A new eurozone crisis looms as Greece's leftist forces attempt to form a government opposed to the country's bailout, while Spain signals it is ready to rescue ailing banks and Japan urges France to stick to reforms.
George Soros, the billionaire speculator best known as “the man who broke the Bank of England” in 1992, has launched a stinging critique of Germany’s role in the euro crisis and suggested the single currency’s prospects would be improved if its most dominant member were to quit, reports The Guardian.
The ECB stepped into the fray once again today but the the results of the Spanish debt auction today speak for themselves. The rate on 10-year bonds is close to touching the 7% mark.
The BBC reports on the "Dreadful Result"
The Spanish government sold 3.56bn euros (£3.04bn; $4.79bn) worth of bonds out of a maximum target of 4bn euros.
The auction attracted bids worth 1.5 times the securities offered. The so-called bid-to-cover ratio was down from 1.8 in October.
Not even during the 2012 European debt crisis has Greece’s place in the Eurozone been more tenuous. Greece will seek about 10 billion euros (US$11.3 billion) in short-term financing as it tries to stave off a funding crunch.
Its bailout program – worth about US$272.5 billion in international loans in exchange for structural reforms – expires on February 28.
Athens (AFP) - Greece's parliament will try to elect a president on Monday in a last-ditch bid to avoid snap general elections that could bring the hard-left to power and spark new concerns over the eurozone economy.
The Financial Times reports Muslim Brotherhood calls for uprising after Cairo violence
The political crisis in Egypt deepened on Monday when the Muslim Brotherhood called for an uprising against those who want to “steal the revolution” after at least 51 people were killed and 435 injured at a Cairo rally in support of the nation’s ousted president, Mohamed Morsi.