European leaders grappling with political deadlock in Italy and spiraling unemployment in France will turn to a financial rescue for Cyprus in an effort to stave off a return of market turmoil over the debt crisis.
German Finance Minister Wolfgang Schaeuble said the week in May 2010 between approving the first Greek bailout and the creation of the European rescue fund is the crisis moment he recalls most vividly, according to an interview in Austria’s Der Standard.
Raiffeisen Zentralbank Oesterreich AG’s capital shortfall according to criteria by the European Banking Authority increased to 2.5 billion euros ($3.4 billion) at the end of the third quarter, Der Standard reported, citing unidentified “well informed” people.
Austrian Chancellor Werner Faymann’s office opposes Oesterreichische Volksbanken AG’s plan to create a “non-core business” unit for assets it wants to wind down or sell, Der Standard reported, citing “well informed people” it didn’t identify.
Austria’s Unigea Erneuerbare Energien GmbH plans to invest at least 600 million euros ($807 million) in Greece to build 1,200 megawatts of wind-energy projects, Der Standard reported, citing the company’s chief executive officer.
Klaus Regling , head of the rescue fund for debt-laden euro countries, said financial markets have regained trust in the euro as the currency bloc has reached “a turning point,” Der Standard reported, citing an interview.