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The International Swaps and Derivatives Association said Friday that the Greek government's use of collective-action clauses, or CACs, to amend to terms of Greece-issued bonds qualifies as a "credit event" for Greece.
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Will debt deal save Greece?
Greece, the country at the center of the eurozone debt crisis, has pushed through a huge debt swap that saves it from a disorderly default and clears the way for it to receive its second bailout, worth €130 billion ($171.5 billion).
Greece is unlikely to get all of its bondholders to agree willingly
Greece is unlikely to get all of its bondholders to agree willingly to a debt-restructuring plan before a Thursday deadline, but it repeated Tuesday that it is ready to force the deal through by other means.
Large European banks are using cheap loans from the European Central Bank to insulate themselves from new problems
Some large European banks are using cheap loans from the European Central Bank to insulate themselves from new problems that could flare up in their businesses in financially ailing European countries.
It's hard to find anyone who admits to being optimistic about the euro zone
Not that they need reminding, but this year has got off to a disastrous start for euro-zone bears. Spanish and Italian 10-year bonds are back below 5%; Italian government bonds have so far returned 12% in 2012–unheard of in developed country sovereign bond markets.
EU Leaders Focus on Jobs, Economic Growth
European Union leaders granted Serbia candidate status at a two-day summit that ends Friday focusing on jobs and the economy in the region.
If Elected Russian President, Putin Faces Tough Choices
Russians go to the polls Sunday to elect a new president. There's much at stake for the former president, Prime Minister Vladimir Putin.
Germany's Parliament is expected to approve Greece's latest bailout
Chancellor Angela Merkel's effort to rally the German people behind her strategy for saving Greece and the euro suffered a blow over the weekend. "The chances that Greece can renew itself and become more competitive are surely greater outside the currency union than within it," Interior Minister Hans-Peter Friedrich said in an interview with Der Spiegel, a German weekly. Mr. Friedrich, who belongs to the Bavarian sister party of Ms. Merkel's Christian Democrats, added that Athens shouldn't be forced to leave, but rather given incentives "that they can't refuse."
No Silver Bullet to Resolve Europe Debt Crisis, World Bank’s Zoellick Says
World Bank President Robert Zoellick said there is no “silver bullet” to resolve Europe’s sovereign-debt crisis and every country has a common interest in seeing the region succeed as they debate chipping in more cash to bailout funds.
EU says eurozone economy to shrink in 2012
The European Commission has predicted that the eurozone economy will contract by 0.3% in 2012.
Eurozone Ministers Approve Greek Bailout Deal
After talks that lasted through the night, eurozone finance ministers finally struck a $172-billion bailout agreement for Greece early Tuesday. The deal averts a debt default by Athens, but also demands Greeks to shoulder more austerity measures.
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