Standard and Poor’s downgrades Cyprus

Standard and Poor's downgraded Cyprus' credit rating from A+ to A, according to Minister of Finance Charilaos Stavrakis, who said that although the decision was negative, the government had covered its borrowing

ECB’s Weber backs orderly bank defaults

European Central Bank policymaker Axel Weber said on Monday that banks must be allowed to fold and backed the idea of issuing special bonds which would automatically convert to equity in the

Oil rebounds above $85 after $3 drop

Oil rebounded above $85 a barrel on Monday after falling sharply from a more than two-year high last week as risk appetite improved and investors looked beyond Irish debt worries to better