Rating agency Standard & Poor’s delivered a damning verdict of the euro zone’s new plans for resolving sovereign debt crises, downgrading two of the euro zone’s most troubled member states on Tuesday. Get the full story »
Inside these posts: Greece
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Ireland in aid talks with EU, rescue likely
Ireland is in talks to receive emergency funding from the European Union and is likely to become the second euro zone country after Greece to obtain an international rescue, official sources said on Friday.
Irish borrowing costs have shot to record highs this week because of concern about the country’s ability to reduce a public debt burden swollen by bank bailouts, and worries that private bond holders could be forced to shoulder part of the costs of any bailout by taking “haircuts” on their holdings. Get the full story »
Stress tests: Focus is on banks that barely passed
So few banks failed Europe’s long-awaited stress tests on Friday that investors will likely focus instead on the dozen or so banks that just scraped through when the markets reopen next week. Get the full story »
Baxter profit falls 9% on Greece debt, flat sales
Medical product giant Baxter International Inc. reported second quarter profit dropped 9 percent on declining sales in its biosciences unit and from the costs of a settlement with the financially troubled Greek government.
Baxter, which makes blood therapies and medication delivery devices, said net income fell to $535 million, or 90 cents a share, from $587 million, or 96 cents a share. Revenues rose 2 percent to $3.19 billion. Get the full story »
Stress tests and retail sales lift the Dow
The Dow climbed 274 points to 10,018 today as investors were encouraged by retail sales in the U.S. and the fact that stress tests are to be done on European banks. Those tests are supposed to show how banks will hold up if they get hit with bad debts from weak European countries such as Greece and Spain.
Greece on target to deficit goal with no more cuts
Greece will cut its deficit to reach the target this year without taking any further austerity measures, the country’s central banker said Tuesday.
“I believe we will achieve the deficit target of 8.1 percent of GDP from 13.7 percent (last year),” Bank of Greece governor George Provopoulos told Greek television Mega Channel. Get the full story »
New riots erupt after Greece passes austerity cuts
Associated Press | Greek police fired tear gas to repel
stone-throwing protesters after lawmakers approved drastic austerity
cuts Thursday needed to secure international rescue loans worth $140
billion.
The rescue loans are aimed at containing the debt crisis and keeping
Greece’s troubles from spreading to other countries with vulnerable
state finances such as Portugal and Spain. The money will come from the
International Monetary Fund and the 15 other governments whose
countries use the euro.
Clashes in Athens broke out at the end of the main protest that drew
tens of thousands of people as police pushed back a few thousand
demonstrators outside parliament.
