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admin on February 14, 2012 |
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Greek Prime Minister Lucas Papademos obtained approval from his Cabinet for deeper budget cuts needed to secure a second package of international aid, clearing the latest hurdle in his race to prevent financial collapse. The Greek Cabinet approved the 287-page document unanimously, said a government official, who declined to be named. The sanction means the 300-seat Parliament will vote, most likely tomorrow, on budget measures totaling to 7 percent of gross domestic product over the next three years and a debt swap to slice 100 billion Euros off more than 200 billion Euros of privately-held debt.
The community cost this program involves will be incomplete compared to the financial and social disaster that would follow if we don’t adopt it, Papademos told his ministers previously, according to an e-mailed transcription of his comments. The success of the program and monetary support will strengthen our country’s future in the euro area. The sanction capped a week of worry in Athens as European Union and International Monetary Fund officials argued with Greek government officials over the conditions required to secure the 130 billion-euro rescue package.
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Posted by
admin on February 13, 2012 |
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Credit Suisse Group AG (CSGN), the second- biggest Swiss bank, said it had a loss in the fourth quarter for the opening time since 2008, hurt by “unfavorable” markets and costs to rearrange the investment bank. Credit Suisse came down the most in five weeks in Zurich trading after posting a net loss of 637 million Swiss francs ($698 million), compared with an 841 million-franc profit in the year- earlier period. That missed the 446 million-franc average profit estimate of nine analysts surveyed by Bloomberg.
Credit Suisse Chief Executive Officer Brady Dougan said actions taken to speed up a revamp of the investment bank hurt earnings in the quarter. Dougan, who lowered the company’s profit target and announced two rounds of job cuts last year, is scaling down the securities division as the European sovereign debt emergency and stricter capital necessities crimp earnings. Pretax profit at the private bank dropped 43 percent with “passive” client activity in the fourth quarter.
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Posted by
admin on February 10, 2012 |
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Germany’s push to treat Europe’s financial crisis with austerity may fail by stifling its exports to the euro area, says Jerome Cahuzac, economic adviser to France’s Socialist presidential candidate. No state in Europe will acquire balanced budgets without development, Cahuzac, a lawmaker who also heads the Finance Committee at the lower chamber of Parliament, said in an interview in Paris Feb. 1. “It is also in the interest of Germany that growth stays everywhere and not just in Germany.”
His comments underscore the schism between Francois Hollande, the Socialist candidate who leads President Nicolas Sarkozy in polls, and policy makers in Berlin. Hollande has vowed to renegotiate the German-inspired treaty tightening budget rules endorsed by 25 European Union leaders last month, saying it is prejudiced against financial growth.
“A Hollande government might be on a collision course with Germany,” George Magnus, senior economic adviser at UBS AG, said in an e-mailed note Feb. 6 that pointed to the rising chance of a Hollande victory in the voting that concludes with a excess on May 6.
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