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via AP: A slim victory for the main conservative party in an election in Greece should relax fears that a country will stop using the euro for the first time and possibly unleash global financial turmoil. But when it comes to Greek politics – and European economic policy – it’s never that easy. So the bumpy ride for financial markets isn’t over yet. The conservative New Democracy party, which supports a bailout agreement [...] Euro crisis far from over, stock analysts warn WASHINGTON (AP) — A slim victory for the main conservative party in an election in Greece should relax fears that a country will stop using the euro for the first time and possibly unleash global financial turmoil. But when it comes to Greek politics – and European economic policy – it’s never that easy. So the bumpy ride for financial markets isn’t over yet. The [...] Stock markets were topsy-turvy on Friday, reflecting ongoing concern on the euro crisis Italy’s cost of borrowing has reached a record high, despite the deal reached to contain the eurozone debt crisis. Italy paid 6.06% to borrow for 10 years at an auction on Friday, the most since the euro was created in 1999. The rate jumped from 5.86% – the previous record high – at its last auction a month [...] 1) U.S. dollar could ‘collapse’: UN “The United Nations warned on Wednesday of a possible crisis of confidence in, and even a “collapse” of, the U.S. dollar if its value against other currencies continued to decline. In a mid-year review of the world economy, the UN economic division said such a development, stemming from the falling value of foreign dollar holdings, would imperil the global financial system. The report, [...] (Updates with Kostin’s quotes starting in fourth paragraph.) May 26 (Bloomberg) — Andrei Kostin, chief executive officer of VTB Group, Russia’s second-biggest bank, said global instability and the risk of the U.S. defaulting on its debt continue to roil the financial industry, stifling credit flows. “The constant threat of a financial crisis, defaults hangs over the financial banking sector, and on the whole, the overall situation on [...] |
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