Crisis Management News
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If Europe’s new plan for Greece succeeds, nobody will be more surprised than the politicians who designed it. At best, the arrangement is a holding action, one that fails yet again to deal with the much larger confidence crisis facing the euro area.
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German President Christian Wulff resigned amid the threat of a legal probe into corruption allegations, delivering a blow to Chancellor Angela Merkel that risks distracting her from the euro-region debt crisis.
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Europe’s creditor countries struggled to bridge divisions over a rescue of Greece, seeking more control over how future aid is spent as the clock ticked toward a possible default next month. Stocks and the euro fell.
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Italian Prime Minister Mario Monti said the International Monetary Fund needs to be more flexible in its crisis management and the lender should acknowledge the budgetary progress made by Greek’s government.
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Nicolas Sarkozy, the most unpopular incumbent French president since World War II, is counting on his stewardship of the debt crisis to deliver a second term in what would be an unprecedented election victory.
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Swedish bonds underperformed benchmark German debt as investors scaled back bets that the Nordic nation is safer than the euro region’s biggest economy.
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India’s government gets a chance to rebuild its political support after a year of setbacks and gauge the popularity of Rahul Gandhi, its touted next leader, as voters go to the polls in the nation’s most populous state.
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The European Central Bank is likely to refuse to show its hand on how it will help cut Greece’s debt burden until investors and the government have agreed to a deal, said economists from ING Group to Deutsche Bank.
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Sauli Niinistoe, a former finance minister who led Finland into the euro in 1999, won the first round of the country’s presidential race as voters handed a loss to candidates calling for an exit from the single currency.
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Chancellor of the Exchequer George Osborne proposed laws to give the British Treasury sole power over when to bail out banks, sweeping aside opposition from the central bank as he seeks to end confusion over who should take charge during a crisis.
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