Spain Gets Extra Year to Cut Debt
Spain will be given an extra year to get its deficit reduction under control, but markets were not impressed with the action.
Talk of Greek Euro Exit Grows as Political Deadlock Continues
More than a week after elections brought anti-austerity parties to the fore, the task of brokering a compromise is in the hands of President Papoulias, who thus far has been as unsuccessful as the party leaders themselves.
S&P Warns Eurozone of Downgrades
Standard & Poor’s warned 15 eurozone nations, including several top-rated ones, that they might be subject to downgrades if a planned summit meeting of eurozone leaders fails to come up with a satisfactory course of action to resolve the bloc’s debt crisis.
ECB’s Bond Purchases Steady Markets
The European Central Bank (ECB) continued its existing bond-buying strategy throughout the week, and on Friday, Ewald Nowotny, an ECB governing council member, said it had so far purchased 67 billion euros’ worth.