Hedge Funds Look to Greek Bonds for Profit
London- and New York-based hedge funds are among those that hold Greek bonds and are resisting haircuts advocated by the Greek government to help the country avoid default.
ECB Gets Two New Members
The European Central Bank gained two new members on Jan. 1, and which of them will accede to the position of chief economist, vacated by Juergen Stark in 2011, remains to be seen.
Euro Forecasts Fall as Draghi Drops Rates
As European Central Bank President Mario Draghi cuts interest rates put in place by his predecessor, Jean-Claude Trichet, analysts are taking note—and cutting their forecasts for euro value, saying the higher interest rates now on their way out have been one of the main supports on which the currency’s value...
France Nominates Treasury Official for ECB Board
France has nominated its second-highest Treasury official, Benoit Coeure, to a seat on the European Central Bank’s six-member executive board. If Coeure is appointed, he would once again give France a voice in the ECB’s policies and decisions.
Trichet’s Swan Song: Calls for New Eurozone Finance Ministry
Final speech by outgoing European Central Bank president met with protests, boos.
European Debt Crisis Systemic: Trichet
Jean-Claude Trichet, who not only heads the European Central Bank but also the European Systemic Risk Board, told the European Parliament's Committee on Economic and Monetary Affairs on Tuesday that the sovereign debt crisis in Europe has become systemic and that the risk of contagion was increasing rapidly.
German Rift Threatens Euro Zone
Juergen Stark's sudden departure from his post at the European Central Bank (ECB) over the issue of buying bonds from troubled euro zone countries has led to wider problems, both in the zone and at home in Germany.
U.S., Euro Stocks Crumble on Fears of New Crisis
Fears in Europe that contagion won't spare Italy and Spain were unassuaged by Europe's central bank on Thursday, sending stocks and bonds plunging. Meanwhile, investors' flight to safety had a perverse effect in the U.S., where the Bank of New York announced it would charge depositors to hold their money.
Germany’s Merkel Calls for Greek Debt Buy-Back, Swap
As pressure mounted to come up with a solution to the Greek debt crisis, German Chancellor Angela Merkel called for private investors to kick in. Strategies being discussed include several options, such as a repurchase of bonds or a swap in which they are exchanged for cuts in face value.
EU Calls Emergency Meeting Over Italy Debt
Concerns mount over third largest economy in euro zone's sovereign debt while Greece still totters.