Albert Einstein is reported to have said that insanity consists of doing the same thing over and over again and expecting different results. By those standards, the deal with Greece that is about to be agreed looks insane. The only justification, as I argued in a column on May 10, is that it is needed to play for time. This is a bad strategy. Something more radical is required, according to the FT.
Greece's parliament gave Prime Minister Papandreou a midnight vote of confidence, but the move doesn't mean Greece will ultimately go along with the austerity plan, or even avoid default.
Greece's parliament is expected to give Prime Minister George Papandreou a midnight vote of confidence, but the move doesn't mean Greece will ultimately go along with the austerity plan, or even avoid default.
Greece’s parliament square, Syntagma square, has been the center stage for protests against the country’s harsh austerity measures since spring 2010, when the first EU/IMF bailout package was signed.
With markets and political analysts beginning to say that a Greek default is unavoidable, continuing to delay the inevitable may be the best bet to avoid contagion into other Southern European countries, according to some market observers.
A British teenager has been arrested by officers investigating the LulzSec and Anonymous hacker groups, believed to be responsible for attacks on Sony, the U.S. Senate, the CIA, Britain's Serious Organised Crime Agency and News Corp.
European stocks rose early Tuesday and the euro stabilized versus the Swiss franc on hopes that euro zone officials will find a way to prevent a Greek default, as Fitch said even a voluntary maturity extension would lead to a cut in ratings.
A confidence vote looms in Greece, and a Bank of England official goes all dovish - it's time for your FX Fix.
For more than two years, we have witnessed the economic demise of several European countries. This soon led to the financial community systematically assessing the health of several peripheral southern European countries, tumbling investment grade ratings and spikes in required rates of return on government debt of these sovereigns. As the European Central Bank continues to dole out rescue packages, many are now looking for the next country to suffer a financial attack and wondering if the euro will even survive, reports the FT.
A critical midnight vote in Athens will keep markets tuned to the latest act in Greece's financial drama Tuesday.
Whether it’s next week or next year, strategic investor Dennis Gartman thinks its only a matter of time until the European Union unravels.
The volatility in the euro-dollar trade is spiking, and that could spell trouble for the euro, this analysis says.
The International Monetary Fund has revised its growth forecast for the euro zone to 2 percent, up from 1.6 percent, despite persistent concerns about the peripheral countries.
The Chinese come to the Paris Air Show as both the world’s largest purchaser of jetliners and a budding manufacturer projected by some to one day challenge the dominance of Boeing and Airbus.
Greece does not have a liquidity problem-it is insolvent. Without transfers of wealth from richer states like Germany and France to retire significant amounts of its sovereign debt, Athens must restructure its bonds-essentially default on significant portions of its obligations to bondholders.
A funny thing happened on the road to globalization. It became a two-way street, not a one-way trade superhighway for the developed economies.
The aerospace sector is “closer to the beginning than the end” of an upswing in orders, the chief executive of Boeing told CNBC Monday.
Euro zone leaders give Greece some tough love, and the yen takes its lumps. Time for your Monday FX Fix.
The clock is ticking on Greece's efforts to pass austerity measures. Here's how to trade the drama.