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Greece and debt inspectors have apparently agreed that older civil servants near retirement age will bear the brunt of personnel cuts in the public sector, according to media reports.
Stocks closed out their worst quarter since the financial crisis, but it might be too early for investors to breathe a sigh of relief, as volatility will likely continue.
The UK is likely to see more quantitative easing next week or at the latest by November, according to one economic advisor.
Concerns over investment in Central and Eastern Europe have grown as a solution to the problem of sovereign debt in the peripheral euro zone has eluded policymakers and global growth has slowed.
The German Parliament's vote to expand the role of the European Financial Stability Facility has given the markets a "confidence boost," but it is only a short-term fix to Europe's solvency issues, Dino Kos, former N.Y. Fed executive vice president, told CNBC Thursday.
As the sovereign debt crisis worsens, there is still a lack of a long term solution. Current rumors center on Europe extending their ability to bail out periphery economies.However, politics and implementation issues pose a significant challenge.As Greece has shown, so far these bailouts haven’t worked, and with debt burdens rising and problems spreading to the core, the situation is only getting tougher.
The U.K. deputy prime minister said on Thursday that any solution to the euro zone crisis must not lead to some member states dictating terms to other European nations—such as the U.K.—that are outside the currency union.
Economists at Citigroup have again cut their global gross domestic product forecasts for 2011 and 2012 as growth prospects “continue to deteriorate quickly.”
Germany's parliament has approved reforms to the European Financial Stability Facility (EFSF) that would allow the fund to participate in the primary market and to recapitalize European banks in a much-anticipated vote in the Bundestag.
Stocks have rallied in recent days on hopes that European Union leaders and policy-makers are close to an agreement that would significantly increase the firepower of the European Financial Stability Fund (EFSF)-- essentially the euro zone's rescue fund for troubled member states -- so that it can help deal with the zone's long-simmering debt crisis.
Investors worldwide are taking fright at significant downside risks they perceive on both sides of the Atlantic, aided and abetted by what they deem to be ineffectual and directionless policy-making from Western governments.
The European bailout fund—known in official parlance as the European Financial Stability Facility, or EFSF—should be used to guarantee the first hit of losses on vulnerable European government bonds, a financial commentator told CNBC Tuesday.
A positive feedback loop between banks and weak sovereigns is emerging, with a potentially calamitous effect on the euro zone and the global economy, Martin Wolf writes in the FT.
The latest proposal aimed at amping up the European bailout found has "Made in Washington" stamped all over it, according to one economist.
The price movements that have emerged over the past two months in gold (and silver) prices have proved fascinating, writes Simon Derrick, head of currency research at Bank of New York Mellon.
After a weekend of talks at the International Monetary Fund’s annual meeting in Washington over how best to deal with the euro zone debt crisis, we appear no closer to a resolution.
Senior Russian government figures have rebelled against a deal between President Dmitry Medvedev and Vladimir Putin, the prime minister, to switch jobs next year. The FT reports.
European policymakers, stung by criticism for failing to stem the euro zone debt crisis, began working on new ways to stop fallout from Greece's near-bankruptcy from potentially upsetting the world economy.
Lost in much of the rancor and hand-wringing over the debt crisis in the European Union and the US is that it's not just those two regions that will be affected.
Europe lacks the same mechanisms that the US had to deal with its financial crisis three years ago, making the dangers even greater, billionaire investor and activist George Soros said.