in a category of its own among struggling debtors — a nation Europe no longer trusts, The New York Times reports.
For all the struggles that Greece has gone through to satisfy its demanding lenders, Europe’s troubles are not going away, the New York Times reports.
Another batch of the riskiest mortgage-backed securities once owned by the American International Group are being auctioned off this week, according to two people familiar with the matter, a sale that would bring the insurance giant’s 2008 meltdown once step closer to a resolution.
Investors are predicting that Portugal will be next in line after Greece to impose losses on bondholders as it struggles to meet the terms of a $103 billion bailout agreement struck with international creditors last May. The New York Times reports.
Hedge funds have been known to use hardball tactics to make money. Now they have come up with a new one: suing Greece in a human rights court to make good on its bond payments.
As Europe’s debt turmoil enters its third year, no clear solutions are yet in sight — despite recent signs that a new lending program by the European Central Bank might be easing pressures.
As difficult as the last two years have been for Europe, 2012 could be even tougher. Each week, countries will need to sell billions of dollars of bonds — a staggering $1 trillion in total — to replace existing debt and cover their current budget deficits, the New York Times reports.
Stung by souring loans and troubled government bond portfolios, many European banks are being forced by regulators to raise money to build up their cash cushions against future losses.
The governor of France’s central bank has said Britain is more deserving of losing its top-notch credit rating than France as Paris braces itself for a potential downgrade of the country’s triple A status.
Moody's gave Belgium a two-notch downgrade, from Aa1 to Aa3, the equivalent of an S&P/Fitch AA- rating.
Hold the condolence cards, but the recession cost the rich. The share of income received by the top 1 percent — that potent symbol of inequality — dropped to 17 percent in 2009 from 23 percent in 2007, according to federal tax data. The New York Times reports.
In the fiscal accord, the nations that use the euro essentially agreed to go back to Plan A — that is, the principles and rules with which they created their common currency two decades ago.
A move announced by central bankers on Wednesday to contain the European debt crisis resulted in euphoria in global stock markets, but it also prompted skeptics to wonder: will this time be different? The New York Times reports.
In a stern pronouncement, Moody’s Investors Service this week warned of rising prospects for multiple defaults by countries in the euro zone and credit rating downgrades of nations across Europe if leaders should fail to resolve the spreading debt crisis. The NYT reports.
About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain, according to people briefed on the matter. The New York Times reports.
The euro zone's formidable couple—Merkozy, as the media calls German Chancellor Angela Merkel and French President Nicolas Sarkozy—were on the brink of divorce more than once.
The British fret over Europe and Germany's bond auction disappoints - it's time for your FX Fix.