European policymakers should abandon current efforts to help Greece and move to a plan B including debt restructuring and interest rate cuts, U.S. economist Nouriel Roubini said. In an opinion piece in the Financial Times, Roubini and co-author Arnab Das, head of market research at Roubini Global Economics, said forcing deep budget cuts in Greece
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The cost of protecting government debt against default in Greece and Portugal fell on Friday as hopes an aid deal would be secured in coming days grew. Five-year credit default swaps (CDS) on Greek government debt fell to 622 basis points from 670 bps at the New York close on Thursday, according to CDS monitor
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European shares climbed for a second straight session on Friday ahead of U.S. GDP numbers, with expectations that a multi-billion-euro aid package for Greece will be hammered out within days helping financials. At 0829 GMT, the FTSEurofirst 300 index of top European shares was up 0.4 percent at 1,073.81 points after closing 1.3 percent higher
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Britain’s millionaires took advantage of the recovery from the world financial crisis in 2008 and boosted their fortunes by a third last year, according to the authoritative annual Rich List published by the Sunday Times. The 16 Greeks and Cypriots who were ranked among the richest 1,000 in the U.K. also did well, with investments
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U.S. stock index futures rose on Thursday, looking to add to gains in the previous session after the Federal Reserve pledged to keep rates low for an extended period and Visa reported strong quarterly results. The Fed was also more upbeat about the U.S. economy and employment prospects, which helped to boost bank shares. "There's
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The EU should complete talks with Greece on an aid package "in days", Economic and Monetary Affairs Commissioner Olli Rehn said on Thursday, but did not provide details other than saying it would be a multi-annual programme. In a statement read to reporters, Rehn said the package would involve bilateral loans from members of the
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The euro zone must come up with a support package for Greece that curbs the threat of problems spreading to other countries in the bloc, European Central Bank President Jean-Claude Trichet said on Thursday. Intense market pressure and soaring debt costs forced Greece to trigger a request for an aid package late last week. Fears
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Moody's Investors Service has published its first annual report on Bangladesh, and which provides a methodological assessment underpinning the country's Ba3 foreign- and local-currency sovereign obligations and the stable rating outlook. "The rating reflects our assessment that a track record of steady growth, macroeconomic stability and policy predictability offsets a relatively low income, but medium-sized
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Stock futures pointed to a stronger start for Wall Street on Thursday, adding to gains in the previous session after a pledge by the Federal Reserve to keep rates low, with investors expected to focus on further corporate earnings. By 4:32 a.m. ET, futures for the Dow Jones rose 0.2 percent, S&P 500 futures were
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ECB Governing Council member Axel Weber said on Thursday there was no acceptable alternative to rescuing Greece and urged quick approval of an aid package to prevent market upheaval and contagion to other states. A leading German parliamentarian expressed confidence that the Bundestag could move quickly to approve aid despite deep reservations in Germany about
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