EUROPEAN CENTRAL BANK

Banking on superhero

Spurned by Saviors, Spanish Bank Turns to ... Spider-Man

Facing what seem to be minute-by-minute rejections of various bailout scenarios, Spanish bank Bankia S.A. -- the country's fourth-largest financial institution, which is currently embroiled in a crisis of insolvency -- is putting its faith in the web-shooting hands of a Marvel Comics superhero, Spider-Man.
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Woman walks past stock quotation board outside brokerage in Tokyo

Weekly Roundup: Asian Markets Slump On Euro Zone Concerns, Weak US Data

Asian markets fell this week as they succumbed to the pressures of the euro zone debt crisis and the economic data about the U.S. missing estimates. The Chinese Shanghai Index dropped 2.1 percent and the Japanese Nikkei fell 3.8 percent. Hong Kong's Hang Seng Index plunged 5.1 percent and India's BSE Sensex slumped 0.86 percent.
An anti-IMF poster is stuck to a window outside the Dawson Street offices in Dublin

Ireland May Need Second Bailout: Report

While global leaders obsess over the likelihood of debt-stricken Greece departing the euro zone, an emerald isle 1,800 miles away from Athens may be on the brink of needing another financial bailout.
Banking on superhero

ECB To Greek Banks: You're On Your Own, For Now

The European Central Bank in Frankfurt said Wednesday it is temporarily cutting off liquidity to Greek banks that are inadequately capitalized, pushing the onus of emergency assistance on the Greek central bank.
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Euro Hovers Near 2012 Low

The euro wallowed near a four-month trough versus the dollar Thursday after some banks in Athens faced emergency funding needs, compounding fears that a potential Greek exit from the euro could put more pressure on other struggling euro zone nations.
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Asian Shares Stabilize After Selloff

Asian shares steadied Thursday from the previous day's selloff, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.
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Greeks Withdraw Cash On Concern About Euro Exit

Greece put a senior judge in charge of an emergency government on Wednesday to lead it to new elections on June 17 and bankers sought to calm public fears after the president said political chaos risked causing panic and a run on deposits.
A drachma coin is seen on display in this photo illustration taken in Athens May 9, 2012.

Could Germany Be Sounding A Softer Note On Greece?

Euro-zone paymaster Germany may be willing to consider additional measures to promote growth in Greece, but the Hellenic Republic must still carry out its previously agreed reforms, German Finance Minister Wolfgang Schaeuble said in an interview with Welt am Sonntag this weekend.
Europe

Worsening Greek Crisis Clouds Euro?s Future

A Greek sovereign default has always been a talismanic scare for the euro stakeholders. It would put the common currency under the greatest pressure since its creation, and shake the foundations of the currency bloc.
Fiat is closing its headquarters for eight days this summer to save money.

PMI: Downward Revisions To April Euro Zone Manufacturing, Services

Output for the eurozone manufacturing and services sectors shrank in April more than initially reported, according to Purchasing Managers Index (PMI) data released Friday by Markit, the London firm that publishes a monthly independent surveys that gauges economic activity worldwide. Business conditions deteriorated at a faster rate towards the end of the month, said Chris Williamson, chief economist at Markit, explaining the downward revision from preliminary estimates released April 23....

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