Market Analysis

2012-12-05 22:41 GMT S&P downgrades Greece to selective default In an unsurprising headline, reflected by the marginal losses in EUR/USD since the news broke, the rating agency S&P has downgraded Greece’s long-term debt rating to selective default from CCC. Greece is technically default. The Greek government invitation to private sector bondholders involvement to participate in […]

2012-12-04 14:08 GMT No breakthrough on banking union due to Franco-German dispute A clash between France and Germany over banking supervision in the Eurozone prevented the Eurogroup from reaching an agreement on the EU banking union on Tuesday. EU finance ministers decided to hold an additional meeting on December 12, just ahead of the EU

2012-12-03 09:47 GMT Spain makes formal request for EU funds to recapitalize ailing banks Spain has formally requested aid for its ailing banking sector on Monday. 36.5 billion euros of bailout funds, including 2.5 billion euros for the “bad bank”, are due to be released on December 12. Four nationalized Spanish banks will be the

2012-12-02 23:07 GMT Merkel no longer discards losses on Greek debt Weekend headlines suggest German Chancellor Angela Merkel may be re-thinking its stance over future Greece’s debt haircuts, after she said on Sunday this is an option to consider, although not until the ongoing rescue program shows Greece’s budget turned into a surplus. Since last

2012-11-28 11:24 GMT EU gives the go-ahead to Spanish bank restructuring plan The European Commission announced on Wednesday its approval of the plans to restructure Spain’s four nationalized banks: Bankia, Nova Caixa Galicia, Catalunya Caixa and Banco de Valencia. Vice President of the European Commission responsible for Competition Policy Joaquín Almunia said in the European