News/Debt Management
Greek central bank issues government with ultimatum
Bank of Greece tells newly formed government that unless structural reforms are implemented on schedule, Greece risks being thrown out of the eurozone
Yields soar as Portugal is downgraded
Ten-year yield on Portuguese debt rises sharply as Fitch downgrades Portugal's credit rating to junk status, sparking renewed concerns over the sustainability of the sovereign
Commission unveils contentious Eurobond proposals
European Commission unveils three options for Eurobonds in bid to restore stability in Europe; analysts say the measures are politically unviable and ineffective
Ireland releases agreement on split of banking oversight responsibilities
Previously confidential memorandum of understanding between department of finance and central bank shows split of responsibilities; document forms part of bail-out programme
Trichet says China funding request is right thing to do
Outgoing ECB president denies it is embarrassing or humbling for Europe to have to ask other countries for financial support; insists it is "absolutely normal" in today’s global world
ECB’s Noyer says larger EFSF ‘unrealistic’
ECB governing council member says EFSF will not be made bigger; is open to schemes that would offer greater leveraging opportunities for money already committed
Italy unfazed by S&P downgrade
Standard and Poor's downgrades Italy's credit rating by one notch to A; Italian government slams move, reaffirms confidence in fiscal reforms
IMF concern over ‘critical juncture’ of programme in Greece
IMF rejects criticism of economic programme to date; highlights areas that need attention to ensure recovery
European Commission to consider euro bond options
European Commissioner José Manuel Barroso says options for common eurozone bond will be reviewed; Bundesbank's Jens Weidmann says bond would lead to "socialisation" of debt
Greece may not opt for debt swap
Greek authorities say they will not agree to private-sector involvement unless 90% of eligible government bonds are included in transaction
ECB extends swap line agreement with BoE
The Bank of England and European Central Bank prolong swap line; new end date is September 28
Vote now: Should Greece leave the euro?
CentralBanking.com is running a poll to gauge readers' thoughts on the breakdown of the eurozone
Germany denies eurobond option
Talk of a common bond for the euro area dominates discussions ahead of meeting with European leaders on economic governance reform; Germany says topic will not feature on agenda
Dollar falls on S&P downgrade
Standard and Poor’s makes unprecedented move by becoming the first ratings agency to downgrade the US credit rating; gold hits record high as dollar falls
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
China insists local government debt is ‘manageable’
People’s Bank of China dismisses claims local government financing vehicles owe 14 trillion yuan; says risks from the debts are manageable
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
US will resolve debt crisis by August 2: Obama
President Barack Obama says failure to raise the US debt ceiling would be “not acceptable”
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
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
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