Economy & Markets
The important economic and stock market news that advisors need to know.
France Derides Ratings Agencies, Britain
By Marlene Y. SatterBank of France Governor Christian Noyer struck out at ratings agencies, calling them 'incomprehensible and irrational,' and also slammed Britain as more deeply mired in financial woes than France.
December 14, 2011
Italian 'Party of Bankers' Evokes Threats of ViolencePrime Minister Mario Monti has his hands full. Not only is he dealing with Italys debt crisis, but his efforts to enforce and increase austerity measures in the country, as well as his choices for cabinet members, referred to by some groups as the party of bankers, are escalating public...
December 14, 2011
Greek Bond Restructure Deal DebatedA plan to restructure Greek sovereign debt could see banks gain equal footing with the European Financial Stability Facility and sovereign creditors, although the measure is still being debated.
December 14, 2011
China Pledges New Growth in Teeth of Economic SlowdownChina has kicked off a conference on setting policy with a pledge to guarantee continued growth, despite an "extremely grim" global economic outlook for the year to come. Economic stability was at the top of the list, with a number of declarations committed to that objective.
December 14, 2011
Whitney’s Muni Scare Allowed Banks to Cash In: BloombergBloomberg continued its campaign Wednesday to hold Meredith Whitney accountable for her prediction that 'hundreds of billions of dollars' of municipal defaults would occur within 12 months of her '60 Minutes' interview, noting that one fallout of her prediction was to allow banks to cash in.
December 13, 2011
German Parliament Wants Input on EU DealsGerman Chancellor Angela Merkels party has fired a shot across the bow of future European Union deals: It wants more say in any agreements with European partners, and intends that all future such arrangements must be approved by Parliament.
December 13, 2011
Fed Critics Hot Under Collar Over Dollar-Swaps to EuropeThe Feds decision two weeks ago to lower the cost of dollar funding to liquidity-starved European banks has aroused criticism on the both the left and right, but also strong words from a noted bank analyst.
December 13, 2011
Finland Jeopardizes Bailout ProcessThe Finnish government is at it again. Previously threatening the latest Greek rescue package by demanding collateral agreements for Finland when other eurozone countries had no such arrangements, now the government is split over a change in rules to approve a bailout.