Oil's rally has helped the Indonesian rupiah and the Malaysian ringgit make up much-needed ground against the dollar.» Read More
If we’re not to blame capitalism for the current wave of dissatisfaction, who are we to blame? Selfish prats. They can be found across the political spectrum and in all socio-economic groups. They make poor decisions and screw stuff up for everyone else.
Splitting the EU – creating a small core of euro zone countries and a looser outer circle – has been taboo. But as Europe debt crisis worsens, France and Germany are discussing the idea more intensively, the Christian Science Monitor reports.
Lucas Papademos might have been hoping to gently ease into retirement after close to four decades as an economist and central banker.
The euro zone’s bailout fund, the EFSF, was set up to provide a backstop for euro sovereign members who get into, er...payment difficulties. To date the EFSF has issued two bonds, the first in January maturing in 2016 and a second one in June that matures in 2021.
The scale of Europe’s debt problems has forced its central bank to go beyond its traditional role in order to limit the cascading effect of the crisis, the former Chairman of the U.S. Federal Reserve Paul Volcker, told CNBC on Tuesday.
As Greece's leaders tried to finalize the details of its new coalition government, Pavlos Yeroulanos, Minister of Culture and Tourism in the current regime, told CNBC that leaving the single currency would not solve its problems and ruled out a referendum on Greece's membership of the euro zone in the near future.
Europe must learn again that welfare is a joint responsibility between state and citizen; that governments cannot redistribute wealth that doesn’t exist; and, that welfare follows from hard work, writes Zoltán Cséfalvay, Minister of State for Economic Strategy for Hungary.
The Group of 20 is seeking to meet again, possibly before Christmas, with the aim of resurrecting a deal to provide an international firewall around Greece, G20 sources have told the Financial Times, saying negotiators at the Cannes summit had been close to an agreement.
Those looking for firm action in the final G20 communique would have had a hard time finding much to get their teeth into.
Europe is officially in crisis mode, but the euro is hanging tough. Here's how to prepare if uncertainty seems primed to rise on Monday.
Europe failed to get the leaders of the world's wealthiest economies to help out with its debt troubles, but everyone left a G20 summit Friday relieved that at least they forced the Greek prime minister not to hold the world hostage with a bailout vote.
CNBC's Steve Liesman has the details on Greece, the IMF, and how the country plans on getting financial relief.
President Obama said world leaders have made important progress at the G20 summit to put their economic recoveries on firmer footing, adding that all countries have an enormous stake in the outcome of Europe's debt crisis.
The future of Greek Prime Minister George Papandreou's government looked increasingly doubtful as it prepared for a confidence vote Friday, with markets facing continued uncertainty in the euro zone.
Australia goes downbeat, and Greek no-confidence vote gives none - it's time for your FX Fix.
Patrick Legland, global head of research at Societe Generale, told CNBC he feared the Greek debt crisis could be a "dress rehearsal" for what could happen with Italy.
When future financial historians look back at the early 21st century, they may wonder why anybody ever thought it was a good idea to repackage subprime securities into triple A bonds. So, too, in relation to assumptions about the “risk-free” status of western sovereign debt, according to the FT.
What happened in Europe over the past 10 to 20 years was almost like a Bernard Madoff event. The EU gave rules for countries to follow, but just like the ponzi schemer, the countries were their own judges and had quite a bit of leeway in creating off-balance-sheet debt, and they were their own auditors.
Tensions between Greek Prime Minister George Papandreou and Finance Minister Evangelos Venizelos are increasing the risk of a Greek government collapse, after Europe and the International Monetary Fund (IMF) warned the debt-laden country Wednesday that it will cut off its aid flow until a planned referendum is resolved.
The outcome of last week’s euro zone summit meeting is not quite as positive as the immediate equity market reaction suggested. For a comprehensive dissection read this week’s Economist, which lays out in stark terms what further work is needed from euro zone leaders.