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.
Pressure mounted on Italy's besieged premier Silvio Berlusconi to quit Thursday as six former parliamentary loyalists called for a new government and the squabbling Cabinet failed to agree an urgent economic reform program.
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.
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.
Greece's prime minister faces a grilling from the leaders of Germany and France on Wednesday after fighting to win the backing of his cabinet to hold a referendum on a 130 billion-euro ($178 billion) bailout package.
Stocks fell more than 1 percent on Monday as enthusiasm over the agreement to tackle the Eurozone debt crisis waned and a spike in the U.S. dollar hurt commodity-related shares.
Markets have over-interpreted comments by incoming European Central Bank chief Mario Draghi on the bank's readiness to go on buying the bonds of troubled euro zone states, outgoing ECB President Jean-Claude Trichet said.
Italian bond yields rose on Monday nearly to levels seen in August when the ECB intervened to shore up debt markets, indicating new concerns that problems in the euro zone's third largest economy could threaten the entire bloc.
Stocks fell at the open on Monday as a spike in the U.S. dollar weighed on commodity prices and dried up bids on other risky assets.
Stocks fell at the open on Monday as a spike in the U.S. dollar weighed on commodity prices and dried up bids on other risky assets.
Oil prices eased on Monday, with Brent slipping below $110, as the dollar rose against the yen after Japan intervened in the currency markets to stem the rise of the yen.
The yen dropped to a three-month low against the dollar on Monday after Japan intervened in the market to curb the currency's rise even as traders said more official action is needed for a sustained impact.
German Chancellor Angela Merkel and French President Nicolas Sarkozy are backing the candidacy of the head of Switzerland's central bank to lead the Financial Stability Board, a newspaper reported Sunday.
Europe still has a long way to go to solve its crisis, German Finance Minister Wolfgang Schaeuble was cited as saying by a magazine, noting it was key that Italy did its homework and implemented promised reforms.
The head of the European Financial Stability Facility sought to entice China on Saturday to invest in the bailout fund by saying investors may be protected against as much as one-fifth of initial losses.
European Central Bank President Jean-Claude Trichet said in an interview in a German newspaper to be published Sunday that the Eurozone sovereign debt crisis is not yet over and that it is too early for the all-clear signal.
The “B” rating is only a few notches above the current CCC grade on Greece and it still considered “junk” or non-investment grade.
Even as details emerge about a Eurozone deal that would see banks and insurers accept bigger losses on Greek bonds and boost the region's bailout fund, setting up for what could happen across the Atlantic won't be easy for investors.
Euro zone leaders struck a last-minute deal to limit the damage from the currency bloc's debt crisis early on Thursday but are still far from finalizing plans to slash Greece's debt burden and strengthen their rescue fund.
