German unemployment rate dips to 6.9 percent in June as economy booms

BERLIN — Germany’s unemployment rate dipped to 6.9 percent in June as the booming economy bolstered the country’s labor market further, official figures showed Thursday.

The unadjusted jobless rate was down from 7 percent in May, and the number of people registered as unemployed was 2.893 million — the lowest figure for June since 1992. The total was 67,000 lower than the previous month and down 255,000 from a year earlier.

Dr. Alexander Mirtchev Discusses the U.S. Government's Measures to Deal With the Global Economic Crisis and Stresses the Imperative for Viable Exit Strategy on the Riz Khan Show

Dr. Alexander Mirtchev, founder and president of Krull Corporation, discussed the U.S. government's actions in response to the crisis in the economy on Al-Jazeera's Riz Khan Show. The complexities created by the precarious economic and financial situation are exacerbated by what is perceived as a "failure of the reigning 'social contract'" between Main Street, Wall Street and the U.S. government. "To put it simply, Main Street was relying on Wall Street to go about its business, with the government perceived as the arbiter and even guarantor of sure returns. Presently, the collapse of this 'contract' is giving rise to calls from different quarters for overhauling the whole system," according to Dr. Mirtchev.

ECB's Paramo says euro crisis won't end soon

The euro zone's debt crisis is far from over, European Central Bank Executive Board member Jose Manuel Gonzalez-Paramo said on Friday and called for private sector help to ease Greece's debt problems.

On Thursday European Union leaders promised more money to help Greece stave off looming bankruptcy, provided its parliament enacts an austerity plan finalised in fraught last-minute talks with international lenders.

Europe hopes for ‘bail-in’ banks for Greek rescue

European officials have persuaded Greece’s politicians to squeeze more tax dollars out of the rich, the poor and even themselves. Now they have to prevent the country’s bondholders from pulling their money and running for the exits.

In a continent-wide series of sensitive talks over the next week, finance officials in Germany, France and other European countries will try to coax banks, pension funds and others who hold Greece’s bonds to keep their money invested in a nation regarded as an increasingly poor risk.

Samruk-Kazyna plans to acquire up to 25% in Alliance Bank, BTA Bank, Narodny Bank and Kazkommertsbank, advisor to Kazakhstan prime minister says

Samruk-Kazyna, a Kazakhstan state-owned fund, is planning to acquire up to 25% of the ordinary voting shares in the four largest banks in Kazakhstan, said Alexander Mirtchev, one of the directors of Kazyna Fund and advisor to the prime minister of Kazakhstan.

Deposits may shield Aussie banks from Greek debt crisis fallout

The Greek debt crisis is increasing the cost of funding for Australia's Big Four banks, but credit market experts say rising deposit rates are counteracting the threat.

As the sovereign debt crisis in Europe continues to drag on with a 12 billion Euro tranche of Greek bailout money delayed until next month at the earliest, the heads of Australian banks have voiced concerns.

Europe's crisis is not a euro crisis: Siemens CFO

WASHINGTON (MarketWatch) -- The fiscal troubles sweeping the capitals of the euro zone are unrelated to the 17-member currency, Joe Kaeser, chief financial officer of German industrial company Siemens AG (SI, SIE.XE), said in an interview with Dow Jones Newswires at The Wall Street Journal's CFO Network conference on Tuesday.

"We need to make sure we do not confuse the crisis of economies with a crisis of currency," he said. "The euro is fine. It's not in crisis."

BOE's Posen Says Euro Currency Will Get Through Current Crisis

June 20 (Bloomberg) -- Bank of England policy maker Adam Posen said the euro has been a success "as a monetary unit" and it will get through the crisis in the currency region.

"The euro has been a success as a monetary unit and as a monetary union, but people expected too much from it and it was never going to take the global role that some fantasized for it," Posen said at a conference in Madrid today. "The euro will get through it," he said, referring to the region's debt crisis.

SNB's Jordan: Worse euro crisis may hit Swiss: report

(Reuters) - Big Swiss banks have very little direct exposure to Greece but Switzerland may be affected if a Greek default destabilizes the whole financial system, the Swiss National Bank's vice chairman told a newspaper on Sunday.

In remarks similar to those he made at the SNB's monetary policy review on Thursday and in the SNB's annual Financial Stability Report, Thomas Jordan said a domino effect brought about by a Greek debt restructuring likely would cause further upwards pressure on the Swiss currency.

Battle lines drawn for a eurozone debt war

While Molotov cocktails burn on Athens’ streets, more vitriolic battles yet are blazing over Greece’s debt crisis behind the scenes, as financial markets and eurozone politicians fight their ground .

War has broken out in Greece. But the battleground is not on the streets, where rioters are venting their fury at planned spending cuts and painful social austerity. It’s on stock market floors and in the political corridors from Athens to Berlin and Brussels. The debt-ridden Mediterranean country is fighting for its future while, for the rest of Europe, Greece has become the frontline for the battle to save the euro.

Sarkozy urges European partners to reach compromise fast on euro crisis

PARIS — French President Nicolas Sarkozy on Thursday called on other European Union leaders to stop quarreling about how to help struggling Greece and instead display the unity that has underpinned the euro currency since its creation over a decade ago.

“What we need most today, is unity,” Sarkozy said. “We have to leave the national fights behind us to find our sense of common destiny again.”

Ten points on the Euro crisis

1. The EU leaders are at loggerheads over the issue: should Greece be allowed to do a soft, controlled, partial default on its debts which forces banks and pension funds to lose some of the money they lent to Greece? Germany says yes, the European Central Bank chief Jean-Claude Trichet says no.

2. The question arises because the first Greek bailout, 110bn euros, did not work. Greece now needs another 85bn euros from the EU/IMF, and has to sell at least 30bn euros of assets on top of that because it cannot borrow in the global markets.

French Bank Links to Euro Crisis Add Sovereign Worry, IMF Says

French banks’ exposure to Europe’s sovereign debt crisis has heightened concern about France’s own top-notch AAA credit rating, according to the International Monetary Fund.

Moody’s Investors Service said today in a separate statement that it may cut the credit ratings of BNP Paribas SA, France’s biggest bank, and local rivals Societe Generale SA and Credit Agricole SA because of their investments in Greece.

US Money-Market Funds Exposed To Euro Crisis Via Bank Paper

NEW YORK -(Dow Jones)- U.S. money-market funds' significant exposure to European banks underscores the threat that the risk of a Greek sovereign default poses to global financial markets.

As of February, U.S. money-market funds' holdings of short-term securities sold by European banks--including commercial paper, asset-backed securities and certificates of deposit--stood at 44.3% of their total assets, according to a recent research report from Fitch. The ratings agency said it will release updated data in several weeks.

ECB signals eurozone interest rates are set to rise

Earlier on Thursday, the ECB kept rates unchanged for the second month in a row, after increasing them in April for the first time in almost two years.

The central bank wants to raise rates again in July to curb inflation in some of the eurozone's 17 member states.

But it has to balance that against the need to leave rates low to boost growth in nations such as Greece and Portugal.

Germany at odds with ECB over Greece

In an open letter to European and international authorities, finance minister Wolfgang Schaeuble said: "Any additional financial support for Greece has to involve a fair burden sharing between taxpayers and private investors."

He warned that if Greee does not get more funding before mid-July, "we face real risk of the first unorderly default within the eurozone".

Eurozone consumers keep shopping despite debt crisis

Retail sales in the 17 countries that use the euro rose more than expected in April, despite the debt crisis and an interest rate rise.

Retail sales rose 0.9% in April, compared with the previous month, the statistics office Eurostat said.

The increase was much bigger than had been expected, and made up for March's 0.9% decline.

Economic Crisis 'Successfully Exited'

HELSINKI—The euro zone's economic crisis is over and it is now enjoying a broad-based recovery, Bank of France Governor Christian Noyer said Monday.

"There are increasing signs that the economic recovery is on track," Mr. Noyer told a financial markets conference, pointing to a "brilliant" first quarter and strong business sentiment indicators. He added that he considered that financial conditions are now "favorable" and that there is no sign of credit rationing as demand for funds improves. "All in all, we have strong reasons to believe that we successfully exited the economic crisis."

Trichet seeks single EU finance ministry

(FT) -- Jean-Claude Trichet, president of the European Central Bank, has called on the European Union to take bolder steps towards controlling fiscal and economic policies, suggesting a long-term goal of establishing a European ministry of finance.

Redwood: The origins of the euro crisis

The euro crisis is following a predictable path. The bills have increased greatly, and are being passed around in the hope the problems will go away.

Unfortunately the countries in trouble are spending too much and earning too little. That has to be tackled, as there will be limits to the patience and the amount of money the EU and the IMF can throw at this problem.

Tory blasts ECB chief's dismissal of euro crisis

A claim by the president of the European Central Bank that the euro is not in crisis has been branded "absurd" by a Conservative MP.

ECB boss Jean-Claude Trichet was speaking in Aachen, Germany, after receiving the Charlemagne Prize for services to European understanding.

German chancellor says European debt crisis no euro problem

Singapore - The euro is a stable currency although high debt levels in some eurozone countries have evoked uncertainty about it, German Chancellor Angela Merkel said Thursday.

'I tell you very clearly: We don't have a euro problem in Europe,' she said at a forum in Singapore. 'Rather we have a debt problem to overcome.'