“The Greek election merely postpones a consideration of the underlying problems,” said Sushil Wadhwani, a hedge fund manager and former member of Italy’s 10-year bond yields again rose above the 6 per cent mark. Spain’s 10year bond yields, which move inversely to prices, rose as high as 7.28 per cent yesterday, while the euro fell sharply against most other key currencies.
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The eurozone has already promised €100bn to help recapitalise Spain’s banks, but investors are concerned that it could merely increase Madrid’s debt burden and eventually lead to a full sovereign rescue. Data from the Bank of Spain showed that the non-performing loan ratio of Spanish banks rose to 8.7 per cent of their outstanding portfolios in April – the highest in almost two decades. But the optimism was swiftly deflated by dismal bad bank loan figures in Spain that underlined the country’s woes. Markets initially rallied on news that New Democracy and Pasok, two mainstream parties that support the austerity conditions of the eurozone’s bailout, gained enough seats to form a parliamentary majority in Athens. The election victory for proausterity parties in Greece failed to assuage fears over the eurozone’s future, as investors ratcheted up the pressure on policy makers by sending Spain’s benchmark borrowing costs to a new euro-era high. Tehran talks tough Iran engaged in “intense and tough” exchanges with the US and other world powers as a third round of nuclear talks began amid fears that a peaceful resolution to the stand-off over Tehran’s ambitions will prove elusive. Rich nations must take a lead, įairfax to axe jobs The Australian publisher Fairfax Media is to cut about a fifth of its workforce and shrink its flagships Sydney Morning Herald and The Age to tabloid size as it seeks to cut costs and halt a slide in revenue. Ĭlean energy boost Japan has revealed a plan to boost investment in clean energy sources, in a move aimed at lowering dependence on fossil fuels and nuclear power. Hollande’s challenge François Hollande, France’s president, will soon have to take tough measures to tackle the country’s public finances. Russian contingency Russia is setting aside up to $40bn to shore up the economy in case the eurozone crisis should escalate and spread. īy Robin Wigglesworth in London, Chris Giles in Los Cabos, Mexico and Kerin Hope in Athens Russia is preparing two warships to sail to Syria to protect Russian citizens, in a sign that it is taking precautions against a worsening of the security situation there. Tensions rise as Muslim Brotherhood and old guard clash over Egypt election Įurozone’s Greek poll honeymoon shortlived ĮU banking push A push by EU leaders to create a single supervisor for Europe’s largest banks is rapidly gaining momentum and could lead to an agreement as soon as next week. News Briefing Carrefour investors block share plans Shareholders at Carrefour vented their anger at the French retailer’s underperformance by blocking the allocation of new share options to directors at an annual meeting in Paris.
Just not cricket? Learning from scams Andrew Hill, Ī big but difficult eurozone fix.
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