S&P Cuts EFSF Rating
Standard & Poor's followed up its mass cuts to the credit ratings of eurozone countries on Friday with a cut in the credit rating of the European Financial Stability Facility on Monday. EFSF officials said that nonetheless the facility was well enough funded to cope with the eurozone debt...
Eurozone Ministers May Seek IMF Help
Although eurozone ministers agreed Tuesday to boost the value of the rescue fund, they acknowledged that they might call on the International Monetary Fund for help to do so after Italy's borrowing costs soared nearly to 8%, a euro lifetime high.
EFSF Denies Reports of Own Bond Purchases
After a report by Britain's Sunday Telegraph that the European Financial Stability Facility had to resort to buying its own bonds when investors shunned them, the EFSF denied the report.
EU Hopes to Tap China for Rescue Funds
As European leaders explore an IMF channel for money to boost the rescue fund worked out in the debt crisis agreement, China was not so eager to commit to contributing despite being asked.