Europe and its paymaster Germany have made too much of a focus on austerity at the expense of growth, which has exacerbated the crippling situation in countries like Greece, Charles Dallara, managing director of the Institute of International Finance, told CNBC.
The surprise winner in the Greek elections is a communist party called the Coalition of the Radical Left. Its leader spoke with CNBC in September about a Greek program to keep the country financially afloat.
In the next few months, the masquerade will end. Ultimately several Eurozone members must restructure their private and public debts, while a few may have to exit the monetary union. Greece is only the first in the line.
Warren Buffett tells CNBC's Becky Quick the global market selloff isn't making any difference to Berkshire's investing strategy. "We were buying stocks on Friday and we'll buy the same stocks today," he says. "And we'll buy them cheaper."
The risk of Greece exiting the euro zone have risen to as much as 75 percent, according to economists at Citi. Describing such an outcome as a “Grexit,” the Citi team said, however, that the chances of a broad-based break-up of the euro zone remain very low.
Having battled his way to the Eylsee Palace and the French presidency Francois Hollande’s leadership will be tested by a far less conclusive election result from Greece.
Having seen its influence on global markets ebb in recent months Greece now finds itself at the eye of the storm again, following an inconclusive election result that saw voters reject austerity and the terms of its bailout from the European Union and International Monetary Fund.
Plans to give shareholders more power over boardroom pay will be given centre stage in the Queen’s Speech, as highly paid executives face another week of lambasting from shareholders, the Financial Times reports.
Sunday’s elections in Europe occurred in three countries with diverse economic circumstances, and they were for different parts of government (presidential, regional, and parliamentary respectively). Yet the common message from the electorate is undeniable, reminiscent of a famous line in the 1976 movie Network: “I'm as mad as hell, and I'm not going to take this anymore!”
Voters in the United Kingdom punished the coalition government’s two political parties at local elections across the country on Thursday in what will be seen by many as a rejection of the government’s austerity.
Buying shares in Facebook will not be worth the risk over the long term, according to David Lowery, equity strategist at Faraday Research.
What does crude's fall say about the economy? The currency trade behind crude oil's fall, with CNBC's Melissa Lee and the Money in Motion traders. Also, Ron Paul's reaction to the jobs report.
Europe for the last four years has been a headline that has moved markets and portfolios. It now appears as if a new and dangerous chapter is beginning relative to Europe's financial solvency.
Elections in Greece on Sunday could throw the country into disarray once more, unsettling investors who believed that a deal struck earlier this year to restructure the country’s debt and avert a default marked the end of a major chapter in the euro zone debt crisis.
Greece needs to see consensus among the various political factions and to renegotiate its bailout to return to markets and build a long-term program of economic growth, according to the President of the Athens Chamber of Commerce.
Parallels are being drawn between Europe’s current debt crisis and Japan’s so-called Lost Decade, when the Asian country’s economy imploded in the 1990s. The NYT reports.
Manufacturing reports suggest Europe could slide into recession without the rest of the world, creating fallout for the euro.
Spain's borrowing costs rise and the European Central Bank meeting threatens - it's time for your FX Fix.
The European Central Bank will leave rates on hold on Thursday and continue to assess the impact on the economy of two rounds of cheap, 3-year funding for banks, analysts told CNBC, warning that the bank’s ability to fight the crisis is waning.
Repairing the economy and regulating banks is “the biggest challenge the Bank [of England] has faced for decades,” Sir Mervyn King said on Wednesday in a speech in which he conceded for the first time he should have “shouted from the rooftops” about risks before the financial crisis.