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  • IMF withholds bailout money for Cyprus Thursday, 18 Dec 2014 | 7:53 PM ET

    NICOSIA, Cyprus— The International Monetary Fund said Thursday it won't release $108 million in rescue money for bailed-out Cyprus after the country's parliament voted to hold a key foreclosure law from taking effect at the end of December. The European Union had released a $430 million installment prior to the vote, bringing the amount of bailout cash given...

  • Government selling last stake in Ally Financial Thursday, 18 Dec 2014 | 7:20 PM ET

    WASHINGTON— The government is selling the last of its shares in Ally Financial Inc., the former financing arm of General Motors that was bailed out during the financial crisis. Detroit- based Ally said Thursday that the Treasury Department is selling its remaining 54.9 million shares. Ally, formerly called GMAC Inc., received a $17.2 billion bailout that began...

  • IMF postpones Cyprus loan tranche after foreclosure law Thursday, 18 Dec 2014 | 6:11 PM ET

    WASHINGTON, Dec 18- The International Monetary Fund on Thursday said it could no longer release funds to Cyprus under its bailout this week, after the euro zone government suspended a foreclosure law that was required under the loan program. Cyprus needed an international bailout of 10 billion euros from the European Commission and the International...

  • - "The private debt has already been cut and therefore Greece cannot be a risk for markets, given that no one seeks a new private debt haircut. Under the current bailout plan, Greece is committed to a much tougher target of achieving a primary budget surplus of 4.5 percent of GDP by 2016.. By comparison, last year Greece spent 5.7 billion euros, equivalent to 3.2 percent...

  • Irish lawmakers open probe into banking crisis Wednesday, 17 Dec 2014 | 6:29 AM ET

    DUBLIN— Irish lawmakers opened a fact-finding investigation Wednesday into the causes of Ireland's banking crisis, when a collapsing property market exposed reckless lending and forced the country to take an emergency international bailout. "We will hear from those who were at the helm when Ireland ran aground, as well as from those who were in the engine room,"...

  • EU promises Greece 'lighter surveillance' Tuesday, 16 Dec 2014 | 7:23 AM ET

    ATHENS, Greece— Greece is on course to end a draconian bailout program in February and switch to "much lighter surveillance," European Union Finance Commissioner Pierre Moscovici said Tuesday. Greece has been given a two-month extension to conclude bailout program negotiations after weeks of deadlocked talks on new cost-cutting measures demanded by the "...

  • ATHENS, Dec 16- Greece's anti-bailout Syriza party is more popular than Prime Minister Antonis Samaras' New Democracy but its lead has narrowed, an opinion poll showed early on Tuesday, a day ahead of the first round of a crucial presidential vote. The survey conducted by GPO pollsters for MEGA TV showed support for Alexis Tsipras' Syriza at 28 percent versus New...

  • EU: Greek defiance on debt would be 'suicidal' Monday, 15 Dec 2014 | 9:29 AM ET

    ATHENS, Greece— A refusal by Greece to repay bailout debts would be "suicidal" for the country, the European Union's top finance official said Monday in a clear warning to the country's popular opposition. Moscovici's two-day visit went ahead despite stalled negotiations between Greece and bailout creditors, and took place ahead of a parliamentary vote that...

  • Bankers at war: Portugal probe exposes crisis feud Monday, 15 Dec 2014 | 2:26 AM ET

    An investigation by Portugal's Parliament into last summer's collapse— and 4.9 billion euro bailout— of the country's largest listed bank has turned into gripping television as members of the wealthy Espirito Santo banking dynasty wash their dirty laundry in public. Regulators have already accused Banco Espirito Santo's leadership of fraud, forgery and...

  • ATHENS, Dec 13- Greece's radical leftist opposition leader, Alexis Tsipras, accused Prime Minister Antonis Samaras on Saturday of sowing fear in the country to win support for a presidential vote the government must win to avoid a snap election. Tsipras's Syriza party, which wants to tear up Greece's EU/IMF bailout deal, is likely to win an election, polls show, and...

  • ATHENS, Dec 13- Greece's radical leftist opposition leader, Alexis Tsipras, accused Prime Minister Antonis Samaras on Saturday of sowing fear in the country to win support for a presidential vote the government must win to avoid a snap election. Tsipras's Syriza party, which wants to tear up Greece's EU/IMF bailout deal, is likely to win an election, polls show, and...

  • US stocks move lower, following global declines Tuesday, 9 Dec 2014 | 12:01 PM ET

    NEW YORK— U.S. stocks are sharply lower in midday trading following a slump in global markets. European markets slid after an early presidential vote was called in Greece, which investors feared could jeopardize the struggling country's bailout program. The price of crude oil rebounded from a dip the day before, rising 58 cents to $63.63 a barrel in New York.

  • *Greece may get credit line till February- Schaeuble. If Samaras fails to secure victory in parliament for his presidential candidate, snap national elections will be called that the leftist Syriza party- a fierce opponent of Greece's bailout deal with the European Union and IMF- is likely to win. The Athens general stock index tumbled 12.8 percent, its biggest...

  • Greek share slump weighs on European equities Tuesday, 9 Dec 2014 | 10:14 AM ET

    LONDON, Dec 9- European shares fell to a two-week low on Tuesday, led down by a slump in Greek stocks after an unexpected decision to bring forward the country's presidential election in which the anti-bailout Syriza party is well placed to do well. Greek stocks sank 11.3 percent, set for their biggest single-session fall since November 1987, the Athens Stock...

  • ATHENS, Dec 9- Prime Minister Antonis Samaras named his candidate on Tuesday for the Greek presidency under a gamble that, if it fails, would force snap parliamentary elections when anti-bailout leftists would probably come out on top. Financial markets took the uncertainty badly, with Greek stocks and bonds tumbling on the plan to start voting for the...

  • LONDON, Dec 9- Greek share and sovereign bond markets plunged on Tuesday after the government brought forward a presidential vote, in a political gamble that heightened uncertainty over the country's transition out of its IMF/EU bailout. Athens stock exchange's main index was down 8.9 percent, setting it on course for its sharpest one-day drop since 2009. An...

  • Greek stocks plummet on fear of political crisis Tuesday, 9 Dec 2014 | 4:31 AM ET

    If the vote in Greece's parliament is inconclusive, investors fear it could lead to general elections and a possible victory for an opposition party that wants to modify the bailout. The main left-wing opposition party, Syriza, which is leading in the polls, has said it will demand a substantial cut to what Greece owes in rescue loans if it is elected.

  • Miranda Xafa, president of EF Consulting and former IMF board member, discusses why a snap presidential election in Greece has been called and what it could mean for the political landscape in the troubled euro zone country.

  • The decision came after euro zone finance ministers said they were in favour of granting Greece its request for only a two-month extension to its bailout programme, a boost for Prime Minister Antonis Samaras who has been pushing for an early exit from the programme which is deeply unpopular in Greece. The decision effectively throws down the gauntlet to...

  • IMF visits Ukraine for bailout talks Monday, 8 Dec 2014 | 5:00 PM ET

    *Kiev had hoped to receive next tranche of $2.7 bln by year-end. KIEV, Dec 9- An IMF mission will visit Kiev on Tuesday to start a fresh round of talks with the new government linked to a $17 billion loan package that may have to be ramped up due to the financial toll of a separatist crisis in Ukraine's east. Kiev had expected that the next loan tranche, worth $2.7 billion,...