Officials from the European Commission, the European Central Bank and the International Monetary Fund (IMF) are to meet in Lisbon today to discuss the terms of Portugal’s bailout. The bailout represents the third in the euro zone after Greece and Ireland, and will be finalised by mid-May. The €80 billion (£70 billion) rescue package comes [...]
After months of speculation, it has been announced that Portugal will seek financial help. EU finance ministers are set to meet in Hungary this week when the bailout will be discussed. Portuguese borrowing costs rose to more than 10% this week – the first time since the introduction of the euro. A surge in borrowing [...]
Portugal is looking to sell as much as €1 billion in short-term Government debt today – in a bid to help service its debts. The Government is expected to be able to issue 6 and 12-month treasury bills but the debt auction comes after Moody’s downgraded the credit ratings of seven Portuguese banks citing weakened [...]
Moody’s Investors Service has today downgraded Portugal’s debt rating, for the second time in less than a month, by one notch to Baa1 from A3. Moody’s also warned that a further downgrade is possible as a bailout becomes increasingly likely for the debt-laden country. It said the downgrade was “driven primarily by increased political, budgetary [...]
Standard & Poor’s (S&P) today downgraded its rating on Greece’s long-term debt by two notches to BB- from BB+, taking the nation’s debt deeper into junk status. The downgrade comes shortly after Moody’s cut Greece’s rating to B1, one notch below S&P’s new rating. The downgrade is a further blow to the euro zone as [...]
Speculation is mounting again that Portugal may need financial assistance after a rise in bond yields. Yields on Portuguese 10-year bonds climbed to 8.17% yesterday – a record high after last week’s rise to 8%. The country’s borrowing costs have risen in recent months – mimicking what happened in Greece and Ireland – just before [...]
Speculation is mounting again that Portugal may need financial assistance after a sharp rise in bond yields. In early trading, yields on Portuguese 10-year bonds climbed to almost 7.6%, their highest since the euro was introduced more than a decade ago. The country’s borrowing costs have risen in recent months – mimicking what happened in [...]
Following the two-day meeting of European finance ministers in Brussels, it has emerged that Governments are in no hurry to increase the European Financial Stability Facility (EFSF) – otherwise known as the rescue fund. Greece and Ireland have received emergency bailouts from the fund and there has been speculation that weaker euro zone nations will [...]
A meeting of euro zone finance ministers will take place today to discuss enlarging the effective capacity of the European Financial Stability Facility (EFSF). The move comes after speculation mounts that weaker euro zone nations will need to tap the facility for emergency funds. Portugal and Spain are both under scrutiny and face pressure to [...]
As widely expected, the European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 20th consecutive month. Rates are expected to be kept on hold for the medium-term at least to boost the area’s economic recovery. However, there are still fears that the debt crisis [...]
Portugal has today raised £1 billion via the sale of bonds, although analysts say this does not mark the end of the country’s problems. Portugal was successful in borrowing €1.25 billion via a bond auction but fears remain that the debt-ridden country may still require an emergency bailout from the EU – something which Prime [...]
There is speculation that Portugal is, once again, under pressure to seek a bailout in order to prevent the euro zone debt crisis spreading further. The country’s borrowing costs continue to surge – mimicking what happened in Greece and Ireland – just before they were forced to seek emergency aid. However, Portugal continues to deny [...]
Moody’s Investor Service has today put Portugal under review, warning that it may cut its rating by one or two notches. Investors have been nervous over recent weeks as Portugal’s borrowing costs surge and there have been suggestions that it might be forced to seek an emergency bailout, like Greece and Ireland. However, the country’s [...]
A meeting of euro zone finance ministers is taking place today to discuss boosting the EU rescue fund in light of the debt crisis that is currently eating its way into the nation. The recent Irish bailout has done little to allay fears and speculation has been mounting that other weaker euro zone economies may [...]
Portugal has, once again, denied that it does not require an EU bailout as speculation mounts that it will follow Greece and Ireland and request emergency funds. The euro has been falling over recent days over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis [...]
The euro is continuing its slide against the US dollar over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis could spread to weaker economies, such as Portugal and Spain – despite reassurances from both countries that the recent Irish bailout will stabilise the euro [...]
Fears have been mounting for Spain and Portugal over recent days as borrowing costs surge but spreads on Italian and Belgian bonds have now risen as Ireland’s bailout does little to reassure the markets. The euro continues to slide, hitting a two-month low of $1.31, while London’s FTSE dived nearly 118 points to 5,550. Nick [...]
Fears of contagion were raised again today after Spain’s borrowing costs surged to 5.330% from 5.148% – an eight-year high. Markets are nervous about the current euro zone situation and fears are growing that Spain and Portugal could be next in line for a bailout as yields on 10-year bonds rise to dangerous levels – [...]
The euro has today hit a fresh low despite news that Ireland’s rescue package has been signed off. The single currency dipped to $1.3181 – its lowest level since late September – as investors digested the news of Ireland‘s bailout. Full details of the rescue package, which is worth €85 billion (£72 billion), will be [...]
The bailout package for Ireland has finally been signed off after days of negotiation between the Irish authorities, the EU, the European Central Bank and the International Monetary Fund (IMF). Full details of the rescue package, which is worth €85 billion (£72 billion), will be confirmed by the Irish Government once it has been approved [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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