Investors appeared cautiously optimistic that European officials would resolve remaining differences over a long-delayed second bailout for Greece Monday, although economists warned that a deal would likely remain far from the final word on Greece or the broader European debt crisis.
Finance ministers from the 17 nations that share the euro and other top European officials were set to meet lat
Output growth was maintained across the German private sector in February, according to the latest Markit Flash Germany Composite Output Index. At 52.9, down from 53.9 in January, the seasonally adjusted index was above the 50.0 no-change value for the third month running. The latest reading signalled a solid pace of expansion, albeit less marked than the seven-month high reached in January. High
Greece’s debt restructuring is dragging credit-default swaps back into the spotlight. The last time this financial instrument was on the global stage was in 2008, when the American International Group’s [AIG 27.33 0.10 (+0.37%) ] credit-default swaps brought the insurer, as well as the wider financial system, to the brink of collapse. A.I.G. had unique weaknesses, and regulators have started to o
Forexsq.com - The regime of drastic cuts has tipped the economy into a violent downward spiral. They thought that private industry would muddle through as the state went through the austerity mincer. What the EU-IMF "Troika" did not fully understand is how many firms were really part of the state in disguise. "The Greek government outsources everything," said one official with close knowledge of
Forexsq.com - After the Greek parliament on Sunday passed yet another package of austerity measures demanded by its euro-zone neighbors – this one worth $4.4 billion – the path seemed clear to finalizing a long-delayed, second bailout of the country totaling $170 billion. Well, it turns out the Greek vote wasn’t enough to satisfy skeptical euro-zone leaders. Instead of pinning down the bailout de
Forexsq.com - As a bank customer, you may have experienced some pretty big changes lately, including a shift in debit-reward programs and a scary but ultimately unsuccessful push to introduce debit-card usage fees. But you should steel yourself for more changes in 2012.
The fact is, banks are still working to recover from the estimated $10 billion hit to revenue as a result of new laws and reg
Forexsq.com - The ZEW Indicator of Economic Sentiment for Germany has increased by 27.0 points to a level of 5.4 points in February 2012. Consequently, the indicator reaches positive territory for the first time since May 2011. A higher value was last seen in April 2011. The further increase of economic sentiment indicates that the recent slowdown in economic growth isn’t likely to last in the vi
In December 2011 compared with November 2011, seasonally adjusted industrial production1 fell by 1.1% in the euro area2 (EA17) and by 0.6% in the EU272. In November3 production remained stable in both zones. In December 2011 compared with December 2010, industrial production dropped by 2.0% in the euro area and by 0.9% in the EU27. Compared with 2010, the average production index for 2011 increas
Forexsq.com - England may be famous as the home of football, but when there's a big match on, English stockmarket traders appear to get far less distracted than financial professionals in other countries. The European Central Bank on Monday published an in-depth analysis of global trading patterns during the 2010 World Cup, which provides a fascinating insight into how football matches affected m
Forexsq.com - European finance chiefs get the second chance in a week to pull Greece back from the brink of collapse after lawmakers in Athens approved the austerity measures demanded for a financial lifeline.
Greece “will be saved in one way or another,” German Finance Minister Wolfgang Schaeuble told newspaper Welt am Sonntag yesterday, though the country must “do its homework.”
Forexsq.com - Greece's largest police union has threatened to issue arrest warrants for officials from the country's European Union and International Monetary Fund lenders for demanding deeply unpopular austerity measures.
In a letter obtained by Reuters Friday, the Federation of Greek Police accused the officials of "...blackmail, covertly abolishing or eroding democracy and national sovereig
forexsq.com - There’s nothing like the long Christmas break for calming things down. Back in early December, it looked as if the euro was on its last legs. Then everyone went on holiday, and by the time they got back, seemed quite to have forgotten what they were originally panicking about.
No one honestly believes the eurozone crisis has been vanquished, but since early January there has been
Forexsq.com - In the year to January 2012 the output price index for home sales of manufactured products rose 4.1 per cent, compared with a rise of 4.8 per cent last month. This is the lowest annual rate since November 2010, when the index also rose 4.1 per cent. •Between December and January the output index for home sales of manufactured products rose 0.5 per cent. •In the year to January 2012
Forexsq.com - European finance chiefs are set to defer ratifying a 130 billion-euro ($173 billion) rescue for Greece, pressing the government in Athens to put a newly struck austerity plan into action.
“It’s up to the Greek government by concrete actions -- through legislation, other actions -- to convince its European partners that the second program can be made to work,” European Union Econo
Forexsq.com - The leader of the right-wing Popular Orthodox Rally (LAOS), Giorgos Karatzaferis, indicated early on Thursday that he was unwilling to agree to the terms of a new bailout for Greece. Leaving the Maximos Mansion, Karatzaferis quoted a poem by Constantine P. Cavafy, suggesting that he had rejected the deal. On returning to his partys headquarters, he clarified that he objected to sign
