The fading notion that the largest U.S. finance companies are too big to fail led Moody’s Investors Service to cut ratings on $5.5 billion of bank-backed debt used to buy natural gas. Investors see the bonds as too cheap to pass up.
In the abandoned building that once housed the Athens Stock Exchange, artist Teo is shuffling between the Fool, the Magician and the Devil in a Tarot card reading to divine the fate of the crippled Greek nation.
Public Power Corp SA won a European Union court ruling that allows it to maintain preferential access to cheap fuel for power generation, potentially helping the Greek government in talks with creditors on an economic overhaul needed to qualify for more emergency loans.
Public Power Corp. SA rose for the first time in over two weeks in Athens trading after the company agreed on terms of a 960 million-euro ($1.3 billion) bank loan to help it overcome liquidity problems and refinance debt.
Greece and the European Commission will complete an agreement this week to open up 40 percent of Public Power Corp. SA’s lignite-fueled capacity to competitors, Energy Minister George Papaconstantinou said.