Greece
Greece inches closer to default status
Fitch downgrades Greece’s long-term credit rating to CCC, one notch above default, in an active week for ratings agencies
ECB “sidelined” in sovereign crisis debate, says analyst
Eurogroup lays out plans to provide bail-out fund with greater flexibility to address sovereign risks; analyst says message sends signal European Central Bank is being “sidelined” in discussion
European debt concerns spark bond market sell off
European bond markets tumble amid growing concerns over Italy’s ability to tackle its fiscal deficit; uncertainty over Greek rollover adds to market uncertainty
BIS report highlights steps to curb sovereign debt risks
Basel working group outlines measures central banks can introduce to mitigate the risks associated with sovereign debt
Portugal downgrade reignites sovereign debt fears
Moody’s downgrades Portugal’s credit rating four notches to junk status; decision sends shudders through European markets as contagion spreads across periphery
Eurogroup agrees to extend Greek loan
Eurogroup agrees to disbursement of €12 billion tranche for Greece from European Union and IMF; Fund will have final say
Eurozone authorities are losing credibility – CNB’s Singer
Credibility is key in crisis resolution and European authorities are failing to achieve, warns Miroslav Singer, the governor of the Czech National bank
Greece austerity measures pass vote
Greece averts default as parliament passes €28 billion austerity bill; government set to receive €12 billion lifeline from EU and IMF
OECD says crises will continue to occur
Organisation for Economic Cooperation and Development report warns crises are likely to repeat themselves as the global economy becomes more interconnected
ECB lifts lid on shadow-banking activities
New statistics based on broad data collections will improve euro area reporting for financial institutions that fall outside traditional monitoring frameworks
Euro area heads endorse Vienna Initiative-style agreement
European governments back official and private sector involvement to roll over Greek debt
Fitch upgrades Colombia and Philippines
Fitch upgrades Colombia and Philippines one notch each as emerging markets bolster public finances; outlook reflects solid macroeconomic policies and strong public finances
Barroso confirms European finance ministers agree to EFSF fund rise
European Council set to meet in Brussels to discuss economic policy change and the Greek crisis; Barroso reveals finance ministers agree to raise European Financial Stability Facility fund
Euro finance ministers delay Greece deal
Eurogroup says second tranche for Greece will be delayed until at least early July as European finance ministers flesh out new deal for sovereign
Greece debate grips European markets
Dutch finance minister Jan Kees de Jaager says private credit holders of Greek debt should bare 30% of losses on paper; Fitch says any exchange of distressed debt would constitute a default
Trichet highlights advanced economy failures
European Central Bank president Jean-Claude Trichet says crisis highlighted weaknesses in strategies of advanced economies; stands firm on Greece action shortly before S&P downgrades sovereign
Germany’s Schäuble calls for bond swap on Greek debt
Trichet has some sympathy in Vienna Initiative-style arrangement for Greece; German finance minister calls on ECB to go one step further with swap deal
Private sector involvement in Greece may be harmful: ECB’s Bini Smaghi
European Central Bank executive board member Lorenzo Bini Smaghi says private sector involvement is fraught with complications
BIS data highlights US banks’ exposure to Greece
Bank for International Settlements data reveals United States’ heightened “potential exposure” to Greek default
Greece agrees new package
Authorities strike deal over Greece; extensive privatisation programme to commence shortly
Talk of restructuring worsened turmoil: Bini Smaghi
ECB executive board member blames inability of securities market programme to curb investor fears on renewed talk of restructuring; tells Central Banking Greece should have sought help sooner
Argentina’s Blejer likens Greece bailout to ponzi scheme
Former Central Bank of Argentina president Mario Blejer compares Greece bailout to ponzi scheme; analyst expects restructuring of debt to be delayed until 2013
Bini Smaghi: Greece not our responsibility if it defaults
Executive board member tells Central Banking Greece's fate is in its hands; reprofiling dismissed on grounds that it would have "all implications" of a default
Fitch downgrades Cyprus over threat of Greek contagion
Fitch downgrades Cyprus three notches to A- amid concerns over Cypriot banking sector’s exposure to Greece