LONDON (Dow Jones)--The euro-zone debt crisis rumbles on deeper into September and is still showing signs of escalating rather than ebbing, even as the European Central Bank buys Spanish and Italian bonds to contain the contagion and some emergency budgetary programs--such as Ireland's--begin to bear fruit. The main problem remains Greece, which has sunk deeper into economic recession in the second quarter. Bailout talks between Greece and the European Union, International Monetary Fund and ECB were suspended last Friday after it became clear that Greece was set to overshoot its budgetary targets for this year. Talks with the troika of ... The euro-zone debt crisis rumbles on deeper into September and is still showing signs of escalating rather than ebbing, even as the European Central Bank buys Spanish and Italian bonds to contain the contagion and some emergency budgetary programs--such as Ireland's--begin to bear fruit.http://online.wsj.com/article/BT-CO-20110909-704909.html Chinese officials told European Union business executives that the yuan will achieve “full convertibility” by 2015, EU Chamber of Commerce in China President Davide Cucino said. “We were told by those officials by 2015,” Cucino told reporters in Beijing yesterday, declining to identify the government departments involved. People’s Bank of China Governor Zhou Xiaochuan said that while there is no timetable for convertibility, the offshore yuan market is “developing faster than what we had imagined.” China has accelerated the use of the yuan in international trade and investment to curb its reliance on the dollar. A fully convertible currency is one of the criteria the U.S. and Europe are demanding from china as a condition for allowing it to be part of the International Monetary Fund’s currency basket.http://www.bloomberg.com/news/2011-09-08/yuan-to-be-fully-convertible-by-2015-eu-chamber.html The European Union will spend 5 billion euros ($6.9 billion) to help the Western Balkans as it seeks to integrate the region into the world’s largest trading bloc, EU President Herman Van Rompuy said. Van Rompuy called on Serbia to continue talks with Kosovo as the nation works to gain EU candidate status year’s end. Serbia, the largest of the former Yugoslav republics and the slowest to embrace the EU until the arrest of the last war- crimes suspects, refuses to recognize its former province. “I want to see all of the Western Balkans become part of the world’s largest trading bloc,” Van Rompuy said at an EU - Serbia forum in Belgrade today. “Negotiations to join the EU remain a strictly performance-based process and Serbia, which has done a lot on its EU path, needs to continue its dialogue with Kosovo to accelerate the process.”http://www.bloomberg.com/news/2011-09-09/western-balkans-to-get-6-9-billion-as-regions-seeks-eu-path-1-.html KRYNICA, Poland—The euro won’t survive if the sovereign debt crisis engulfs Italy, Polish Finance Minister Jan Vincent-Rostowski said at an economic forum in southern Poland, and urged European leaders to institutionalize economic management of the European Union. Poland holds the rotating presidency of the Council of the European Union in this half of the year.http://blogs.wsj.com/emergingeurope/2011/09/09/euro-wont-survive-debt-crisis-in-italy-poland-says/
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Friday, 9 September 2011
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