United Response News
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Mylan Inc. , the biggest U.S. maker of generic drugs, is marketing $1 billion of notes as companies postpone debt sales amid Greece’s fiscal crisis.
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Greece’s credit rating may be hit by a “multi-notch” downgrade by Moody’s Investors Service if the government doesn’t cut the budget deficit enough or the European Union fails to agree a united response to its crisis.
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Spanish Economy Minister Luis de Guindos said euro-area finance ministers meeting in Brussels must deliver a united response on Greece to prevent the region’s debt crisis from engulfing Spain.
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German and French government bonds rose, pushing yields to record low levels, and securities of so- called peripheral nations such as Spain fell on concern Europe lacks a united response to its debt crisis.
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French President Nicolas Sarkozy threatened to pull out of the euro unless German Chancellor Angela Merkel agreed to back the European Union bailout plan at a summit last week in Brussels, El Pais newspaper said.
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American sanctions on Iran could hurt Japanese banks that do business in the U.S., Finance Minister Jun Azumi said.
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U.K. unions said strike action is possible if talks with the government over public-sector pensions are unsuccessful as labor leaders met in London to coordinate their response to the government’s spending cuts.
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Greece’s three-year emergency aid package worth as much as 120 billion euros ($159 billion) will meet its immediate financing needs and may help the country keep its investment-grade rating, said Brian Coulton, managing director of Fitch Ratings’ sovereign debt team.
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Treasuries reversed a rally that pushed yields on 10-year notes to a one-year low, as a global slide in stocks stabilized and the euro gained, reducing the refuge appeal of U.S. government securities.
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