Institute Of International Finance News
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Updated 26 minutes ago
The euro climbed against the dollar and the yen as a report showed German business confidence rose to the highest level in seven months in February amid progress in taming the region’s debt crisis.
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Updated 1 hour, 2 minutes ago
Royal Bank of Scotland Group Plc, Commerzbank AG of Germany and France’s Credit Agricole SA booked losses on their Greek government debt two days after creditors agreed to the biggest sovereign restructuring in history.
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An orderly resolution of the Greek debt crisis “remains a key challenge,” and there is the “risk of a subsequent debt restructuring,” following the pending private-sector involvement deal, the Institute of International Finance said in its Feb. Global Economic Monitor.
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Group of 20 nations should discuss possible further resources for the International Monetary Fund after Europe decides on its financial firewall, the U.S. Treasury Department’s top international official said.
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Josef Ackermann, Chief Executive Officer of Deutsche Bank AG and Chairman of the Institute of International Finance, said the participation of private holders of Greek bonds will be “substantial” in a voluntary debt swap announced yesterday.
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European leaders’ rescue plan for Greece is an “important step” and the continent’s challenges include boosting economic growth, the U.S. Treasury Department’s top international official said.
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Europe’s bailout plan for Greece is an “important step” and the continent’s challenges include boosting economic growth, the U.S. Treasury Department’s top international official said.
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Europe’s largest lenders and insurers are likely to accede to the Greek debt swap because they’ve already written down their sovereign holdings and want to avert the risk of a default, analysts said.
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Debt-stricken Greece won a second bailout after European governments wrung concessions from private investors and tapped into European Central Bank profits to shield the euro area from a precedent-setting default.
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Euro-area finance ministers meeting in Brussels have good prospects for reaching a deal on a second Greek rescue package, though more talks are necessary, a European diplomat said today.
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