LONDON — Cyprus’ bailout deal is the fifth agreed on so far in the 17-strong group of European Union countries that use the euro since the debt crisis began in late 2009.
Here’s a look at the rescue programs:
it has been a rather quiet session, which saw Japan modestly lower dragged again by a lower USDJPY which hit fresh 17 month lows around 170.6 before staging another modest rebound and halting a six-day run of gains; China bounced after a slightly disappointing CPI print gave hope there is more space for the PBOC to ease; European equities rose, led by Italian banks which surged ahead of a meeting to discuss the rescue of various insolvent Italian banks, while mining stocks jumped buoyed by rising metal prices with signs of a pick-up in Chinese industrial demand.
By FXstreet:The euro is going through a consolidation phase after the impressive rally failed to overcome the 1.3140 area versus the dollar and as investors stay on the sidelines ahead of the summit of EU leaders that begins today.
Here's an optimistic headline on the Financial Times that could easily be off by a factor of 10 or more: Spain’s banks need €10bn more provisions.
Spanish banks will need to put aside extra provisions of up to €10bn to cover loans that borrowers will struggle to repay, according to an internal estimate by the Bank of Spain.
In a surprise but welcome move, the ECB Shifts View on Bond Losses.
The European Central Bank, in a sharp turnaround, has advocated imposing losses on holders of senior bonds issued by the most severely damaged Spanish savings banks, though finance ministers have for now rejected the approach, according to people familiar with discussions.
France saw its borrowing costs rise slightly as it sold €8.44 billion ($11 billion) in a long-term bond auction.Borrowing costs — also known as the yield and an indication of risk — edged up on most of ...
Via Google Translate from La Vanguardia, please note that Spanish banking audits are delayed until September
Audits of Spanish banks, which should conclude in late July, will be delayed until September in order to get "further examination", as reported by Efe sources close to the process.