Spanish policy makers are considering forcing investors who hold equity and junior debt in banks to absorb losses in a restructuring, according to a person with knowledge of the plan.
French President Francois Hollande pushed German leaders to use the European Union’s permanent rescue fund to buy debt from countries such as Italy that have taken steps to revamp their economies.
Amadeu Altafaj, the spokesman for European Union Economic and Monetary Affairs Commissioner Olli Rehn, will be moving into a policy role and out of his media- focused job.
Greece’s possible exit from the euro moved to the center of Europe’s financial-crisis debate, rattling markets as authorities in Athens struggled to form a government.
Two months after forcing through the biggest-ever sovereign bond restructuring, Greece once again faces the prospect of becoming the first developed nation to default on its debt.
Hungary must take “concrete steps” to ensure the independence of its central bank, European Commission economics spokesman Amadeu Altafaj told reporters in Brussels today.
Pope Benedict XVI will bind the Vatican to implementing European Union laws against money laundering and financial fraud, the European Commission said, after the Holy See’s bank was tainted by a series of scandals.
The European Union’s bailout funds sold 3.7 billion euros ($4.9 billion) of bonds as part of efforts to contain the region’s debt crisis.
The European Union tapped the bond markets for the third time this year with a sale of 26-year securities to help fund the bailout of Portugal.
The European Union said Greece must fulfill its commitments “to the letter.”
"There is a sequence that we have to follow."
- Amadeu Altafaj on Jun 07, 2012