CNBC's Ross Westgate reports on all the market moving events from Europe, as EU leaders close in on reaching a banking union deal.» Read More
As the euro plunges to a four-year low against the dollar and respected economists like Paul Volker wonder out loud if the currency will survive, reflection is necessary to determine why this once prestigious currency appears to be crashing on the rocks of uncertainty.
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After a brief respite following the announcement last week of a nearly $1 trillion bailout plan for Europe, fear in the financial markets is building again, this time over worries that the Continent’s biggest banks face strains that will hobble European economies, the New York Times reported.
The European Cental Bank's bailout package is just a $1 trillion fig leaf covering the problem and a better move would have been to arrange for Greece and Portugal to leave the European Union.
Any assumption that the financial crisis is behind us is way off the mark, as the European Union is just shifting debt obligatoins between the public and private sector and not dealing with the undelying problem.
Although financial conditions in the United States have improved since the 2008 crisis, events in Europe show their fragile underside, a Federal Reserve official said Thursday.
Carthaginian peace refers to the imposition of a very brutal “peace,” or the armistice imposed on Carthage by Rome that saw the Romans systematically burn Carthage to the ground.
Amid fears over the strength of nearly every major currency, Abu Dhabi’s top hotel has come up with a new type of ATM for their most risk-averse guests. The Emirates Palace is giving those staying there to chance to withdraw gold from the world first ever gold dispenser.
Despite a fully-fledged debt crisis in Europe, the stock market continues to defy the bears to trade higher on the year.
The European Central Bank's decision to buy government bonds in the secondary markets will likely stop speculators, but it may push the euro down by more than 10 percent.
Much of the demand for the precious metal is reportedly coming from Germany, where the memory of hyperinflation continues to significantly influence thinking.
The Queen was made to hang around for 5 days this week while her elected representatives attempted to form Britain’s next government.
The only thing missing from the weekend’s $1 trillion rescue package for Europe is a good acronym, Timothy Scala, a macro strategist at hedge fund Sophis Investments told CNBC.com Wednesday.
Plus, the Mad Money host reacts to rising gold prices.
Last week’s sharp drops and heightened volatility were due in part to the severe debt crisis in Greece and, more specifically, growing fears that other European nations are at risk — especially Spain, Portugal, Italy and Ireland.
The UK election just got a lot more interesting in a big negative way for the British pound.
Weeks of hesitant half-steps to address Greece’s debt problems had only worsened market worries about the euro, and were threatening the still-fragile economic recoveries in the United States and Asia. In response, President Obama told Mrs. Merkel that the Europeans needed an overwhelming financial rescue to end speculation that the euro — and European unity — could crumble. The NYT reports.
What the European leaders really meant to do with their big-bang, trillion-dollar sovereign-debt rescue was to save the euro currency, not to bury it. But with the cave in by European Central Bank head Jean-Claude Trichet (formerly a hard-money man and closet gold watcher) to use the "nuclear option" to buy up dubious sovereign debt, the euro is likely to keep depreciating.
If the support package put smiles back on the faces of the politicians, it did little to lift the mood of the business people gathered at the WEF meeting in Brussels.
The markets forced the European Union into its "shock and awe" rescue package, which means they will be tempted to repeat the tactic just to generate returns, David Blanchflower, professor of economics at Dartmouth College, told CNBC Monday.