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  • MADRID— Tax agents spent a second day Friday searching the office of former International Monetary Fund chief Rodrigo Rato after he was briefly detained as part of a probe into alleged fraud and money laundering. Rato was Spain's economy minister and a deputy prime minister under conservative ex-Prime Minister Jose Maria Aznar between 1996 and 2004. He...

  • WASHINGTON, April 16- Greece on Thursday sounded a mix of defiance and willingness to compromise with its international creditors on reforms required to unlock more loans, as it faces running out of money ahead of debt repayments next month. Its official creditors- the euro zone and the IMF- have frozen bailout aid until the new leftist-led government in Athens...

  • *USD back near 119.00 yen, euro well above $1.0700. SYDNEY, April 17- The dollar wallowed at its lowest in over a week against a basket of major currencies early on Friday, having suffered yet another setback overnight in the hands of more underwhelming U.S. economic data. Atlanta Federal Reserve Bank president Dennis Lockhart said the recent "murky" run of U.S. data...

  • Greece finance minister vows compromise in loan talks Thursday, 16 Apr 2015 | 5:47 PM ET

    His comments came as Greece's borrowing costs soared amid growing fears of a debt default. German Finance Minister Wolfgang Schaeuble also spoke at Brookings and gave no sign of backing down from his hard-line stance that Greece must agree to sweeping economic reforms. Varoufakis acknowledged that Greece's economy requires "urgent and extensive" reforms...

  • WASHINGTON, April 16- Greece cannot simply sign up for an existing agreement on its debt that will not solve its economic problems, Finance Minister Yanis Varoufakis said on the sidelines of the International Monetary Fund meetings on Thursday. In prepared remarks for a speech at the Brookings Institution, Varoufakis said "we will not sign up to targets we know...

  • MADRID— Former International Monetary Fund chief Rodrigo Rato was brought away by police Thursday night after tax officials spent hours searching his apartment in one of Madrid's wealthiest neighborhoods. Madrid's regional court said in a statement that a judge granted a request from tax authorities to enter and search Rato's house as part of a legal case...

  • WASHINGTON, April 16- The head of the International Monetary Fund on Thursday signaled she would not grant a payment delay to Greece, as it had never been done for an advanced economy and the Fund should protect its safe reputation. Greece is fast running out of cash and its euro zone and IMF lenders have frozen bailout aid until the new leftist-led government in...

  • Why it's proving hard to save Greece Thursday, 16 Apr 2015 | 10:21 AM ET

    ATHENS, Greece— By the day, Greece is getting closer to a potentially catastrophic debt default that could force it out of the euro bloc. The situation is coming to a head, with Greece struggling to meet debt obligations on a weekly basis. Rescue creditors— fellow eurozone states and the International Monetary Fund— want Greece to agree to a list of economic reforms...

  • Labor unrest disrupts transport services in Portugal Thursday, 16 Apr 2015 | 5:49 AM ET

    LISBON, Portugal— Pilots at Portugal's national airline have announced a 10- day walkout next month amid a spate of strikes by labor groups resisting government efforts to reform the transport sector and cut state company debts. Around half of Portuguese train services were cancelled Thursday as workers with national rail company Comboios de Portugal...

  • *China's March exports fell 15 pct, Q1 GDP growth slowing. GUANGZHOU, China, April 16- More than half of China's exporters expect a trade slowdown to last at least six months as production costs climb and European demand weakens, according to a Reuters survey at the country's biggest trade fair. The fair is taking place just after economic data showed China's...

  • FRANKFURT, April 15- The European Central Bank has no plans to curb or curtail its money-printing program although it expects euro zone economic recovery to broaden and strengthen. Last month the ECB embarked on an asset-buying program with 60 billion euros a month of news money, which it has said will last until at least September 2016. "Purchases are intended to...

  • S&P downgrades Greece as creditor talks fail to progress Wednesday, 15 Apr 2015 | 9:11 AM ET

    ATHENS, Greece— The Standard and Poor's rating agency downgraded Greece's credit grade further into junk status Wednesday, saying the country's financial commitments would be unsustainable without "deep economic reform or further relief." The agency downgraded Greece to CCC+ from B-, with a negative outlook "given the risk of further worsening in liquidity for...

  • *Wrangling with Athens casts cloud over brightening euro zone. FRANKFURT, April 15- The European Central Bank left interest rates unchanged on Wednesday, holding them at record lows as its money-printing scheme shows early signs of perking up the region's economy. In a news conference at 1230 GMT, the focus will widen as journalists probe Draghi on ECB support...

  • LONDON, April 15- European shares hit a 14- year high on Wednesday before a meeting at which the European Central Bank is expected to affirm its loose policy stance, as weak data from China raised prospects of monetary easing there too. A banking source told Reuters on Tuesday the ECB raised the cap on emergency liquidity assistance that Greek banks can draw from...

  • DIARY- Top Economic Events to April 23 Monday, 13 Apr 2015 | 8:01 PM ET

    STOCKHOLM- Sweden's Riksbank Deputy Governor Cecilia Skingsley will participate in a seminar on pay formation that promotes the competitiveness of the manufacturing industry- 1135 GMT. WASHINGTON- Federal Reserve issues the Beige Book of economic condition- 1800 GMT. WASHINGTON- Levy Economics Institute of Bard College holds 24th Annual Hyman P. Minsky...

  • FOREX-Yen broadly higher in Asia, sterling off lows Monday, 13 Apr 2015 | 7:46 PM ET

    *Antipodeans still struggling after disappointing China data. SYDNEY, April 14- The yen hovered just below a two-year peak against the euro early on Tuesday and was broadly firmer versus other major currencies as investors shed bearish positions overnight. Analysts said the move was triggered by comments from Koichi Hamada, an economic adviser to Japan's...

  • *China trade data shock hits Australian dollar. *Asia shares shrug off surprise fall in China exports. LONDON, April 13- A shock fall in Chinese exports hammered the Australian and New Zealand dollars on Monday, and hit European mining companies exposed to the world's second-largest economy.

  • *Australian dollar hit by shock fall in China exports. SINGAPORE/ TOKYO, April 13- The Australian dollar tumbled on Monday after a shock contraction in China's exports added to worries about slowing growth in the world's second-largest economy, while sterling extended its losses to fresh five-year lows. The poor China trade numbers knocked the Australian...

  • LONDON, April 10- Yields on top-rated euro zone bonds fell towards record lows on Friday on central bank buying and after data suggested there was enough downward pressure on U.S. inflation to keep the Federal Reserve from raising rates in June. "We've had buying activity this week from the central banks and that has driven bond prices up," said Christop Kutt, head of...

  • DIARY- Top Economic Events to April 21 Thursday, 9 Apr 2015 | 8:01 PM ET

    SARASOTA, United States- Federal Reserve Bank of Richmond President Jeffrey Lacker speaks on the economic outlook before an event co-sponsored by the Global Interdependence Center and the Financial Planning Association of the Suncoast- 1245 GMT. BLOOMINGTON, United States- Federal Reserve Bank of Minneapolis President Narayana Kocherlakota speaks...