Spain in Mind as Eurozone Brings ESM Online
The European Stability Mechanism, the permanent rescue fund of the eurozone, goes into operation on Monday in anticipation of Spain’s potential need for a bailout.
Germany No Obstacle to Oversight: EC Official
The head of the EC's financial services arm said that the EC was confident it could win Germany over on the matter of the ECB overseeing all eurozone banks.
Spain Hesitates on Aid as European Finance Ministers Meet
Prime Minister Mariano Rajoy of Spain continued to hold off in requesting a bailout for the country’s banks, citing lower interest rates in the wake of the ECB's decision to commit to unlimited bond purchases.
Italy May Ask for Aid
Proof that the eurozone debt crisis is far from over came as Prime Minister Mario Monti of Italy said he might look for financial help from the rescue fund to shore up the country’s bonds.
Eurozone Finance Ministers to Meet in Brussels
Meeting will discuss rescue measures decided at the June EU summit meeting, and pessimistic markets drove the euro down to a two-year low in anticipation of the talks.
Discord Rules Before EU Summit
Tempers are flaring in the run-up to the 20th EU summit since the onset of the eurozone debt crisis.
Spanish Banks Downgraded as Cyprus Seeks Bailout
The troubled eurozone continued to experience turmoil as Moody’s downgraded 28 Spanish banks and Cyprus requested a bailout that could amount to more than half its economy.
Spain Downgraded, Seen Asking for Bailout Saturday
Fitch cut Spain’s credit rating by three notches late Thursday, leaving it two levels above junk, and Friday morning word circulated that the country would ask for a bailout on Saturday.
G7 Sets Crisis Conference Call After Soros Warning
G7 leaders planned a conference call Tuesday ahead of a scheduled mid-June summit meeting, after a weekend warning by the billionaire George Soros that Europe had just three months to salvage the euro.
Osborne Challenges Bank Capital Rules
In the wake of a failure to reach agreement on proposed bank capital rules at a meeting of E.U. finance ministers that ended early Thursday morning, George Osborne, the British chancellor of the Exchecquer, was outspoken in his criticism of other ministers’ efforts to reach agreement.