The retired Venezuelan teacher says he was so desperate for dollars that he wired his life savings to a front company posing as a Margarita Island inn. Almost four months later, all he has to show for it is a menacing e-mail.
Estonia, Lithuania and Bulgaria shouldn’t rush to adopt Europe’s common currency given the euro- region’s turmoil and the limited benefits of the switch, said Steve Hanke , the architect of the nations’ currency regimes.
Nobel Prize winning economist Robert Mundell said debt restructuring may be “inevitable” in parts of the euro area and Steve Hanke, the architect of currency regimes from Argentina to Estonia, warned a Greek default may become unavoidable.
Iran has few policy options to end turmoil in its currency markets, as the U.S. and allies seek to inflict enough economic pain to force the Islamic republic into concessions over its nuclear plans, analysts said.
Europe’s debt crisis is intensifying fear among investors and making strategies that use leverage and derivatives to increase returns less attractive, said Hans-Joerg Rudloff , the chairman of Barclays Capital.
Brazil’s interest-rate reduction last week will prop up domestic demand and prevent inflation from slowing from a six-year high, said John Welch, chief emerging-markets strategist at Macquarie Capital Inc.