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After intense efforts German Chancellor Merkel was able to pass legislation expanding the EU bailout fund with the support of members of her coalition in Parliament. The opposition Social Democrats and Greens supported the legislation. Merkel carried the vote with a 4 vote margin from her CDU-FDP coalition. Fifteen members of her coalition voted against the legislation. This increases the bailout fund's lending capacity from around 250 billion euros to 440 billion euros. There is considerable skepticism among members of the German parliament about whether this will work. German guarantees for the European Financial Stability Facility (EFSF) increase to 211 billion euros from 123 billion euros under the new legislation. German finance minister Schauble ruled out borrowing by the EFSF from the ECB and leveraging EFSF funds in the process. The fear for German policymakers is that this would lead to Germany losing its triple-A credit rating and create its own risks. Experts have cautioned against the use of leveraging because of the financial risks....
After intense efforts German Chancellor Merkel was able to pass legislation expanding the EU bailout fund with the support of members of her coalition in Parliament. The opposition Social Democrats and Greens supported the legislation. Merkel carried the vote with a 4 vote margin from her CDU-FDP coalition. Fifteen members of her coalition voted against the legislation. This increases the bailout fund's lending capacity from around 250 billion euros to 440 billion euros. There is considerable skepticism among members of the German parliament about whether this will work. German guarantees for the European Financial Stability Facility (EFSF) increase to 211 billion euros from 123 billion euros under the new legislation. German finance minister Schauble ruled out borrowing by the EFSF from the ECB and leveraging EFSF funds in the process. The fear for German policymakers is that this would lead to Germany losing its triple-A credit rating and create its own risks. Experts have cautioned against the use of leveraging because of the financial risks....
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Efforts by Greece's government officials in October 2011 to meet demands from the IMF, The European Commission and the ECB- collectively referred to as the "troika" in Greece- for 30,000 public sector job cuts. The first step was putting together layoff lists, and effectively create a special labor pool at reduced pay for 12 months, after which those not finding new jobs would be layed off. There is considerable difficulty doing this, as heads of departments are reluctant to do this. There is a constitutional provision that protects public sector workers from layoff in Greece. The troika is insisting on the lists, or across the board cuts in the event lists are not prepared. The 30,000 job cuts are part of job cuts in the public sector which would be a total of 100,000 by 2015.
Efforts by Greece's government officials in October 2011 to meet demands from the IMF, The European Commission and the ECB- collectively referred to as the "troika" in Greece- for 30,000 public sector job cuts. The first step was putting together layoff lists, and effectively create a special labor pool at reduced pay for 12 months, after which those not finding new jobs would be layed off. There is considerable difficulty doing this, as heads of departments are reluctant to do this. There is a constitutional provision that protects public sector workers from layoff in Greece. The troika is insisting on the lists, or across the board cuts in the event lists are not prepared. The 30,000 job cuts are part of job cuts in the public sector which would be a total of 100,000 by 2015.
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UBS interim CEO Ermotti's career in investment banking and efforts to move UBS away from investment banking.
UBS interim CEO Ermotti's career in investment banking and efforts to move UBS away from investment banking.
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Original article 1 minute, gist 1 minute
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Charlie Rose's interview with Gao Xiqing, the head of China Investment Corporation, China's Sovereign Wealth Fund.
Charlie Rose's interview with Gao Xiqing, the head of China Investment Corporation, China's Sovereign Wealth Fund.
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Original article 1 minute, gist 1 minute
Original article 1 minute, gist 1 minute
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