Tony Stringer News
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Fitch Ratings said its AAA credit rankings on France, the U.S. and the U.K. are likely to come under pressure this year due to slow economic growth and high debt levels.
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Greece must secure an agreement to cut its debt burden in the next few days to prevent a “disorderly” default that could cause panic in its banking system and capital flight in nations from Portugal to Ireland, Fitch Ratings said.
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Fitch Ratings is performing a timely mind experiment: Pretend Chinese growth fell below 5 percent.
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German bunds rose, pushing yields down the most in two months, after European finance ministers held back a rescue package for Greece, increasing pressure on politicians in Athens to ratify new austerity measures.
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A leader of Greece’s governing coalition pushed back against German demands for deeper budget cuts to get the bailout needed to prevent a financial collapse.
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China may “move shortly” to help Europe resolve its debt crisis by providing an investment of as much as 100 billion euros ($132 billion), said Yuan Gangming, an economist at the Chinese Academy of Social Sciences.
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Greece is missing its debt-cutting targets, German Finance Minister Wolfgang Schaeuble told lawmakers today, intensifying pressure on Greek politicians to deliver on austerity promises.
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