The euro rallied broadly on Wednesday after a ratings agency appeared to soften its stance regarding its outlook on Italy, while a media report that the IMF would boost its funding capabilities also pushed the single currency higher.
A German sale of 3.44 billion euros of two-year bonds saw strong demand on Wednesday as concerns over Greece led investors to stock up on safe-haven debt, while Portuguese treasury bills benefited from ample liquidity in the financial system.
The government will avoid bringing down an austerity budget this year, because of tough economic times globally, Finance Minister Jim Flaherty said on Monday.
Political resistance is clashing with financial imperatives as the euro zone tries to strengthen its capacity to rescue debt-stricken member states after Europe's temporary bailout fund lost its top-notch credit rating.
LONDON, Jan 17 - The downgrade of much of Europe's credit ratings demonstrates in perhaps the bluntest terms so far the collapse of any lingering -- if lazy -- assumptions that developed states are somehow safer than emerging counterparts.
LONDON, Jan 17 - The downgrade of much of Europe's credit ratings demonstrates in perhaps the bluntest terms so far the collapse of any lingering -- if lazy -- assumptions that developed states are somehow safer than emerging counterparts.
Credit rating agency says decision inevitable following cuts to creditworthiness of two EFSF guarantors, France and Austria.
Rating agency Standard & Poor's cut its credit rating of the European Financial Stability Facility, the euro zone's rescue fund, by one notch to AA+ on Monday, three days after it cut the ratings of France and Austria by the same margin.
The European sovereign debt crisis has been festering for nearly three years, and some observers wonder whether the credit default swaps (CDS) that have been written on the government of Greece, Ireland, Italy, Portugal and Spain represent another source of risk for the world's financial institutions.
Greece debt talks are at an impasse and concerns are rising that the country will face a hard default within six weeks if a plan is not reached. Greek leaders are set to resume negotiations with private-sector creditors this week with hopes of reaching the base points of a debt deal to avoid national default by a Feb. 23 meeting of Eurozone finance ministers.
The European Central Bank will do all it can to calm the situation after Standard & Poor's downgraded several euro zone members' debt ratings in the past week, ECB Governing Council member Ewald Nowotny said on Sunday.
The European Central Bank will do all it can to calm the situation after Standard & Poor's downgraded several euro zone members' debt ratings in the past week, ECB Governing Council member Ewald Nowotny said on Sunday.
The euro zone's bailout fund can hold onto its AAA rating with Standard & Poor's through higher guarantees from the euro zone's remaining triple A countries or lower lending capacity, a senior euro zone official said Sunday.
European leaders promised on Saturday to speed up plans to strengthen spending rules and get a permanent bailout fund up and running as soon as possible, a day after U.S. agency S&P cut the ratings of several euro zone countries' creditworthiness.
JPMorgan Chase & Co could lose up to $5 billion from its exposure to Portugal, Ireland, Italy, Greece and Spain, Chief Executive Jamie Dimon said in an interview with Class CNBC, carried in Italian newspaper Milano Finanza on Saturday.
France's credit-rating cut dominated the country's newspapers on Saturday, with the left-leaning Liberation blazing below a front-page headline reading S_RKOZY that the president had lost an A.
JPMorgan Chase & Co. could lose as much as $5 billion due to its exposure to sickly Portugal, Ireland, Italy, Greece, and Spain, CEO Jamie Dimon said in an interview with Class CNBC, which was carried in the Italian newspaper Milano Finanza on Saturday.
JPMorgan Chase & Co could lose up to $5 billion from its exposure to Portugal, Ireland, Italy, Greece and Spain, Chief Executive Jamie Dimon said in an interview with Class CNBC, carried in Italian newspaper Milano Finanza on Saturday.
Standard & Poor's downgraded the credit ratings of nine Eurozone governments on Friday, an unprecedented relegation that included France and Austria but spared Germany.
Standard & Poor's carried out a mass downgrade of euro zone countries on Friday, stripping France and Austria of their top-grade AAA ratings in a move that may complicate efforts to solve a two-year old European debt crisis.
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