This time is different. Really. That was the message from European leaders after the 11th debt-crisis summit in 17 months produced an additional €109 billion ($157 billion) in loans for deficit-bloated Greece, easier aid terms for Ireland and Portugal, and a retooled bailout fund to prevent markets from trashing Spain and Italy as well. The euro, as well as the distressed countries’ bonds, rallied.
July 28, 2011
Greece credit rating cut by S&P on 'likely default'
Ratings agency Standard & Poor's has cut Greece's credit rating, saying that eurozone plans to restructure the country's debts would constitute a "selective default".
Under the plans, Greece would be given longer to repay its debts and private investors would take a hit.
S&P said it had cut Greece's rating to CC from CCC.
Under the plans, Greece would be given longer to repay its debts and private investors would take a hit.
S&P said it had cut Greece's rating to CC from CCC.
July 27, 2011
UPDATE: Schaeuble Says Single Summit Can't Solve Debt Crisis
LONDON (Dow Jones)--The euro zone's debt crisis isn't over and discipline needs to be maintained to stop it spreading further, according to German Finance Minister Wolfgang Schaeuble.
In a letter to party comrades in the Bundestag, seen by Dow Jones Newswires, Schaeuble warned "it would be a mistake to think that the crisis of trust in the euro area can be solved by a single summit," although he argued that last week's decisions by heads of government were "an important step towards overcoming the Greek crisis and the preservation of financial stability."
In a letter to party comrades in the Bundestag, seen by Dow Jones Newswires, Schaeuble warned "it would be a mistake to think that the crisis of trust in the euro area can be solved by a single summit," although he argued that last week's decisions by heads of government were "an important step towards overcoming the Greek crisis and the preservation of financial stability."
July 26, 2011
German consumer confidence slips on euro debt crisis worries
BERLIN — A new survey finds that German consumer confidence is slipping amid unease about the potential impact of the eurozone debt crisis.
The GfK research group said Tuesday its forward-looking confidence indicator for August stands at 5.4 points. It is down from 5.5 in July, a figure that GfK revised down from its initial forecast of 5.7.
The GfK research group said Tuesday its forward-looking confidence indicator for August stands at 5.4 points. It is down from 5.5 in July, a figure that GfK revised down from its initial forecast of 5.7.
July 23, 2011
Greece aid package boosts stock markets
Shares have risen following the eurozone's agreement designed to resolve the Greek debt crisis.
UK and French markets gained more than 1% in morning trading, before slipping slightly, with the FTSE 100 index ending up 0.6% and the Cac 0.7% higher.
Eurozone leaders agreed a new package worth 109bn euros ($155bn, £96.3bn).
UK and French markets gained more than 1% in morning trading, before slipping slightly, with the FTSE 100 index ending up 0.6% and the Cac 0.7% higher.
Eurozone leaders agreed a new package worth 109bn euros ($155bn, £96.3bn).
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