Brussels reacted furiously to claims that the UK and US spied on the European commissioner in charge of sensitive antitrust cases.» Read More
A Hungarian delegation prepares to resume talks with the International Monetary Fund this week, hoping to secure a credit lifeline while investors continue to push up the country’s borrowing costs.
Hungary's economy is approaching "meltdown," analysts warn, adding another financial crisis within Europe and raising concerns about more extreme populist moods gaining ground. The Christian Science Monitor reports.
"Concerns over rising default risk in Hungary do translate via Austrian banks relatively rapidly into Austrian sovereign debt risks," Richard McGuire, Senior Fixed Income strategist, Rabobank, told CNBC.
There is a lot of negativity priced into Hungary, whereas Poland is considered the "darling" of Central and Eastern Europe, Bartosz Pawlowski Emerging Market Strategist at Barclays Wealth Management, said. "Before the month ends we're going to have more clarity and it's going to be a good investment," he said.
Fitch became the third ratings agency to downgrade Hungary's debt to "junk" status on Friday, invoking further deterioration in the country's fiscal and external financing and growth outlook and the government's "unorthodox" economic policies.
Tai Hui, Regional Head of Economic Research, SE Asia, Standard Chartered Bank, Singapore, says the first half of the year will be extremely challenging for markets due to lingering concerns about Europe.
Russian Prime Minister Vladimir Putin has a vision for a Soviet Union-lite he hopes will become a new Moscow-led global powerhouse. But, his planned Eurasian Union won't be grounded in ideology: This time it's about trade.
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.
Jean-Francois van Boxmeer, Chairman & CEO of Heineken, says the company is still generating solid profits from its Europe business despite the economic turbulence.
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.
Russian stocks and the rouble held above their two-week lows, but analysts said that, at least until Dec. 24, investors would be better off staying away from Russia.
Latvia's largest bank is scrambling to contain a run among depositors gripped by fears of the bank's imminent collapse.
As the European debt crisis roils the markets, American traders who once awoke at dawn are now rising in the dead of night to gain an edge when business begins in London, Paris and Frankfurt, the New York Times reports.
The latest response to the euro crisis sparks a debate over how far governments must bend to the power of markets, 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.
There was a little progress to celebrate in Europe but that doesn't mean the end of volatility, says Hank Smith, chief investment officer, Haverford Investments. With Clem Chambers, CEO of ADVFN.
The surveillance images show Dominique Strauss-Kahn striding from an elevator at the Sofitel New York and also captured on tape, some curious images: two hotel workers appear to share a brief celebratory embrace and dance, the New York Times reports.
Prime Minister Vladimir V. Putin on Thursday accused Secretary of State Hillary Rodham Clinton of instigating protests over the results of Russia’s parliamentary elections by baselessly criticizing the vote as “dishonest and unfair” and he warned that Russia needed to protect against “interference” by foreign governments in its internal affairs.
Russian voters streamed to the polls on Sunday in a parliamentary election that has shaped up as a referendum on the governing party and Prime Minister Vladimir V. Putin as he prepares to return to the presidency next year, reports the New York Times.
Europe's sovereign-debt crisis, which has dragged on for more than two years, is entering a pivotal week, as leaders across the continent converge to prevent a collapse of the euro and a financial panic from spreading.