10 Aug '11, 1pm

Eurozone hits budget buttons after ECB, Fed take centre role: FRANKFURT: Emergency action on the eurozone crisis...

FRANKFURT: Emergency action on the eurozone crisis accelerated on Wednesday with a drop in Italian rates, and new budget moves in Rome and Paris after the European Central bank laid down its terms for shoring up the euro system. Comments by US Federal Reserve chairman Ben Bernanke implying that the main US rate would remain close to zero for the next two years were also credited with calming threatened breakdown on financial markets in recent days. Central banks have taken a central role in dealing with the trans-Atlantic debt crises, and it was only when the ECB resumed buying government bonds, believed to include Italian and Spanish bonds, that pressure eased on Rome and Madrid. This appears to be in response to ultimatums from ECB president Jean-Claude Trichet who has called repeatedly for eurozone capitals to make a "quantum leap" in tightening up governance of public ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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channelnewsasia.com 13 Aug '11, 7pm

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