BoE Governor Pushed for Barclays Chief’s Ouster
The British Parliament got an earful over the last couple of days as testimony continued in the LIBOR-fixing scandal.
BoE’s Tucker Will Testify on Barclays, Libor
Paul Tucker, deputy governor of the Bank of England, was to appear before Parliament to give his version of events described in a memo written by Bob Diamond, former CEO of Barclays.
Bank of England Implicated by Barclays in Libor Fixing
Documents released by the bank indicate that he may have been given tacit approval by Paul Tucker, deputy BoE governor, to adjust Libor rates to be more in line with other banks after Whitehall expressed concern lest Barclays appear to be in trouble.
Greece Forms New Government
On Wednesday Greece managed to agree in principle to form a conservative coalition government, with three pro-bailout parties agreeing to cooperate and giving the coalition a majority of 179 seats.
Growth, Fiscal Union May Emerge from Eurozone Crisis
With the outcome of Sunday’s coming election in Greece casting shadows over the eurozone, leaders in the European Union are turning from austerity to growth and investigating the possibility of a closer fiscal union.
Goldman’s O’Neill Considered for Top Slot at BOE
A second Goldman Sachs candidate has entered the running to replace Bank of England Governor Mervyn King when he steps down in June 2013.
ECB Offers Cheap Loans Again
The European Central Bank once again offered cheap three-year loans to banks in the euro region, which quickly soaked up 529.5 billion euros ($712.2 billion) in funding. Analysts had expected the amount to total 470 billion euros.
European Debt Crisis ‘Systemic:’ Barroso
The euro came within two cents of a five-week low after European Commission President Jose Barroso said the eurozone is confronting a “truly systemic crisis.” Word that the European Central Bank was buying up Spanish and Italian debt helped to reverse that fall, however.
Unemployment in Britain Hits Highest Point in 15 Years
Despite a determined pursuit of austerity measures to bring down its deficit, the U.K. is experiencing its highest unemployment level in 15 years coupled with a recovery that the National Economic and Social Research Institute called the “weakest of any since the end of the First World War.”
Bank of England Mulls Return to QE
The Bank of England may return to quantitative easing (QE) at some point as a stuttering recovery may need assistance, according to the Monetary Policy Committee (MPC) notes released Wednesday.