Howard Archer, chief European and U.K. economist said, The move also suggests that Mario Draghi will not be afraid to make bold decisions.
The European Central Bank cut interest rates by a quarter point to 1.25 percent in a surprise move Thursday, acting boldly to support the ailing euro zone economy at President Mario Draghi's first policy meeting in charge.
Berlusconi has thus far refused to step down, citing that it would be impractical to call new elections in the middle of such a grave economic crisis.
Papandreou will likely propose a coalition government with Lucas Papademos, a former senior official at the European Central Bank, becoming the new Prime Minister.
The euro zone is working on a possible exit of Greece from the euro zone, Eurogroup head Jean-Claude Juncker said on Thursday, saying it was essential that other members of the currency union would not be damaged in such an event.
The euro zone is working on a possible exit of Greece from the euro zone, Eurogroup head Jean-Claude Juncker said on Thursday, saying it was essential that other members of the currency union would not be damaged in such an event.
Mario Draghi faces a storm at his first policy meeting as European Central Bank president on Thursday but is unlikely to be pushed into a dramatic ramping up the bank's response to the escalating euro zone crisis.
NYSE Euronext , which wants regulatory support for its planned $9 billion merger with Deutsche Boerse , cited strong trading and technology sales for a 54 percent hike in quarterly profit to $186 million.
The leaders of the world's major economies will meet in Cannes, France starting Thursday to discuss matters critical to commerce, international trade, and the global economy. That means the discussion will be dominated by Greece.
The Greek referendum proved to be a nasty surprise to investors on Tuesday as markets tanked in response to it.
He added that Europeans who donate money to PKK share in the responsibility for the killings of innocent civilians.
As international pressure mounts on Greek Prime Minister George Papandreou to drop his bid to put the deal before the Greek people for a referendum vote, and instead immediately accept its terms as drafted, Greek-American New Yorkers are once again shocked at the intransigence of their home country's leadership.
Even more galling for Papandreou, six other members of his own Pasok party have called for his resignation.
Stocks pared gains and the Nasdaq Composite hit a session low in afternoon trading on Wednesday after a source said the European Union and International Monetary Fund will not release an 8 billion euro payment to Greece until after its planned referendum.
This means that an eight billion euro ($11 billion) payment will be in limbo until after the referendum vote – which isn't even scheduled to be held until December.
Airline ticket prices may rise by $33 round trip across the Atlantic if a new European Union carbon law sticks.
India could consider supporting extra financing for the euro zone if European policymakers make a credible assessment of its solvency problems, Finance Minister Pranab Mukherjee told reporters.
Underscoring the magnitude of the crisis, a virtual who’s-who of European political and financial elite will also join the emergency summit,
Neither Greece Defense Minister Panos Beglitis nor any other government official provided any explanation behind the sudden and unexpected moves.
Gold firmed on Wednesday, helped by safe-haven demand as the Eurozone troubles deepened and business surveys showed the severe impact the crisis had on manufacturing in the region.
European stocks turned negative after early gains Wednesday, adding to a sharp two-session drop as investors dumped banking shares on fresh concerns about the euro zone debt crisis.
Italy's top financial officials will meet later Wednesday as escalating market turmoil threatens to push the euro zone's third largest economy into a debt crisis that could threaten the whole currency bloc.
