Tag: European Central Bank

• Friday, May 7th 2010 - 05:36 UTC

  Greek Default “Is Not an Option” and “Never Has Been” Says IMF

  

  A default by Greece on its debt obligations is not and has never been an option, a spokeswoman for the International Monetary Fund (IMF) said on Thursday. A Greek “default is not on the table, has not been on the table” insisted IMF director of external relations Caroline Atkinson.

• Friday, May 7th 2010 - 05:33 UTC

  ECB Leaves Euro Policy Unchanged; European Leaders Set to Approve Greek Rescue

  

  European Central Bank president Jean-Claude Trichet faced down pressure for new moves to shore up the weakest Eurozone countries, but kept options open even as he said Spain and Portugal were “not Greece”.

• Friday, May 7th 2010 - 00:47 UTC

  Greek Contagion Threatens South Europe and UK Banks Warns Rating Agency

  

  Banks in the United Kingdom and Europe risk their credit ratings being damaged because of “contagion” from Greece's debt crisis, a ratings agency has warned. Moody's said banking systems faced “very real, common threats” if doubts were raised about their governments' abilities to pay debts. It referred specifically to UK, Irish, Italian, Portuguese and Spanish banking systems.

• Tuesday, May 4th 2010 - 05:48 UTC

  European Central Bank Beefs Greek Rescue-Plan; Takes “Junk” Bonds as Collateral

  

  The European Central Bank (ECB) has moved to shore up the €110 billion EU/IMF rescue of Greece by offsetting the impact of the “junk” rating on the country’s debt.

• Wednesday, April 28th 2010 - 18:18 UTC

  IMF Warns of Greek Crisis Contagion; Germany Reluctant to Support Aid

  

  The head of the International Monetary Fund has warned that the crisis in Greece could spread throughout Europe. Dominique Strauss-Kahn said that every day lost in resolving Greece's problems risks spreading the impact “far away”.

• Saturday, April 24th 2010 - 00:53 UTC

  First Tremors of Euro Seism: Greece Asks for Financial Rescue Package

  

  Greece has formally asked for the activation of an EU-IMF financial rescue package to help pull the debt-ridden economy out of its crisis. It had hoped that just the promise of EU support, agreed last month, would have been enough to reassure markets and help its recovery.