Greek banks are being hit by a wave of redemptions as rich citizens and companies look to move their money to big global banks or offshore as the country's debt crisis rages, the Telegraph newspaper reported on its website.
European Central Bank President Jean-Claude Trichet said on Wednesday he expected markets to reward Greece for its fiscal consolidation measures.
European Central Bank Governing Council member Axel Weber said current interest rate levels are appropriate, signaling that the central bank will stick to low rates for some time, the Nikkei newspaper reported on Sunday.
Central bankers can continue to ease monetary policy even when interest rates are at zero, and should do so if they sense the threat of deflation, a member of the European Central Bank's Governing Council said on Saturday.
Central bankers can continue to ease monetary policy even when interest rates are at zero, and should do so if they sense the threat of deflation, a member of the European Central Bank's Governing Council said on Saturday.
Euro zone leaders won muted approval from financial markets on Friday for a band aid agreement to create a safety net for debt-ridden Greece, but a row over the IMF's role flared up just as it had seemed settled.
Euro zone leaders won muted approval from financial markets on Friday for their agreement to create a safety net for debt-ridden Greece, but a row over the IMF's role flared up just as it had seemed settled.
The financial aid mechanism for Greece agreed by euro zone leaders on Thursday is workable but unlikely ever to be activated, European Central Bank President Jean-Claude Trichet said.
The financial aid mechanism for Greece agreed by euro zone leaders on Thursday is workable but unlikely ever to be activated, European Central Bank President Jean-Claude Trichet said.
EU leaders edged toward consensus on a financial safety net for Greece on strict German conditions ahead of a key summit Thursday after the European Central Bank threw Athens a major reprieve on funding rules.
EU leaders appeared to be nearing consensus on an aid mechanism for Greece based on strict German terms before a high-stakes summit on Thursday and Athens won a reprieve when the European Central Bank extended looser funding rules.
German Chancellor Angela Merkel backed aid for Greece with IMF involvement as a last resort on Thursday, and the European Central Bank extended looser funding rules in a big reprieve for Athens.
* Merkel says no need for EU summit to discuss Greek aid
* Greek PM says EU needs mechanism to deter speculators
* Juncker sees possible twin-track euro zone/IMF support
* Trichet says any help would have to be conditional loan
* Euro falls, Greek risk premium leaps amid uncertainty
The European Union's monetary affairs chief urged the bloc's leaders on Friday to agree a standby aid package for Greece next week but France and Germany struck different notes and the euro slid.
The European Union's monetary affairs chief urged the bloc's leaders on Friday to agree on a standby aid package for Greece next week after Athens said it could seek IMF help if it gets no firm promise of European aid.
Greece should show it has taken steps to get its public finances in order before external help can be given, European Central Bank Governing Council member Ewald Nowotny said in an interview on Austrian television on Sunday.
European leaders expressed confidence on Friday that new austerity measures planned by Greece would be enough to pull the country out of its debt crisis and make any bailout unnecessary.
The European Central Bank took a small step toward unwinding its extraordinary support for the euro zone economy Thursday, but it forecast a fragile recovery and left much of its cash buffer for banks in place.
Greece will need to take further action in 2011 and 2012 to repair its public finances, EU Economic and Monetary Affairs Commissioner Olli Rehn said in an interview on Thursday.
World stocks slipped on Thursday while the euro held above a recent 9-month low against the dollar as the European Central Bank prepared to announce next steps in stimulus withdrawal after its policy meeting.
Greek Prime Minister George Papandreou said on Tuesday his country was fighting for survival against bankruptcy and urged civil servants and pensioners to accept sacrifices to save the debt-burdened nation.
Snowstorms have repeatedly battered parts of the United States this winter, making it more difficult to discern returning weakness in the economy from
