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A break-up of the euro would be “absurd” and “unthinkable,” Vítor Constâncio, Vice-President of the European Central Bank (ECB), told CNBC Tuesday.
Mario Draghi warned of the costs of a euro zone break-up, breaching a taboo for a president of the European Central Bank, in an interview with the Financial Times.
The governor of France’s central bank has said Britain is more deserving of losing its top-notch credit rating than France as Paris braces itself for a potential downgrade of the country’s triple A status.
U.S. futures are up following yesterday's gains. European shares rise, led by mining stocks. Fitch downgrades Goldman Sachs, Deutsche Bank, Credit Suisse, BNP Paribas and Barclays. The euro is off its 11-month low. Italian PM Monti faces a confidence vote on a 33 billion euro austerity package. And gold rebounds while crude stays steady. In Asia, better-than-expected U.S. economic data lifts the markets in a mixed session.
Good U.S. news is positive for the market, but fears about Europe can still bring it down, Cramer says.
European markets rebound, although euro zone concerns remain. Manufacturing data continues to contract. Meanwhile, Spain finds strong demand for bonds even as yields on the 5-year fall. And the euro hits an 11-month low against the dollar.
As the truth dawns in Greece and other weak euro zone economies that the price for remaining bound to the single currency will be more hardship and sacrifice, a growing number of legal and financial experts — to say nothing of the Greeks themselves — are examining in detail what would happen if Greece abandoned the euro. The NYT reports.
What is needed is an agreement, and then an undertaking, to make the euro work. This needs a centralized budgetary authority, which has control over the debt issuance process as well, to ensure that governments do not run up unsustainable public deficits. Tie that into a genuine lender of last resort role for the European Central Bank and we are almost there.
While most have dubbed the products of the European Union Summit as further ‘kicking the can down the road,’ I believe the outcome portends the end of the Euro currency as we now know it.
As a New York Jets fan, I despair of all the talk about the New England Patriots. I desperately want to wish the Patriots away, but I cannot. They matter. When it comes to Europe, investors around the world also face this exasperating combination of having, but not wishing to pay close attention.
CNBC's Mandy Drury looks at the upward move in the U.S. markets, partially due to the EU agreement. And lower gas prices bring about a rise in consumer confidence.
The surveillance images show Dominique Strauss-Kahn striding from an elevator at the Sofitel New York and also captured on tape, some curious images: two hotel workers appear to share a brief celebratory embrace and dance, the New York Times reports.
Another week, another euro zone crisis! It feels as if this crisis is never ending, self perpetuating until an eventual Armageddon that will at the very best end with the break-up of the euro zone and at the very worst in World War III.
British Prime Minister David Cameron is facing criticisms of leaving the UK isolated after he said he would not agree to a new European Union treaty.
Today, the Bank of England left rates and quantitative easing on hold as Governor King decides to wait before more additional easing measures are taken and says that the events in Europe are beyond his control.
The US economy has not, by any means, emerged fully from the recession of 2008. The real-estate sector is still suffering grievously from the effects of the crash, and unemployment remains uncomfortably high.
A break-up of the single European currency would have severe consequences on the UK economy, with unemployment pushing above 4 million, the pound appreciating sharply and major banks failing, analysts at ING wrote in a market note.
Frans van Houten, CEO, Royal Philips Electronics, "half-hearted measures are not going to cut it and we have now seen this for several months in a row and it is having a real effect on the economy."
Eleventh-hour negotiations have begun in Europe to create a much bigger financial “bazooka” to present at this week’s EU summit that could include running two separate rescue funds.
Standard and Poor's should've waited at least a week to announce it had put 15 European Union nations on its CreditWatch for potential downgrade, said the chairman of tire maker Pirelli.