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European Leaders Reach “Broad Agreement” On Finances

Posted October 26th, 2011 at 7:25 pm (UTC-5)
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European Union officials say they have reached a “broad agreement” on a plan to boost bank capital, but they failed to agree with private sector on how much of the Greek debt needs to be forgiven. Under the plan hammered Wednesday in Brussels, European banks would have to raise close to $150 billion to recapitalize. […]

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European Leaders Struggle to Resolve Debt Crisis at Summit

Posted October 26th, 2011 at 3:35 pm (UTC-5)
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European leaders struggled Wednesday to reach agreement on a plan to resolve the continent’s burgeoning debt crisis as they opened their second summit this week in Brussels. While the broad outlines of a debt-relief plan were apparent, the details were not. German Chancellor Angela Merkel said there were “still many problems to settle,” while Luxembourg […]

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European Leaders Struggle to Resolve Debt Crisis at Summit

Posted October 26th, 2011 at 1:05 pm (UTC-5)
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European leaders struggled Wednesday to reach agreement on a plan to resolve the continent’s burgeoning debt crisis as they opened their second summit this week in Brussels. While the broad outlines of a debt-relief plan were apparent, the details were not. German Chancellor Angela Merkel said there were “still many problems to settle,” while Luxembourg […]

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Germany Approves Bigger Bailout Fund, Ahead of Summit

Posted October 26th, 2011 at 9:45 am (UTC-5)
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Germany, with Europe’s biggest economy, approved a sharp increase Wednesday in the continent’s bailout fund to assist debt-ridden countries. The German parliament voted overwhelmingly to more than double the size of the fund to about $1.4 trillion. That gave Chancellor Angela Merkel new clout ahead of a late-day summit of European leaders as they seek […]

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Europe Scrambling to Complete Debt-Relief Plan

Posted October 25th, 2011 at 1:20 pm (UTC-5)
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European leaders are scrambling to finalize a plan to resolve the continent’s governmental debt contagion, ahead of Wednesday’s summit in Brussels. The outline of a package of reforms is emerging, but details have yet to be set, and a pre-summit meeting of European finance ministers was called off. That left some analysts to question whether […]

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EU ‘Relatively Close’ to Greek Debt Write-off

Posted October 24th, 2011 at 1:00 pm (UTC-5)
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The European Union says it is “relatively close” to a deal with the continent’s banks to write off about half of Greece’s debts, an agreement that could cost the financial institutions about $243 billion. A spokesman for EU economic affairs commissioner Olli Rehn said Monday that the continent’s leaders “clearly” prefer that the banks reach […]

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Suspect in Saudi Assassination Plot Pleads Not Guilty

Posted October 24th, 2011 at 11:55 am (UTC-5)
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One of the suspects accused in a plot to assassinate the Saudi ambassador to the United States has pleaded not guilty. Manssor Arbabsiar, a naturalized U.S. citizen holding Iranian and American passports, entered his plea in a New York court Monday. He is charged with trying to hire a Mexican drug cartel to kill Saudi […]

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Experts: Private Banks May Have to Forgive Half of Greek Debt

Posted October 21st, 2011 at 8:00 pm (UTC-5)
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International lenders say private banks lending money to Greece may have to forgive the debt-ridden country more than a half of what it owes them. The latest review by European Union and International Monetary Fund experts shows that a Greek bond writedown of 50 to 60 percent would still leave the country’s debt burden bigger […]

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Europe’s Finance Chiefs Approve New Greek Bailout Payment

Posted October 21st, 2011 at 3:05 pm (UTC-5)
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Greece moved a step closer Friday to securing an $11 billion segment of its 2010 international bailout to keep it from running out of money next month and defaulting on its financial obligations. Finance ministers from the 17 European nations that use the euro approved release of the money within a month. That leaves only […]

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US Stocks Advance Sharply in Midday Friday Trading

Posted October 21st, 2011 at 12:55 pm (UTC-5)
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U.S. stock indexes are up sharply in midday trading Friday. The Dow Jones Industrial Average is ahead 1.8 percent. The S&P 500 index is up 1.5 percent, while the NASDAQ composite index is ahead 1.3 percent. Stocks closed markedly higher in Europe. London’s Financial Times index ended up 1.9 percent to close at 5,489. The […]

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