European Union countries could be obliged to bail out one another’s struggling banks, according to a draft EU law that marks a big step towards greater EU financial integration likely to upset some members, particularly Germany.
Spain’s banking troubles and the risk that a bank run in a country such asGreece could spread have given new impetus to delayed EU proposals for a law to deal with failing banks.
The European Commission, the EU’s [...]
The following is a short essay by Brazilian ecological philosopher Leonard Boff. Every time you hear the words “economic growth” in the mainstream media, think about what Boff is saying and pleading for in this essay. If you think modern civilization can survive the 6th mass extinction that is currently ongoing, then you are living in a make-believe world. What industrial civilization is doing to the bedrock of life on Earth is analogous to randomly [...]
Analysis: India inches closer to crisis as rupee retreats
Reuters – 1 hour 42 minutes ago.. .
By Swati Bhat and Emily Kaiser
MUMBAI (Reuters) – India may face its worst financial crisis in decades if it fails to stem a slide in the rupee, leaving the central bank with a difficult choice over how to make best use of its limited reserves to maintain the confidence of foreign investors.
If the central bank [...]
German benchmark borrowing costs fell below 2 per cent to all-time lows while Italy’s shot up as worries about the eurozone debt crisis and the fragility of banks once more intensified.
European lenders bore the brunt of a broad-based sell-off across equity markets while the cost of insuring bank and government debt hit record highs as investors fled from risky assets to safer ones.
German 10-year Bund yields fell [...]