Probe of Libor Scandal Set by British Parliament
An investigation into the rigging of Libor has been set by the British Parliament as the City of London worries that its reputation as the world’s top financial center has been damaged beyond repair.
Dithering Deepens, Spreads Eurozone Crisis
Calls for action seem to be everywhere throughout the eurozone with the exception of Germany, where Chancellor Angela Merkel’s insistence on adhering to austerity is increasingly isolating her from the rest of the region.
Greece, France Jockey for Change
Alexis Tsipras of the Syriza party in Greece has given leaders of other parties an ultimatum: reject the bailout and its tough conditions, or be shut out of the government.
E.U. Debates Bank Capital Rules
E.U. leaders are attempting to come to agreement on the amount of capital banks would have to set aside as a precaution against losses, with Britain and Sweden seeking even larger percentages than rules already being discussed.
E.U. Could Trim Bank Bonuses
E.U. banks could soon find themselves regarded in much the same way as power or water companies: entities that keep society functioning but pretty much stay in the background.
EU May Regulate Banker Pay
European Union officials could include in their draft bank capital law measures to limit banker pay, setting in place a specified limit between the highest and lowest paid, as well as instituting a limit on bonuses.
EU Seeks to Close Bank Capital Loophole
The European Union will try to close a loophole that allows lenders to avoid holding sufficient capital to offset the risk on their holdings of sovereign debt,k.
Hungary Promises Compromise With EU Over Bailout
Prime Minister Viktor Orban of Hungary has promised that he would compromise with lenders and regulators in talks over a bailout for his country.
Critics Fault Ratings Agencies on Greece Downgrade
In yet another embarrassment for rating agencies in the wake “AAA subprime loans” and other missed economic cues, critics charge that Moody’s should have been tougher a lot earlier on their downgrade of Greece.
European Debt Crisis ‘Systemic:’ Barroso
The euro came within two cents of a five-week low after European Commission President Jose Barroso said the eurozone is confronting a “truly systemic crisis.” Word that the European Central Bank was buying up Spanish and Italian debt helped to reverse that fall, however.