Bankers have offered to stretch the voluntary haircut on Greek debt to 40 percent, while politicians demand the private sector agree to writedowns of at least 50 percent, senior German banking source said on Sunday.
European Union leaders piled pressure on Italy on Sunday to speed up economic reforms to avoid a Greece-style meltdown as they began a crucial two-leg summit called to rescue the euro zone from a deepening sovereign debt crisis.
EU finance ministers outlined a deal on Saturday for recapitalizing European banks, and the leaders of Germany and France said they hoped for a breakthrough in tackling the Eurozone debt crisis at a summit on Wednesday.
Spain has done enough to meet its deficit-cutting goals despite the autonomous regions falling behind on their targets, a source in the president's office said Saturday, countering concerns the country could fall short of its forecasts.
Spain has done enough to meet its deficit-cutting goals despite the autonomous regions falling behind on their targets, a source in the president's office said on Saturday, countering concerns the country could fall short of its forecasts.
The International Monetary Fund is not seeking more funds from Gulf Arab oil exporters to bolster its resources, and the region faces no major danger from the euro zone debt crisis, the IMF's Deputy Managing Director Nemat Shafik said on Saturday.
European leaders have put off crucial decisions on how to stop a sovereign debt meltdown in their currency zone, keeping markets on edge, to give German Chancellor Angela Merkel time to secure parliamentary support, EU sources said on Friday.
Standard & Poor's will likely lower the credit standing of five European nations, including top-rated France, by one or two notches if the region slips into recession and government borrowings increase, the rating agency said in a report.
Italian oil group Eni said on Thursday it had made a giant natural gas discovery off Mozambique, the biggest in its history, confirming expectations that East Africa is set to emerge as a major gas exporter after recent finds.
The European Union has agreed that around 100 billion euros is needed to recapitalise the European banking system, but splits remain before a high-profile summit on Sunday over how to strengthen the euro zone's bailout fund.
Pakistan hopes to win a seat on the U.N. Security Council as a temporary member alongside archrival India when the United Nations holds annual elections to the 15-nation body on Friday.
Morgan Stanley posted a surprisingly strong profit during a rough-and-tumble third quarter for Wall Street, helped by a large accounting gain and an increase in stock-trading revenue.
Morgan Stanley swung to a quarterly profit as stock trading results proved surprisingly resilient and wealth management revenue soared.
Morgan Stanley reported a third-quarter profit and its trading and merger advisory businesses performed better than competitors'.
A double-notch downgrade to Spain's credit ratings has piled more pressure on European leaders to make rapid progress on solving the region's debt crisis or face unbearable borrowing costs.
If there's nothing to fear but fear itself, as President Franklin Roosevelt contended during the Great Depression, then the world economy in 2011 has reached an interesting juncture between sentiment and reality.
A double-notch downgrade to Spain's credit ratings has piled more pressure on European leaders to make rapid progress on solving the region's debt crisis or face unbearable borrowing costs.
A double-notch downgrade to Spain's credit ratings has piled more pressure on European leaders to make rapid progress on solving the region's debt crisis or face unbearable borrowing costs.
Britain's Guardian newspaper reported on Tuesday that France and Germany had agreed to boost a euro zone financial rescue fund to two trillion euros ($2.76 trillion), pushing U.S. stocks and the euro higher despite doubts about whether there was such an agreement.
France and Germany have agreed to boost a euro zone financial rescue fund to two trillion euros ($2.76 trillion), part of a plan to resolve the bloc's debt crisis that should win support at Sunday's EU crisis summit, Britain's Guardian newspaper said on Tuesday.
France and Germany have agreed to boost a euro zone financial rescue fund to two trillion euros ($2.76 trillion) as part of a plan to resolve the bloc's debt crisis that should win support at Sunday's EU crisis summit, Britain's Guardian newspaper said on Tuesday.
Gold was set for its largest one-day fall in two weeks on Tuesday after U.S. bank Goldman Sachs reported a quarterly loss, which coupled with evidence of slowing Chinese growth and mounting Eurozone concerns, lifted the dollar.
