The IMF board has been told that Greece is not allowed to get a third IMF bailout, The Financial Times Reports.» Read More
People are often biased by their immediate surroundings, to the extent that it crowds out other relevant thinking. We econometricians suffer from this; we are constantly trying to counter effectively the bigger influence of more recent data on results
Europe’s top banking regulator has started to re-examine the strength of the region’s banks, modelling a big writedown of all peripheral eurozone sovereign debt, reported the FT.
The UK’s central bank, the Bank of England, is expected to hold interest rates at their current level of 0.5 percent on Thursday as the global economic crisis appeared to worsen and the International Monetary Fund warned that a second global recession could not be ruled out.
Bank of France Governor Christian Noyer has been met with skepticism over her insistence on Wednesday that French banks are generally in good health and that the French central bank — as well as Belgium's — would back troubled lender Dexia in order to ensure it has enough liquidity.
Turkey gets tough and the Australians go shopping - it's time for your FX Fix.
It would be better if policymakers let a disorderly default of Greece take place and recapitalized banks, an analyst told CNBC Wednesday.
As the Spanish economy fails to drag itself out of the mire created by its debt burden, its Employment Minister Valeriano Gomez admitted to CNBC that it would likely miss growth targets this year.
The euro zone was launched on a wing and a prayer. The wing has fallen off and the deities are not listening to prayers. Everyone focuses on averting a crash. But it is as vital to ask how to fly securely, the FT reports.
The chances of the US being able to help bailout Europe are minimal because of weaknesses in the American economy, influential Citi banker William Rhodes told CNBC Tuesday.
European Central Bank member Christian Noyer said on Monday it is unrealistic to expect an increase in Europe's bailout fund beyond what was agreed in July, but that he is open to schemes that would allow leveraging to expand capacity.
Greece will miss a deficit target set just months ago in a massive bailout package, according to government draft budget figures released on Sunday, showing that drastic steps taken to avert bankruptcy may not be enough.
Greece was expected to unveil its plan on Sunday to begin laying off state workers, the most contentious part of a reform package demanded by the EU and IMF.
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.