A tentative plan to further restructure Greek bonds owned by private investors risks undermining the euro zone's credibility, a senior bank industry representative said on Tuesday. The Institute of International Finance (IIF), which helped coordinate a large writedown of Greek bonds owned by banks and pension funds earlier this year, said any further effort to
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The euro skidded on Wednesday and Asian shares fell after European officials failed to reach a deal on another bailout for Greece, a day after Federal Reserve Chairman Ben Bernanke highlighted the dangers of a U.S. fiscal crisis. U.S. stock futures eased 0.4%, pointing to a weak Wall Street open. Financial spreadbetters predict London's FTSE
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A senior lawmaker from Chancellor Angela Merkel's conservatives warned on Wednesday against any writedown of public holdings of Greek debt, saying it would send a fatal signal to other bailout countries and fail to address the roots of Greece's woes. Greece's international lenders, who met in Brussels late on Tuesday, failed for the second week
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Greece's international lenders failed for the second week running to agree how to get the country's debt down to a sustainable level and will have a third go at resolving their most intractable problem in six days' time. After nearly 12 hours of talks through the night during which myriad options were discussed, euro zone
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President Demetris Christofias has said he disagrees with the Troika (EC, ECB, IMF) on matters relating to semi-government organizations and natural gas. Speaking at the inauguration of the new community building in the village of Psevdas, in Nicosia district, on Tuesday, the President said that given that part of Cyprus continues to be under Turkish
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The economy continues to increase demand for higher skills, however more than 70 million Europeans have only low or no formal qualifications, Commissioner Androula Vasiliou has stressed. Speaking Tuesday at a press conference in Strasbourg where she presented the “Rethinking Education" initiative, Vasiliou noted that youth unemployment is approaching 23% across Europe and at the
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* Gambling monopoly to be privatised next year * Greece's OPAP, one of Europe's biggest betting firms, reported a 16% fall in third-quarter profit on Tuesday, weighed down by the recession in its Greek home market. Cash-strapped Greece plans next year to sell almost its entire 34% stake in OPAP, its most profitable company, as
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On the basis of the results of the Passengers’ Survey, arrivals of tourists rose by 0.8% to 261,997 in October 2012 compared with 259,863 in October 2011. An increase of 41.5% was recorded in tourist arrivals from Russia (from 32,995 in October 2011 to 46,690 in October 2012), and 6.7% from Austria (from 3,318 to
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Cypriot Finance Minister Vassos Shiarly cancelled his trip to Brussels for Tuesday's Eurogroup meeting due to ongoing talks with foreign lenders on a bailout package, the finance ministry said on Monday. The troika of European Commission, European Central Bank and International Monetary Fund lenders had been due to leave Nicosia on Sunday but extended their
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Pope Benedict published the last part of his trilogy on the life of Jesus on Tuesday, delivering an early childhood narrative which strongly reaffirms the doctrine of the virgin birth as an "unequivocal" truth of faith. The book, 137 pages in its English version, is titled "The Infancy Narratives – Jesus of Nazareth" and is
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