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Latvia will continue to intervene to defend its fixed-rate currency as it has sufficient foreign exchange reserves to do so, Bank of Latvia governor Ilmars Rimsevics told CNBC in an exclusive interview Wednesday.
A strike by metro drivers wrought havoc on the streets of London, with thousands of commuters seeking alternative ways to get to work and overground traffic sometimes grinding to a halt.
The singe European currency may bring the end of the whole European Union, because its one-size-fits-all approach means countries on the "wrong" side of the economic cycle lose out, European MP Nigel Farage said.
The recent rally in stocks has run out of steam and there are no reasons for it to come back, two analysts told CNBC Thursday.
The results of the stress tests on 19 of the biggest US banks have left European banks exposed, as they now look vulnerable to recapitalization needs and to claims that not all checks were made to ensure rules were being followed, analysts said on Friday.
European hog farming is being transformed by an agricultural powerhouse operating in far-flung outposts.
Austrian bank Erste Group sought Thursday to dampen fears that it faces heavy losses in Eastern Europe as it reported a 26 percent fall in first-quarter net profit as provisions for bad loans increased.
Designers emphasized the importance of fashion meaning something during the current recession and suggested consumers will focus on uniqueness and affordability which is what they offer.
Swedish bank Swedbank reported Thursday a first-quarter net loss, disappointing analysts' expectations for a profit, due to large provisions for loan losses in its hard-hit Baltic operations.
Chancellor of the Exchequer Alistair Darling predicted that the economy would contract at a rate of 3.5 percent in 2009, with a fall of around 1.6 percent in the fourth quarter.
With big companies like BP, Shell and Iberdrola scaling back investment in renewable energy, analysts say governments need to pick up the slack.
The current valuations of emerging markets are attractive and emerging markets also have undervalued currencies, Templeton Asset Management Managing Director Mark Mobius said Friday.
Reports that the IMF suggested that Eastern European countries should adopt the euro as soon as possible to solve their current account deficit and exchange rate problems have been dismissed by some experts.
The credit crisis has had a near-catastrophic effect on many of the emerging economies in Eastern Europe. The International Monetary Fund shelled out tens of billions in emergency loans for the region, while governments have collapsed and angry protesters took to the streets in some countries.
The once-booming CEE is stealing the limelight again but this time for less palatable reasons. As one analyst put it, "Eastern Europe's problem is a greater weight on the Western European nations than the subprime is in the United States."
The Federal Reserve has no option but to start buying Treasurys as the government's needs for financing are huge, but the government bond market is a disaster in the making, Marc Faber, editor and publisher of The Gloom, Boom & Doom Report, told CNBC.
The figure of $1.3 trillion for the exposure of Western banks to the Central and Eastern European region reported by the Bank for International Settlements is too high, Andreas Treichl, CEO of Erste Bank, one of the biggest banks operating in CEE, told CNBC Wednesday.
The leaders of the European Union gathered Sunday in Brussels in an emergency summit meeting that seemed to highlight the very worries it was designed to calm.
The development boom that turned Poland, Hungary and other former Soviet satellites into some of Europe’s hottest markets is on the verge of going bust, raising worrisome new risks for the global financial system that may ricochet back to the United States.
Eastern Europe will suffer a more serious recession than Western Europe and the weakness in the region’s banks could drag on their Western counterparts, Moody’s said in a research note Tuesday.