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  • Li says united EU, strong euro in China's interests Monday, 29 Jun 2015 | 2:40 AM ET

    BERLIN, June 29- Europe has China's backing in dealing with the Greek debt crisis and China wants to see Europe flourish, the European Union united and a strong euro as that is in Beijing's interests, Chinese Premier Li Keqiang said in a newspaper interview.

  • NEW YORK, June 29- A report by former International Monetary Fund staffers commissioned by Puerto Rico's government is proposing a tough economic adjustment plan for the indebted U.S. territory and its creditors. *Puerto Rico's debt service is unsustainable and it suggests that debt relief could take the form of a voluntary exchange of old bonds for new ones...

  • June 28- Puerto Rico needs to restructure its debts and should make reforms including cutting the number of teachers and raising property taxes, a report by former International Monetary Fund economists on the Caribbean island's financial woes said. The report, which was obtained by Reuters, gave a damning review of how Puerto Rico has arrived at its current...

  • EU tries to look beyond Greece to deepen China ties Sunday, 28 Jun 2015 | 6:00 PM ET

    BRUSSELS, June 29- The European Union will briefly put aside worries about Greece to broaden its relations with China at a summit in Brussels on Monday, hoping for Chinese investment in Europe's new infrastructure fund and support for a global climate deal. "This meeting will send a positive signal that China and the EU can push growth through reform and...

  • Iran talks likely to blow past deadline: Officials Sunday, 28 Jun 2015 | 5:16 PM ET
    Secretary of State John Kerry (left) and Iranian Foreign Minister Javad Zarif

    U.S. and Iranian officials said talks on a final accord would likely run past a June 30 deadline.

  • Euro falls broadly as Greek default looms Sunday, 28 Jun 2015 | 2:57 PM ET

    WELLINGTON, June 29- The euro fell broadly on Monday after Greece failed to strike a deal with its European lenders to secure more credit ahead of a looming deadline to repay a key International Monetary Fund loan, raising the risk that it may default and leave the euro zone. The euro fell nearly 2 U.S. cents to around $1.0985 in early Asia Pacific trade according to...

  • Greece's banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday. Amid drama in Greece, where a clear majority of people want to remain inside the euro, the next few days present a major challenge to the integrity...

  • ATHENS/ FRANKFURT, June 28- Greece said it may impose capital controls and keep its banks shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level. Greece's banks, kept afloat by emergency funding from the...

  • LONDON, June 28- A British exit from the European Union would set the country back half a century and be catastrophic for its trade and economic prospects, billionaire entrepreneur Richard Branson said on Sunday. Branson, whose Virgin Group empire ranges from airlines to banking and space travel, was speaking after Prime Minister David Cameron told EU leaders...

  • ATHENS/ FRANKFURT, June 28- Greece said it may impose capital controls and keep its banks shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level. Amid political drama in Greece, where a clear majority...

  • VIENNA, June 28- Austrian newspaper Die Presse removed a quote it had erroneously attributed to the country's finance minister from its website on Sunday saying the words actually formed part of a reporter's question. In the amended version of the interview, Schelling said a Grexit would only be possible if Athens first asked to leave the European Union and...

  • Following are news stories from the Bank for International Settlements' 85th annual report, in which the "central banks' central bank" warns of the financial and economic risks of keeping global interest rates too low. *Low rates fuel financial, growth instability: BIS. *Rising interest rates pose new risk for banks-BIS.

  • *Low rates threaten to inflict "serious damage". LONDON, June 28- Global interest rates are too low and pose a rapidly growing risk to financial stability and economic growth, the Bank for International Settlements said on Sunday. The Switzerland- based BIS said a major contributory factor has been the pursuit of "excessively low" interest rates in response to the...

  • LONDON, June 28- Central banks with inflation targets are at growing risk of policy errors because they are struggling to adequately understand what drives inflation, the Bank for International Settlements said on Sunday. Federal Reserve, European Central Bank and Bank of England, have specific annual inflation goals over specific time horizons which they...

  • Rising interest rates pose new risk for banks: BIS Sunday, 28 Jun 2015 | 6:30 AM ET

    *Capital buffers threatened by price reversal. *Prolonged low interest rates also bad for banks. LONDON, Sept 28- Rising interest rates after years of loose monetary policy will pose a fresh risk to banks' ability to absorb losses using capital buffers, the Bank for International Settlements said in its annual report on Sunday.

  • LONDON, June 28- A decade of robust growth has broadly strengthened emerging market economies but the associated asset price booms and credit surges have increased their vulnerability to crises, a BIS report said on Sunday. In its quarterly review, the Bank for International Settlements said that since 2002, emerging economies had enjoyed one of the longest...

  • *China to have largest share in AIIB, followed by India. The multilateral institution, seen as a rival to the Western-dominated World Bank and Asian Development Bank, was initially opposed by the United States but has attracted many prominent U.S. allies including Britain, Germany, Australia and South Korea. "It's a huge diplomatic and strategic win for China," said...

  • MADRID, June 27- The leaders of Europe and the International Monetary Fund are jeopardising the European project by forcing Greece into a corner, the leader of Spain's Podemos, an anti-austerity party allied with Greece's ruling party Syriza, said on Saturday. "In my opinion the problem isn't Greece, the problem is Europe. Germany and the IMF are destroying the...

  • Athens asked for an extension of Greece's bailout programme beyond Tuesday, the day it must pay 1.6 billion euros to the International Monetary Fund or go bust. But the other 18 members of the euro zone unanimously rejected the request, freezing Greece out of further discussions with the European Central Bank and IMF on how to deal with the fallout from a...

  • BRUSSELS, June 27- A Greek prime minister torn between accepting harsh bailout terms and a rebellion by the left wing of his party decides to call a referendum to break the political deadlock. Ireland and Portugal had joined Greece in seeking financial rescue, and bond markets were driving up the cost of borrowing for Italy and Spain. Amid fears for the stability...