Japan’s earthquake and tsunami, the European debt crisis and turmoil in the Middle East are adding uncertainty to the global economic recovery, China’s Vice Premier Wang Qishan said at a Group of 20 Nations seminar today.
March 30, 2011
Euro Region Is Prepared for Any Debt-Crisis ‘Turbulence,’ Asmussen Says
German Deputy Finance Minister Joerg Asmussen said the euro region is prepared for any financial-market “turbulence” resulting from the bloc’s sovereign-debt crisis.
“We have the strengthened Stability and Growth Pact, we have the euro-plus pact for competitiveness, we have the design of the permanent crisis-resolution mechanism, the ESM,” Asmussen said in an interview on his way to China, where German officials will participate in Group of 20 talks tomorrow in Nanjing. “We will explain the results in detail to our partners. We are well-suited for turbulence that may arise in financial markets.”
“We have the strengthened Stability and Growth Pact, we have the euro-plus pact for competitiveness, we have the design of the permanent crisis-resolution mechanism, the ESM,” Asmussen said in an interview on his way to China, where German officials will participate in Group of 20 talks tomorrow in Nanjing. “We will explain the results in detail to our partners. We are well-suited for turbulence that may arise in financial markets.”
March 27, 2011
Another euro crisis scalp
The Portuguese parliament's rejection of another austerity package left the Socialist Party leader with no choice but to resign.
This week's resignation of Portuguese Prime Minister Jose Socrates, following the rejection of his government's austerity package by parliament, is the second major scalp to be claimed by the crisis gripping the eurozone periphery.
This week's resignation of Portuguese Prime Minister Jose Socrates, following the rejection of his government's austerity package by parliament, is the second major scalp to be claimed by the crisis gripping the eurozone periphery.
March 25, 2011
Ireland tax battle adds layer to euro debt crisis
LONDON (MarketWatch) — Ireland’s low corporate tax rate isn’t responsible for Europe’s debt woes, but a battle over the levy is adding yet another layer of uncertainty to the euro-zone’s long-running sovereign debt crisis.
The Irish 10-year government bond yield pushed above 10% Thursday, while short-term two-year yields also traded near double digits, underlining fears that the 85 billion euro ($120.1 billion) European Union-International Monetary Fund bailout provided last autumn won’t be enough to ensure Dublin avoids default.
The Irish 10-year government bond yield pushed above 10% Thursday, while short-term two-year yields also traded near double digits, underlining fears that the 85 billion euro ($120.1 billion) European Union-International Monetary Fund bailout provided last autumn won’t be enough to ensure Dublin avoids default.
March 23, 2011
Irish Notes Slump, Portugal Bonds Drop as Debt Crisis Deepens
March 23 (Bloomberg) -- Irish two-year notes slumped, leading the bonds of the region’s most-indebted nations lower, on concern a permanent solution to the fiscal crisis will elude European Union leaders meeting at a summit starting tomorrow.
The declines drove the yield on the Irish security to more than 10 percent for the second consecutive day, while the extra yield investors demand to hold the nation’s 10-year bonds instead of German bunds climbed to a record. Portuguese bonds slid as Prime Minister Jose Socrates faces a vote today against his deficit-cutting plan that may spur early elections and the need for an EU bailout.
The declines drove the yield on the Irish security to more than 10 percent for the second consecutive day, while the extra yield investors demand to hold the nation’s 10-year bonds instead of German bunds climbed to a record. Portuguese bonds slid as Prime Minister Jose Socrates faces a vote today against his deficit-cutting plan that may spur early elections and the need for an EU bailout.
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