In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of €48 billion (£42 billion) over the next three years. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. Mr Tremonti said the [...]
The International Monetary Fund (IMF) is urging Italy to introduce austerity measures to lower the country’s debt. Its warning comes as there are fears that the euro zone’s third largest economy could be dragged into the euro zone’s debt crisis as it has the second highest sovereign debt ratio in the region. As a result, [...]
Fears for Italy becoming the next victim of the euro zone debt crisis sent stocks down today. The euro dived to a record low against the Swiss franc and fell to a four-month low against the Japanese yen. An emergency meeting took place today in Brussels as EU officials met to discuss the ongoing debt [...]
European stocks were lower today after it emerged that top EU officials are meeting in Brussels to discuss the ongoing debt crisis in the euro zone. Germany’s DAX 30 lost 0.68% to 7,352.73, while France’s CAC 40 was down 0.89% to 3,878.60. London’s FTSE was 0.2% lower at 5,977.31. The meeting has been arranged as [...]
Euro zone finance ministers have approved the latest instalment of financial aid for Greece. The latest tranche of €12 billion will be released this month so the crisis-torn economy can avoid defaulting on its mountain of debt. The release of the funds comes after the Greek parliament approved fresh austerity measures, which include further spending [...]
Protesters have gathered on the streets of Athens today as a 48-hour general strike commences, which will see the country come to a virtual standstill. Apart from the metro, no public transport is operating as many people opt to join the fourth general strike called this year by the country’s two largest unions. The general [...]
A second rescue package for Greece has been agreed, which is understood to be in the region of €120 billion. The money will come from its fellow euro zone nations, as well as the International Monetary Fund (IMF). The news of the deal sent stockmarkets higher this morning after the crisis-torn economy has been thrown [...]
Greek Prime Minister George Papandreou last night survived a crucial confidence vote by 155 to 143. EU leaders were insistent that Mr Papandreou’s new cabinet secure support for new austerity measures that are a condition of the latest instalment of financial aid for the country. MPs will now have to approve the next round of [...]
The International Monetary Fund (IMF) has warned the Spanish Government to continue with its efforts of cutting public spending and reducing unemployment. Like many other Governments across the globe, Spain is taking steps to reduce the deficit but the IMF warned the economy still faces “considerable” risks. In an annual report, the Washington-based Fund said: [...]
Later today, Greece’s Prime Minister, George Papandreou, faces a confidence vote after the crisis-torn country needs to introduce further austerity measures in order to avoid the euro zone’s first sovereign debt default. EU leaders are insistent that the PM secure support for the measures that are a condition of the latest instalment of financial aid. [...]
The Office for National Statistics (ONS) has today revealed UK public sector borrowing fell slightly last month. According to the ONS, public sector borrowing fell to £15.15 billion last month compared with £16.46 billion in May last year. The figure was lower than analysts’ expectations of £15.75 billion and was attributed to an increase in [...]
Treasury Minister, Mark Hoban, has today said the ongoing “instability” in the euro zone could hold back the recovery of the UK economy. While banks in the UK only have a small exposure to Greek debt compared with France and Germany, it could still have a considerable impact on the economy. Mr Hoban was responding [...]
Euro zone finance ministers have failed to reach an agreement on Greece’s next loan instalment of €12 billion, which has sent European stocks down – with banking shares hit hardest. Ministers met in Luxembourg yesterday but delayed their decision on the fifth instalment of Greece’s €110 billion loan until the country introduces further austerity measures. [...]
Credit rating agency Moody’s has once again cut Greece’s credit rating by three notches into junk territory. The measures come after Moody’s said the country has a 50:50 chance of defaulting on its debts in the next five years. Moody’s said: “The first trigger for today’s downgrade is Moody’s view that Greece is increasingly likely [...]
The Office for National Statistics (ONS) has today revealed UK public sector borrowing was higher than expected last month, due to a decline in tax receipts. According to the ONS, public sector borrowing was £10 billion in April, compared with £7.3 billion last year. Last year’s figure was boosted by £3.5 billion by the tax [...]
European stock markets have lost ground today as the euro zone debt crisis continues and Italy becomes the latest nation to come under scrutiny. European stock markets were down earlier today with London’s FTSE, Germany’s Dax and France’s Cac 40 all losing between 1.6% and 1.9%, following falls in Asia earlier. Meanwhile, the euro slipped [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
Greek yields up on Wolfgang Schaeuble comments
Germany’s Finance Minister, Wolfgang Schaeuble, has said Greece is at “risk” of default if funds are not provided soon. In a letter dated 6 June to the European Central Bank and the International Monetary Fund (IMF), the Minister said a new package was required as the current one is “insufficient”. “A return by Greece to [...]