Markets and governments face an uphill struggle to fund themselves next year amid extreme uncertainty over the eurozone and the global economy, as new figures reveal that the borrowing of industrialised governments has surged beyond $10tr this year and is forecast to grow further in 2012. The Financial Times reports.
No time wasted. Only an hour after Sergio Ermotti was appointed interim CEO of UBS following Oswald Gruebel's decision to resign, the Swiss Italian banker, alongside Chairman Kaspar Villiger, addressed the media in a hastily arranged conference call.
The Obama administration, increasingly alarmed by the spillover effects of Europe’s financial crisis, has begun an intensive lobbying campaign to persuade Chancellor Angela Merkel of Germany to ramp up efforts to stem any contagion from the debt crisis in Greece, the NYT reports.
Investors should prepare themselves for smaller profit margins as banks stash away more capital to avoid another global financial crisis, the world's major central bankers cautioned.
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Bernard Madoff has sought to spread blame for his $65 billion Ponzi scheme to banks, regulators and some of his oldest business associates in a rambling jailhouse interview with the Financial Times.