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Europe News Eastern Europe

  • European Central Bank

    Bulgaria still wants to join the euro zone despite recent predictions that the single currency will collapse, but does not agree with a single tax rate in the currency area, Traicho Traikov, minister of economy for Bulgaria, told CNBC on Thursday.

  • Traders work on the floor of the London Metal Exchange in London, U.K., on Friday, Aug. 5, 2011. Stocks dropped for an eighth day, the longest losing streak since January 2010, and commodities declined on concern the U.S. recovery is faltering. Photographer: Chris Ratcliffe/Bloomberg via Getty Images

    A move announced by central bankers on Wednesday to contain the European debt crisis resulted in euphoria in global stock markets, but it also prompted skeptics to wonder: will this time be different? The New York Times reports.

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    In a stern pronouncement, Moody’s Investors Service this week warned of rising prospects for multiple defaults by countries in the euro zone and credit rating downgrades of nations across Europe if leaders should fail to resolve the spreading debt crisis.  The NYT reports.

  • MF Global

    About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain, according to people briefed on the matter. The New York Times reports.

  • Budapest, Hungary

    Hungary's economy ministry says a downgrade to junk status of the country's credit rating by Moody's has no real basis and is part of a series of "financial attacks" against the country.

  • Euros & Downward Graph

    As the European debt crisis threatens to engulf even France along with Italy and Spain, Bernard Connolly's longstanding proposition that a common currency for the region would end in ruin is getting a wider hearing.

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    Bank of England goes downbeat, and Eastern European currencies get punished - it's time for your FX Fix.

  • Support for democracy and free markets has fallen in Central and Eastern Europe as a result of the severe crisis the new European Union members went through, a report by the European Bank for Reconstruction and Development (EBRD) showed on Tuesday.

  • Bank in Greece

    As the bets that European banks made on United States mortgage investments went bust a few years ago, bankers piled into what they saw as a safe refuge: bonds issued by countries in Europe’s seemingly ironclad monetary union. The NYT reports.

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    Europe’s banking sector is ready for a shake-up as its largest financial institutions try to slim down their operations in response to the sovereign debt crisis. The NY Times repeorts.

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    The euro zone's problems are spilling over to its eastern neighbors, this strategist says.

  • An Indian stock broker looks worried as he watches the screen in Mumbai, India.

    When Jon S. Corzine joined MF Global last year it seemed like a strange choice — the firm had none of the glamour, let alone the profits or footprint of Goldman Sachs, the bank he ran during the 1990s.

  • Job Losses

    The world economy is on the verge of a new and deeper jobs recession that will delay the global recovery further and may spark social unrest in "scores of countries," the International Labor Organization said on Monday.

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    The recent global market stock rally has brought on plenty of skeptics, who remain unconvinced the uptrend is here to stay and have cautioned investors to stay away. Still, there are a number of analysts in the bullish camp who say markets have been overly negative and are forecasting better times ahead

  • President Moammar Gadhafi of Libya

    The guns in Libya have barely quieted, and NATO’s military assistance to the rebellion that toppled Col.Muammar el-Qaddafi will not end officially until Monday.But a new invasion force is already plotting its own landing on the shores of Tripoli. The New York Times reports.

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    Austrian bank Erste announced on Friday that it had drastically reduced its credit default swaps (CDS) portfolio and that it would close it by the end of the year, after valuing it based on what it would be worth in the market - known as marking to market - earlier in the month.

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    The agreement by European leaders on Thursday to provide Greece with a second aid package has been greeted with optimism by market watchers, who are now closely eyeing what role China will play in the resolution of the crisis.

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    Though financial institutions are not yet turning away customers at the door, they are trying to discourage some depositors from parking cash with them. NYT reports

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    As EU leaders scramble to present a united front for this weekend’s critical meeting in Brussels, anxiety is growing in Europe, and not just about the euro, the NYT reports.

  • Slovakia will most probably cave in to international pressure and vote for the expansion of the euro zone's bailout fund, but the previous rejection should serve as a lesson, analysts told CNBC.com Wednesday.