Germany confirms 'troika' to monitor Spanish aid

A "troika" comprising the International Monetary Fund, European Central Bank and the European Banking Authority will monitor the multibillion-euro cash injection for Spanish banks, German Finance Minister Wolfgang Schaeuble said Monday.

By Yanis Varoufakis, Professor of Economics at the University of Athens. Cross posted from his blog

The European Commission is a little embarrassed over a leaked email that warns EC staffers of the threats of traveling in Europe (and most specifically Greece).

Some late news indicates that the 'deal' is further away than many hoped (or rumored) earlier in the day. Welt am Sonntag reports that German FinMin Schaeuble exclaimed "I won't allow myself to be blackmailed," adding his responsibility to the stability of the Euro.

Russia rebuffed Cyprus’s request for a bailout loan as the euro-area nation sought to salvage talks in Moscow by wooing investment in its energy reserves. Russia is unable to provide loans and will instead consider making investments in the Cypriot energy industry, the island nation’s Finance Minister Michael Sarris said Thursday in an interview broadcast on Antenna TV. Sarris said he will have a later meeting with his Russian counterpart, Anton Siluanov.