Gold prices rebound in Asia as investors eye Fed on rates, Greece debt
Greece's coalition government will seek a bridging loan to tide it over while it scrambles to find 11.7 billion euros of spending cuts to bring a derailed bailout plan back on track and appease exasperated international lenders.
The opening last week in northeastern Spain of a 37-million-euro stretch of motorway to nowhere is an irresistible metaphor for the euro, an ambitious project conceived in better times that is now seemingly running out of road.
Euro zone finance ministers have found ways to cut Greece's debt to between 123 and 124% percent of gross domestic product by 2020.
Athens will struggle to cut its debt burden to a target of 120% of GDP by 2020, documents obtained exclusively by Reuters show.
Even though we saw a 300 plus point rally yesterday, CNBC-TV18's managing editor does not believe that there is enough ammunition for it to extend to today.
Christopher Palmer, Henderson Global Investors joins CNBC-TV18 to give his perspective on the situation in Europe.
German Chancellor Angela Merkel has rejected calls for the 'orderly insolvency' of debt-stricken Greece she tried to calm financial markets and defuse a crisis that threatens to tear apart her Centre-Right coalition government.
The improved prospects for Euro-zone after Greek politicians approved the austerity package sent investors heaving a big sigh of relive. "Apart form the austerity vote, a turnaround in US macro economic data also spilled over optimism in investor sentiments," says Manpreet Gill
In an interview with CNBC-TV 18, Sarah Hewin, head research-Europe at Standard Chartered Bank, said that European banks hold probably 80% of foreign banking exposure to Greece, and France and Germany have major holdings amongst those banks, which makes 1% of total banking sector exposure.
Gold rose nearly 1% on Friday, notching its biggest one-day gain in three weeks, as a sharp dollar drop amid an outline agreement to aid debt-burden Greece boosted investor appetite across the board.
Stocks and the euro rose on Friday after the leaders of France and Germany hinted at an aid deal to save fellow euro zone member Greece from default and avert another global crisis, but until an accord is reached a layer of anxiety is seen hanging over markets.
Greece will seek approval from euro zone finance ministers on Sunday to agree to some changes in a mid-term austerity plan that parliament is expected to pass, the country's new finance minister said on Friday.
Investors are the most bearish they have been since last year's third quarter, cutting their exposure to stocks in May for the fourth month in a row, Reuters polls showed on Tuesday.