Spain
Spanish CDS spread jumps as four banks announce merger
Four regional savings banks announce merger after one ailing lender was seized and placed into administration by the central bank on Saturday; move plays into investor fear that banking sector is unsteady
Bank of Spain bail-out spooks investors
Spanish central bank’s rescue of savings bank CajaSur on Saturday sees Spanish bank shares falling on Monday; central bank says rescued bank accounts for very small percentage of system overall
Finnish housing rebound larger than neighbours'
Finnish central bank report shows housing market was boosted by low interest rates but remains well below its pre-crisis peak
Cracks emerge over ECB’s bond purchases
Bundesbank head and ECB leadership candidate Axel Weber criticises central bank’s entry into bond markets, analysts disagree on whether intervention justified
Europe gambles to save currency union
Markets surge as European Central Bank changes course and commits to buying government bonds, move comes as eurozone and IMF unveil trillion-dollar support package
Trichet plays down 'nuclear option' to end Greece crisis
ECB president Jean-Claude Trichet says option for outright purchase of government bonds is not on table
Sovereign troubles will drag banks down: Moody's
Ratings agency says sovereign downgrades in the southern eurozone could lead to decline in banking sector, further spending cuts will exacerbate problem
Buba’s Weber chastises 'counterproductive' stalling on Greece
Bundesbank president Axel Weber calls for swift action to move forward as Standard & Poor’s downgrades Spain in further sign that Greek crisis is spilling over to neighbouring countries
Trichet to rally German support for Greek bailout
European Central Bank president Jean-Claude Trichet expected to urge German lawmakers to stop dragging their feet over the Greek bailout, markets suffer as uncertainty persists
Greece’s $40 billion bailout an improvement, but issues remain
Markets soothed as firm details of Greek rescue plan are announced, eurozone will provide €30 billion at discounted 5% rate for year forward, analysts less convinced
Bank of Spain denies Spanish banks are delaying losses by acquiring NPAs
The Bank of Spain defends Spanish banks' hands-on risk management of non-performing assets related to the property sector
US, UK on the road to a downgrade: Moody’s
If the US and Britain cannot repair their balance sheets, the burden of servicing debt could cause them to lose AAA ratings, agency says
Rogoff predicts wave of sovereign defaults
Greece will not be the only country to face threat of bankruptcy, ex-IMF chief economist Kenneth Rogoff warns
Real economy and fiscal credibility crucial: Trichet
ECB chief says financial sector must put the real economy at the centre of its objectives, while governments have to cut spending to keep credibility
Base countercyclical provisioning on expected losses
Bank of Italy looks at Spanish dynamic provisioning
Bank of Spain – Financial Stability Report (November)
Spanish banks are dealing with the bust in different ways, says central bank’s report
Spain’s Ordóñez plays down dynamic provisioning
Bank of Spain’s governor modest on much-vaunted regulatory tool
Spain should hold on tightening fiscal policy
R. Anton Braun, University of Tokyo, compares the current Spanish recession with Japan in the 1990s and looks at the impact of fiscal policy measures
Spain must step carefully on the road to recovery
Bank of Spain’s Miguel Fernandez Ordonez says domestic economy and financial sector face challenges ahead
Triple A ratings safe for now
Moody’s says Aaa countries have stable outlooks
France blames 80s monetary policy for poor growth
Banque de France asks whether permanent and gradual shifts in monetary policy were responsible for a protracted period of depressed activity in the euro area over the past decades
Spain's Ordoez analyses pro-cyclicality
Miguel Fernandez Ordoez, the governor of the Bank of Spain, gave an outline of the effects of pro-cyclicality in the banking system, summarising first the guidance offered by Basel II to mitigate its effects.
Spain's governor feels the heat
Maria Teresa Fernandez de la Vega, deputy head of Spain's Socialist government has criticised the governor of the central bank, Miguel Angel Fernandez Ordonez, for being "alarmist" about the state of financing of the country's pension system.
Spain's Ordoez: politics is costly
Involving savings banks in the political debate makes it immensely difficult to find flexible and effective solutions, said Miguel Ordoez, the governor of the Bank of Spain.