European Union Economic and Monetary Affairs Commissioner Olli Rehn said a debt restructuring in the euro area would cause a “chain reaction” in the banking industry and he ruled out such an operation for Greece.
The head of the Israeli parliament’s finance committee said both Bank of Israel Governor Karnit Flug and Finance Minister Yair Lapid have the wrong answer on how to tackle next year’s outsize budget gap.
A decision by Greece to give up the euro would trigger a chain reaction that would force Spain and Portugal out of the common currency, European Parliament President Martin Schulz said in an interview with Frankfurter Allgemeine Zeitung in which he warned against such a step.
An exit from the euro by Greece would cause a chain reaction in other crisis countries within the currency area as citizens rush to withdraw savings from banks, Oxford University professor Clemens Fuest said, Germany’s Handelsblatt newspaper reported, citing an interview.
Tougher safety tests of lithium-ion batteries that were implemented after Boeing Co.’s 787 was approved remain inadequate to ensure that the power packs won’t overheat in flight, a U.S. investigation has concluded.