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.
E.U. Bank Capital Deal Fails
Although discussions dragged on till the wee hours of the morning, E.U. finance ministers were unable to put together a deal on toughening bank capital rules.
Euro Zone Agrees on Firewall
The temporary European Financial Stability Facility and permanent European Stability Mechanism will be combined for a year, for a total of 940 billion euros. But that figure seems to include money already spent.
Asia Plans to Double Reserve Pool
Policymakers in Asia are laying the groundwork to double the region's own reserve pool to $240 billion as a hedge against financial shocks.
Spain Could Relaunch Debt Crisis: Monti
While Prime Minister Mario Monti of Italy had praise for Spain’s efforts to relax its work regulations, he criticized its budget-cutting efforts, saying it “hasn’t paid enough attention to its public accounts.”
Greek Bailout Held Up as More Austerity Demanded
Finance ministers doubt that Greece will keep its promises of austerity once elections are held, and are considering how to withhold funds without triggering a complete default.
No Bailout for Greece–Yet
Greece’s hard-won agreement from political leaders in Athens was rejected late Thursday as not tough enough. Instead, Greece was told to go back to the drawing board.
Greece Agrees on Sharp Cuts to Clear Way for Bailout
Disagreement over pension cuts had stalled an agreement among Greek leaders on austerity reforms demanded by the troika of the European Union, International Monetary Fund and European Central Bank.
Deadline for Greek Bailout Agreement Set for Monday
Eurozone finance ministers intend to polish up an agreement to grant Greece a second bailout package in the hope that it will forestall the debt crisis and reassure markets.
IMF Seeks to Boost Capacity by $500 Billion
The International Monetary Fund intends to boost its lending capacity from the current level of $385 billon by asking members to contribute more funds, up to $600 billion, as it seeks to forestall the spread of the European debt crisis.