Crisis Management News
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Removing Iceland’s capital controls is becoming harder as the high interest rates, deployed to backstop the krona, are swelling the amount of captive money held by offshore investors and posing a risk to the equity market, the head of TM Insurance Ltd. said.
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Far from undermining the euro’s credibility, the debt crisis has underscored the currency’s durability, Finland’s Europe Minister Alexander Stubb said.
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European Central Bank Executive Board member Benoit Coeure said some non-standard measures introduced during the financial crisis may be worth keeping once policy returns to normal.
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As Greece lurched toward its first bailout in early 2010, the largest bank in Cyprus was stocking up on Greek bonds.
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The party ousted from government in 2009 after presiding over Iceland’s financial meltdown emerged as the biggest winner in the weekend’s parliamentary elections as talks start to form a ruling coalition.
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European Central Bank Governing Council member Christian Noyer said the European Union’s flawed Cyprus rescue won’t serve as a model for defusing future crises.
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Bank of Finland Deputy Governor Pentti Hakkarainen is urging Europe’s policy makers to come up with a more predictable crisis-management rulebook after Cyprus’s bank creditor bail-in confused investors.
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Defeated Italian Prime Minister Mario Monti blamed crisis-management mistakes at the European level and populism at home for this week’s electoral drubbing that threw Italy into political chaos.
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French President Francois Hollande hosted Angela Merkel’s opposition challenger for talks in Paris, sending the German chancellor a public signal that she won’t get his support in federal elections in less than six months.
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A two-year slump, 19 million unemployed and five countries on emergency aid are no reason to take bold, immediate action to spur economic growth, according to European officials set to defend their handling of the debt crisis in Washington this week.
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