Banks are set to lose almost three-quarters of the value of their Greek government bonds under a deal agreed early on Tuesday, slightly more than they had planned, people familiar with the matter said. Investors had previously expected to suffer …
The Federal Emergency Management Agency is implementing a plan to waive debts for thousands of victims of Hurricane Katrina and other disasters. An aide to Sen. Mary Landrieu who has been briefed by FEMA said the agency will mail out …
Organized crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country’s biggest “bank” and squeezing the life out of thousands of small firms, according to a report on Tuesday. Extortionate lending by …
A.M. Best has taken the somewhat unusual step of issuing a comment on its downgrading of the issuer credit ratings (ICR) to “aa-” from “aa” and the affirmation of the financial strength rating (FSR) of A+ (Superior) of Allianz Global …
Following its announcements, made earlier this week, A.M. Best Europe – Rating Services Limited is continuing to take rating actions on a number of European (re)insurers, as a result of the continued negative developments regarding the euro zone sovereign debt …
As a result of the continued negative developments regarding the euro zone sovereign debt crisis, A.M. Best Europe – Rating Services Limited has downgraded the financial strength rating (FSR) to ‘A’ (Excellent) from ‘A+’ (Superior) and issuer credit rating (ICR) …
A.M. Best Europe – Rating Services Limited has placed under review with negative implications the financial strength rating of ‘A++’ (Superior) and the issuer credit rating of “aa+” of France’s Caisse Centrale de Reassurance (CCR). As Best explained in similar …
Europe’s “no pain no gain” attitude to solving its sovereign crisis risks exacerbating the bloc’s problems, choking off the very growth needed to raise the money to pay down the debt. From Athens to Dublin, and almost everywhere in between, …
Europe divided on Friday in a historic rift over building a fiscal union to preserve the euro, with a large majority of countries led by Germany and France agreeing to move ahead with a separate treaty, leaving Britain isolated. Twenty-three …
From credit bottlenecks in Eastern Europe to slower growth in China, delays in tackling the euro zone’s debt crisis are causing ever-greater economic and financial damage well beyond the borders of the 17-nation bloc. As politicians dither over how to …
