Players in a Greek Drama

Not only does he have the power to effectively put a “sell” on Uncle Sam, but on Friday he roiled global markets after he said the Greek rescue package would constitute a limited default on the country’s debt.

The analyst, who is based in London, oversees the 30-person government bonds team inside Fitch Ratings, which could soon downgrade the debt of the United States government from its historical, gold-plated, triple-A rating if politicians in Washington cannot agree to raise the debt limit.

Gold hits record high as euro crisis worsens

(Reuters) - Gold prices hit a record $1,578.50 an ounce on Wednesday as concerns over the euro zone debt crisis deepened, and after minutes to the Federal Reserve's June meeting suggested some members were pondering the possible need for additional easing.

Spot gold was bid at $1,572.99 an ounce at 1203 GMT against $1,565.25 late in New York on Tuesday. U.S. gold futures for August delivery were up $11.30 an ounce at $1,573.60, also off a record $1,579.70.

Gold is set for an eighth consecutive day of gains, something it has not achieved since mid-October 2006, when it rose for nine days in a row.

Yuan Weakens Most in July on Growth Concern, Euro Debt Crisis

China’s yuan dropped the most this month as concern growth in Asia’s largest economy is slowing and Europe’s debt crisis is worsening damped investor sentiment.

Data tomorrow will show the Chinese economy grew 9.3 percent last quarter, the least in almost two years, according to a Bloomberg survey. Twelve-month yuan forwards dropped by the most in four weeks after European finance ministers declined to rule out a temporary default on Greek bonds yesterday, struggling to contain the region’s debt crisis as bond yields in Italy and Spain surged. Annual Inflation reached a three-year high of 6.4 percent in June, a July 9 report showed.

Eurozone ministers meet to discuss debt concerns

Eurozone finance ministers are due to meet to discuss the continuing debt woes of some member states, with fears growing over Italy's situation.

The talks come amid growing concerns that Italy may be the next eurozone country to require a European Union led bail-out.

ECB raises eurozone interest rates to 1.5%

The European Central Bank (ECB) has raised interest rates to 1.5% from 1.25% in an attempt to cool inflation in the 17-nation eurozone.

ECB president Jean-Claude Trichet said that inflation, now 2.7%, was likely to remain "clearly" above the ECB's 2% target over the coming months.