Greece has endured financial and political chaos since its referendum on July 5 on a bailout proposal by the country's rescue creditors. They let Greece's existing bailout expire, forcing the country to take the drastic action of shutting its banks for three weeks and putting limits on money withdrawals and transfers. The photographs here chronicle...» Read More
U.S. futures are up the last trading day before Christmas and a day after the House agrees to accept Senate terms on the payroll tax cut. In Europe, the markets rally into the holidays. The euro is slightly up against the dollar.
Famous economist Nouriel Roubini, credited for predicting the financial crisis, made a plea to policymakers to take the tough action needed to address current economic problems, in an article published on the Financial Times' website.
What were the biggest business stories of the year? Many a journo-hotshot will be glad to tell you. But here at CNBC.com, we like when our readers tell us what interests you.
A break-up of the euro would be “absurd” and “unthinkable,” Vítor Constâncio, Vice-President of the European Central Bank (ECB), told CNBC Tuesday.
European shares slide as the ECB's Draghi says nothing about bond buying in speech. The ECB's Constancio says a euro zone breakup is unthinkable. Spain's incoming PM wants to reduce the deficit by $21.6 billion. Saab plans to liquidate after a Swedish court accepts its bankruptcy application. Oil stocks fall on weak economic recovery. And ratings agency Fitch says it's skeptical about Europe's ability to tackle its debt crisis. With Keith McCullough, Hedgeye Risk Management.
U.S. futures are up following yesterday's gains. European shares rise, led by mining stocks. Fitch downgrades Goldman Sachs, Deutsche Bank, Credit Suisse, BNP Paribas and Barclays. The euro is off its 11-month low. Italian PM Monti faces a confidence vote on a 33 billion euro austerity package. And gold rebounds while crude stays steady. In Asia, better-than-expected U.S. economic data lifts the markets in a mixed session.
European markets have a mostly green day after upbeat U.S. economic data -- insurance stocks are among the day's best performers. Credit Agricole falls after Fitch downgrades its long-term rating. Italy calls for a Friday confidence vote in effort to speed up austerity passage. And the IMF's Christine LaGarde says the world economic outlook is "quite gloomy" and requires action by countries outside the EU. Henry McVey, KKR head of global macro and asset allocation, discusses his investment strategy for a tu
European markets rebound, although euro zone concerns remain. Manufacturing data continues to contract. Meanwhile, Spain finds strong demand for bonds even as yields on the 5-year fall. And the euro hits an 11-month low against the dollar.
Soon after taking the reins of MF Global in 2010, Jon S. Corzine visited the Wall Street firm’s Chicago offices for the first time, greeting the brokers, analysts and sales staff there, the New York Times reports.
CNBC's Mandy Drury looks at the upward move in the U.S. markets, partially due to the EU agreement. And lower gas prices bring about a rise in consumer confidence.
Fiscal transfers from Germany to other countries in the euro zone will be essential to resolving the euro zone debt crisis in the long term, Erik Britton, director at Fathom Consulting told CNBC.
A break-up of the single European currency would have severe consequences on the UK economy, with unemployment pushing above 4 million, the pound appreciating sharply and major banks failing, analysts at ING wrote in a market note.
An executive in charge of controlling risk within MF Global raised concerns a few times last year about the increasing number of bets on European bonds by Jon S. Corzine, the company's former CEO, the Wall Street Journal wrote on Tuesday.
The euro is holding firm against the dollar, boosted by optimism on Italian austerity measures and the Merkel-Sarkozy meeting, with Marc Chandler, Brown Brothers Harriman.
As the German chancellor, Angela Merkel, and the French president, Nicolas Sarkozy, are about to meet in Paris, CNBC's Annette Weisbach in Frankfurt and Stephane Pedrazzi in Paris discuss what will be on the meeting's agenda.
A number of similarities exist between the collapse of Enron in 2001 and the current sovereign debt crisis in the euro zone, Joe Berardino, CEO at Alvarez & Marsal and the former CEO of Enron's accounting firm, Arthur Andersen, told CNBC.
Federal Reserve assistance to shore up Europe's sagging banks may be good geo-politics but it is bad economics. Only abandoning the euro, not printing money and Teutonic austerity, will fix Europe's banks and economies.
The European Central Bank could take on a greater role in attempts to tackle the debt crisis in the euro zone, conditional on national governments implementing economic reforms, Silvio Peruzzo, European Economist at RBS told CNBC.
International companies are preparing contingency plans for a possible break-up of the euro zone, according to interviews with dozens of multinational executives, the FT reports.
The price of gold is due for a correction and this could be used as an entry point by investors eager to get exposure to the precious metal, while the dollar is likely to strengthen as there has been too much pessimism about it, famous investor Jim Rogers told CNBC Tuesday.