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Europe’s banking sector is ready for a shake-up as its largest financial institutions try to slim down their operations in response to the sovereign debt crisis. The NY Times repeorts.
When Jon S. Corzine joined MF Global last year it seemed like a strange choice — the firm had none of the glamour, let alone the profits or footprint of Goldman Sachs, the bank he ran during the 1990s.
Though financial institutions are not yet turning away customers at the door, they are trying to discourage some depositors from parking cash with them. NYT reports
As EU leaders scramble to present a united front for this weekend’s critical meeting in Brussels, anxiety is growing in Europe, and not just about the euro, the NYT reports.
Regulators in the United States and overseas are cracking down on computerized high-speed trading that crowds today’s stock exchanges, worried that as it spreads around the globe it is making market swings worse. The New York Times reports.
Like Americans trying to raise quick cash by unloading their unwanted goods, the federal government is considering a novel way to reduce the deficit: holding the equivalent of a garage sale, reports the NY Times.
LONDON—Greece may never be able to pay off its huge debts, but its bonds, long scorned by investors, are suddenly being gobbled up by hedge funds. After a number of investors struck gold by betting against French banks, many have turned their attention to the hot yet risky euro zone trade of the moment: buying Greek government bonds that traders say are changing hands for as little as 36 cents for each euro of face value.
Greece may never be able to pay off its huge debts, but its bonds, long scorned by investors, are suddenly being gobbled up by hedge funds, the New York Times reports.
Another 2.6 million people slipped into poverty in the United States last year, the Census Bureau reported Tuesday, and the number of Americans living below the official poverty line, 46.2 million people, was the highest number in the 52 years the bureau has been publishing figures on it.
Remember the collapse of Lehman Brothers ? Europeans certainly do. As Europe struggles to contain its government debt crisis, the greatest fear is that one of the Continent’s major banks may fail.
Can a bailout fund whose backers include some of the countries it may be called upon to bail out really succeed? The NYT reports.
European leaders on Thursday clinched a new rescue plan for Greece that could push the country into default on some debt but would also give Europe’s bailout fund new powers to aid struggling economies, the NY TImes reports
Swiss bank Credit Suisse said on Friday it is being probed by the U.S. Department of Justice as part of a broader investigation into banks suspected of helping Americans evade taxes.
Bond traders and officials at the European Central Bank have been unified in their warnings that a restructuring of Greece’s debt would set off an investor panic similar to the one that followed the bankruptcy of Lehman Brothers, the New York Times reports.
Germany has been a frequent cudgel in recent fights over the American economy. When Germany has grown faster than the United States, stimulus skeptics like to point across the Atlantic Ocean and say that austerity works. When it has grown more slowly, people who think the American stimulus made a big difference — including me — return the favor the Mew York Times reports.
The French finance minister, Christine Lagarde, was on a panel at the World Economic Forum in Davos this January when her usual smile turned into a frown. Next to her, Robert E. Diamond Jr., chief executive of Barclays and one of the most powerful bankers in the world, thanked regulators and finance ministers for their role in shaping a better environment after the financial crisis.
Restructuring Greece’s debt is both desirable and inevitable, despite insistence from European Union officials over the weekend that the idea is off the table, reports the New York Times.
At least two sons of Col. Muammar el-Gaddafi are proposing a resolution to the Libyan conflict that would entail pushing their father aside to make way for a transition to a constitutional democracy under the direction of his son Seif al-Islam el-Qaddafi, a diplomat and a Libyan official briefed on the plan said Sunday, the New York Times reported.
As Europe struggles to come to grips with its debt crisis, which has deepened with the collapse of Portugal’s government after it pushed for yet another round of budget cuts, three numbers stand out: 12.4, 9.8 and 7.8, reports the New York Times.
As Japan’s nuclear crisis intensified Wednesday, governments across Europe remained at odds over whether to scale back nuclear power programs or continue plans to expand, reports the New York Times.