March 7, 2012 |
The big banks have opted in. Some pension and hedge funds have opted out. Late Thursday in Athens, Greek officials will begin the final tally of a massive debt write-down to see if enough investors have agreed to participate to allow them to declare the program a successful step on the way back to solvency, receive a new round of international loans — and perhaps put the worst of their crisis behind them. It is an epochal moment, the formal end of an era in which the debts of sovereign...
August 5, 2011 |
Standard & Poor's announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world's economic superpower in what was a sharply worded critique of the American political system. Lowering the nation's rating to one notch below AAA , the credit rating company said "political brinkmanship" in the debate over the debt had made the U.S. government's ability to manage its finances "less stable, less effective and less predictable.
July 19, 2011 |
After he switched to the Republican Party in 1962, Ronald Reagan famously quipped: "I didn't leave the Democratic Party. The party left me. " Now, the Republican Party is doing the same thing to him — and Democrats are happy to take Reagan back. At Tuesday morning's meeting of the House Democrats, caucus chairman John Larson rallied his colleagues for the day's debt-limit debate by playing an audio recording of the 40th president . "Congress consistently brings the government to the edge of default before facing its...
June 9, 2013 |
TOKYO — Until a couple of months ago, Takashi Yamada had one of the most genteel jobs in Japan. Now, his days are so harried he doesn't have time to eat lunch. Yamada, 45, is a government-bond trader at major brokerage Daiwa Securities Co. Shock-and-Awe monetary policies, announced in April, have sent Japanese government bonds, this nation's equivalent of U.S. Treasurys, into a whirl of volatility. "Our job is about interest rates, and that's supposed to be...
June 11, 2013 |
KARLSRUHE, Germany — Top European financial officials testified Tuesday for and against a European Central Bank program that has been instrumental in calming the euro debt crisis as it faced a legal challenge in Germany's highest court. The Federal Constitutional Court in Karlsruhe is considering arguments against the ECB's program, which has been credited with easing turmoil in bond markets in the 17-country eurozone but which some say oversteps the ECB's mandate. ...
February 28, 2012 |
A new federal rule aimed at limiting risky behavior by banks is prompting protests from local and foreign governments alike, which warn it could make it harder for them to borrow money for public projects and operations. State and local officials say the new regulation, known as the Volcker Rule , could make it more expensive for them to raise money from investors to pay, for instance, for environmental cleanup and housing assistance. In the Washington area, the rule could affect borrowing costs...