G20 Fails to Provide Money for Europe
Eurozone leaders were disappointed in their quest to find contributions to the European Financial Stability Facility at the conclusion of the G20 meeting in Cannes, France, on Friday, with all interested nations holding back until more details for the final structure of the beefed-up fund are worked out.
Italy Agrees to IMF, EU Monitoring
In an agreement reached alongside a G20 meeting in Cannes, France, Italy has agreed to accept monitoring from both the European Union and the International Monetary Fund on its progress with financial goals and reforms.
ECB Cuts Interest Rate
The European Central Bank unexpectedly cut its interest rate a quarter point to 1.25% at its first meeting with new President Mario Draghi at the helm. Markets reacted immediately to the move.
Berlusconi Could Fall as Italy Teeters
Silvio Berlusconi, who has resisted calls to step down as prime minister of Italy, may be on the way out regardless, if former party loyalists continue to rebel.
As Tempers Flare at EU Summit, Progress on Bank Recapitalization
Testy exchanges marked ongoing talks of European Union leaders over the weekend; further talks scheduled for this week.
Moody’s Slices Italy's Credit Rating
Italy got hammered Tuesday by Moody’s, which lowered the country’s credit rating from Aa2 to A2, with a negative outlook, citing weak growth as the reason.
Italy Stunned by S&P Downgrade
Standard & Poor’s took Italy by surprise Monday night with a cut in its credit rating that put it below Slovakia and on the same level as Malta, with a negative outlook. It was the first such cut in five years.
European Markets, Italian Bonds Down
Worries over the European debt crisis drove markets and Italy’s bonds lower on Monday, with gold and the dollar gaining over the euro. Angela Merkel’s party lost elections in Germany over the weekend as well, showing opposition to euro bailouts the German chancellor has advocated.
Bond Selloff Sparks Italy's Plea for Euro Zone Help
Italy looked to the euro zone for political help on Wednesday as its bonds were hammered in the midst of a huge selloff.
Euro Crisis Spreads as Italian, Spanish Debt Yields Pass 6%
The massive size of Italian and Spanish debt in comparison to that of Greece, Portugal and Ireland imparts global economic significance to Tuesday's bond market news.