Holger Schmieding News
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European Central Bank President Mario Draghi is signalling he may go negative in his campaign to rescue the euro-area economy.
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European Central Bank President Mario Draghi opened a new front in the battle against the debt crisis after cutting the benchmark interest rate to a record low today.
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Germany’s government and coalition parties denounced a new political grouping that calls for the euro to be scrapped in an electoral challenge to Chancellor Angela Merkel’s crisis policy.
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Bank customers in Cyprus, which agreed to a 10 billion euro ($13 billion) bailout today, may line up to withdraw money when savings institutions reopen, Holger Schmieding, chief economist at Berenberg Bank, said.
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Europe’s crisis-torn nations are paving an escape route to recovery.
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Cyprus government officials are seeking easier bailout terms in talks with representatives of the European Union and International Monetary Fund today, before a meeting of euro-area finance officials later this week.
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Cypriot Finance Minister Michael Sarris quit amid a probe into the island nation’s economic crisis, leaving the government eight days after helping it clinch an international bailout to stave off financial collapse.
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Cypriot lawmakers were poised to reject an unprecedented levy on bank deposits in a parliamentary vote, risking renewed euro turmoil and raising the prospect of the country’s default.
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Greece is locked in talks with international creditors in Athens about shrinking the government workforce by enough to keep bailout payments flowing.
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Euro-area finance ministers agreed to an unprecedented tax on Cypriot bank deposits as officials unveiled a 10 billion-euro ($13 billion) rescue plan for the country, the fifth since Europe’s debt crisis broke out in 2009.
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