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ECB hints at new bond-buying scheme

Details of a new bond buying plan by the European Central Bank (ECB) fueled a surge in some Spanish and Italian debts and increased mediated talks between European leaders. German Chancellor Angela Merkel met with the President of the European Union (EU) Herman van Rompuy in Berlin on Tuesday, while French President François Hollande travelled …

Luiz Sanchez

Bailout request by Spain would not affect debt rating: S&P

Madrid (AFP) – Ratings agency Standard and Poor’s said Wednesday that if Spain requested a full bailout from European Union rescue funds and the IMF, this would not affect the country’s debt rating. “The sovereign ratings on the Kingdom of Spain would likely not be directly affected should Spain’s government request a bailout through official …

Daily News Egypt

Spanish unemployment nears 25%

Madrid (AFP) – Spanish unemployment is now near one quarter of the workforce, fuelling fears the country might need a costly bailout as the IMF issued its latest report on the eurozone’s fourth biggest economy. The unemployment rate rose in the second quarter to 24.63 percent of the workforce and to a huge 53 percent …

Daily News Egypt

IMF inches toward deal on boosting bailout funds

By Lesley Wroughton and Glenn Somerville / Reuters WASHINGTON: The International Monetary Fund appeared to be inching toward a deal on increasing its financial firepower on Tuesday, with Japan, Sweden and Denmark committing a total of $77 billion to help contain the euro zone’s debt crisis. The pledges were made ahead of meetings of global …

DNE

The bailout bias

By Leszek Balcerowicz WARSAW: The seemingly never-ending debate over the eurozone’s fiscal problems has focused excessively on official bailouts, in particular the proposed purchase of government bonds on a massive scale by the European Central Bank. Indeed, we are warned almost daily — by the International Monetary Fund and others — that if bailout efforts are …

DNE

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