Pier Carlo Padoan, chief economist at the Organization for Economic Cooperation and Development, was selected to be Italy’s finance minister as Prime Minister- designate Matteo Renzi named his government team.
Italian Prime Minister Mario Monti may reverse a pledge not to run for a second term and become a candidate in elections that may be held as soon as February, said Riccardo Barbieri, chief European economist at Mizuho International Plc in London.
Spanish bonds fell, with 10-year yields rising the most in seven weeks, amid speculation domestic banks are reducing holdings of the securities before the European Central Bank reviews their balance sheets in 2014.
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.
When U.S. President Barack Obama told Chinese Premier Wen Jiabao last week that the yuan’s peg to the dollar is unsustainable, he forgot to add one thing: It also threatens the world’s floating exchange-rate system.
Italian Prime Minister Enrico Letta reshaped the country’s two-year commitment to austerity by approving a labor-tax cut and relying on 3.5 billion euros ($4.7 billion) of spending reductions to meet 2014 deficit targets.