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Wake up, South Asia, and Smell the Carbon

Sunil Sharan | Posted 05.25.2011 | Green
Sunil Sharan

Climate change was the purported theme of the just-concluded summit of the South Asian Association for Regional Cooperation (SAARC) in Thimpu, Bhutan. Instead an Indo-Pakistan rapprochement hijacked the agenda.

Will The EU Issue A Broader Short-Selling Ban?

AP | ROBERT WIELAARD | Posted 05.25.2011 | Business

(AP) BRUSSELS — EU countries should act jointly to regulate so-called naked short-selling of shares and investments to reduce volatility in fina...

Germany Holding Up EU Greece Bailout

AP | ROBERT WIELAARD | Posted 05.25.2011 | Business

BRUSSELS — The European Commission urged Germany and other eurozone governments Friday to put up a package of government-to-government loans to ...

Middle East Quartet Calls For Palestinian State: U.S., Russia, EU, and UN Condemn Continued Israel Building

AP | ROBERT BURNS | Posted 05.25.2011 | World

MOSCOW — U.S. Secretary of State Hillary Rodham Clinton suggested Friday that the United States and Israel have found a way around the worst dis...

Greece Says It Will Appeal To IMF Help If EU Doesn't Deliver Bailout Funds

AP | AOIFE WHITE | Posted 05.25.2011 | Business

BRUSSELS — Greece warned Thursday that it will be forced to turn to the International Monetary Fund if the EU can't agree to a bailout plan next...

AP: U.S. Warns EU That A Derivatives Ban Won't Work

AP | LESLIE PATTON | Posted 05.25.2011 | Business

BRUSSELS — Europe's threat to ban the sort of financial derivatives trading that some blame for worsening Greece's debt crisis wouldn't work, a ...

Greece and the Euro: Recession With No Exit

Barry D. Wood | Posted 05.25.2011 | World
Barry D. Wood

Now the Greeks don't know what hit them and they're already wishing they still had their tattered drachmas. Why?

No More Ouzo

Jeff Danziger | Posted 05.25.2011 | World
Jeff Danziger


Credit Default Swaps Ban: Sarkozy, Merkel Propose Eliminating Some CDS Trades

AP | MIKE CORDER | Posted 05.25.2011 | Business

THE HAGUE, Netherlands — French President Nicolas Sarkozy and German Chancellor Angela Merkel called Thursday for a clampdown on the type of spe...

Merkel: EU Bailout Fund would halt speculators

AP | AOIFE WHITE | Posted 05.25.2011 | Business

BRUSSELS — European officials urged the U.S. to join in a crackdown on speculators who bet against Europe's currency union, warning they might b...

EU Considers Its Own 'Crisis Fund'

AP | ROBERT WIELAARD | Posted 05.25.2011 | Business

BRUSSELS — The European Union plans to create a European Monetary Fund to better coordinate the economies of the 16 countries that use the euro ...

Greece Bonds Sell Off The Charts As Nation Raises Badly-Needed Cash

Posted 05.25.2011 | Business

ATHENS -- (Nicholas Paphitis, AP): Greece raised badly needed cash with a successful bond issue Thursday, passing a key test of its ability to avoid a...

Greece Debt Crisis: Leaders Await EU 'Solidarity' After Huge Budget Cuts

Posted 05.25.2011 | Business

ATHENS, Greece - (By NICHOLAS PAPHITIS, AP) Greece has announced a new austerity plan worth euro4.8 billion ($6.5 billion) in savings to deal with the...

Greece Offers to Repay Loans with Giant Horse

Andy Borowitz | Posted 05.25.2011 | Comedy
Andy Borowitz

In what many are hailing as a breakthrough solution to its crippling debt crisis, Greece today offered to repay loans from the European Union nations by giving them a gigantic horse.

Greek Bailout Details Coming As Early As This Week

Huffington Post | Ryan McCarthy | Posted 05.25.2011 | Business

After three weeks of political wrangling, a deal to bailout Greece may actually be announced later this week, according to several reports this mornin...

Washington Abandons Greece: Beware of Geeks Bearing Grifts

Janet Tavakoli | Posted 05.25.2011 | Business
Janet Tavakoli

The European Union is shocked -- shocked I tell you! -- that Greece used financial engineering to qualify for admission. Exactly how did they think that weaker countries managed to meet the requirements?

Cleaning up Greece's Augean Stable

Eric Margolis | Posted 05.25.2011 | World
Eric Margolis

Greece's financial mismanagement risks igniting the biggest financial crisis since the Dubai crisis, or even the collapse of New York's Lehman Brothers bank in 2008.

Could The EU Have Prevented Greece's Debt Crisis?

GlobalPost | Teri Schultz | Posted 05.25.2011 | World

After weeks of pointing fingers at Athens for sparking a crisis in the eurozone, Brussels itself is being blamed for many years of passing the buck, s...

Greece Debt Crisis: Officials Given 'Only Days' To Explain Complex Deals That Hid Debt

AP | AOIFE WHITE | Posted 05.25.2011 | Business

BRUSSELS — Greece has only days to explain its use of complex financial deals that it used to mask debt and just a month to prove that its drastic b...

Outrageous But Legal: EU Knew Goldman Sachs Helped Greece Use Derivatives to Conceal Deficits

Damien Hoffman | Posted 05.25.2011 | Business
Damien Hoffman

Bloomberg reports: Greece turned to Goldman Sachs Group Inc. in 2002, just after adopting the euro, to get $1 billion in funding through a swap on $1...

It's Greek to Goldman Sachs

Robert Scheer | Posted 05.25.2011 | Business
Robert Scheer

Just as it did with mortgages in the U.S., Goldman in effect bet against the collateralized Greek debt obligations. The basic issue is the same.

Greece Debt Crisis: EU Governments Agree On First Bailout Of A Member Nation

Posted 05.25.2011 | Business

BRUSSELS (By AOIFE WHITE, AP) - Greece's finance minister said a detailed rescue plan from other eurozone nations would be the best way to soothe the ...

Greek PM George Papandreau: EU Took Too 'Timid,' Slow To Show Economic Support

AP | by ELENA BECATOROS | Posted 05.25.2011 | Business


Greece Could Take Europe's Economy Down With It

Wall Street Journal | SIMON JOHNSON and PETER BOONE | Posted 05.25.2011 | Business

But it's not just about Greece any more. Thursday's European Union summit ended with vague assurances of mutual support but did not fundamentally chan...

European Union Break-Up Coming Over Overvalued Currency, Says Albert Edwards Of Societe Generale

BusinessWeek | Alexis Xydias | Posted 05.25.2011 | Business

Feb. 12 (Bloomberg) -- Southern European countries are trapped in an overvalued currency and suffocated by low competitiveness, a situation that will ...