German insurer Allianz , owner of the world’s largest bond investor Pimco, favors private investors writing off 25-30 percent of Greece’s debt, company managers were on Monday quoted as saying. Three weeks of talks between European officials and the private …
The International Monetary Fund joined Germany on Wednesday in pushing for private sector investors [presumably including the EU’s insurers] to help cut Greece’s debt mountain as the euro zone sought to break an impasse on how and when to grant …
European Union leaders are poised to hold an emergency summit after finance ministers acknowledged for the first time that some form of Greek default may be needed to cut Athens’ debts and stop contagion to Italy and Spain. “There will …
European politicians accused credit rating agencies on Wednesday of anti-European bias after Moody’s downgrade of Portugal’s debt to “junk” cast new doubt on EU efforts to rescue distressed euro zone states without debt restructuring. European Commission President Jose Manuel Barroso …
A credit rating downgrade to Portugal [by Moody’s Investors Services] added to fears Europe’s banks face heavy euro zone losses if a private sector plan to help Greece comes unstuck, piling pressure on creditors meeting on Wednesday. The Institute of …
Banks and policymakers moved closer to a deal on Friday to help Athens secure funds ahead of a parliamentary vote on austerity next week that Greek Prime Minister George Papandreou must win to avert default. Despite a refusal by the …
Credit rating agencies have warned the European Commission that they could stop rating risky countries if the EU executive goes ahead with plans to make them legally liable for errors of judgment, industry sources said. Tensions have been rising between …
Somali pirates have released the Marida Marguerite, a German-operated chemical tanker after receiving a $5.5 million ransom, the Kenya-based East African Seafarers Assistance Program said on Tuesday. The tanker was seized in May and released on Monday. Here are details …
Natural and man-made catastrophes topped the list of the most significant events in 2010, with three major earthquakes, a near record number of hurricanes, some serious typhoons and windstorms, a volcanic eruption and a calamitous oil spill that blighted the …
You can lie to taxpayers or you can lie to creditors, European authorities are learning, but doing both at the same time is very hard. The proposed policy that current senior creditors to troubled states will not face losses on …
