EU officials refuse investor write-offs

Source: Bloomberg
© Scanpix/Reuters
European officials rejected earlier proposal which implied that investors must share the charge of bailouts. Restraining private sector engagement was a part of a bundle agreed upon in today's summit. The decision was a defeat for Chancellor Angela Merkel who was willing to expose bond-holders to losses in debt reforms as her voters resisted expanding bailout program.

 

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Fri, 09 Dec 2011 13:28:10 GMT

Hang Seng falls sharply amid European summit

On Friday Hong Kong's Hang Seng Index lost 2.73% or 521.58 points and closed at 18,586.23 on news from European summit indicating that leaders did not manage to agree on tighter fiscal union. On the downside were Chinese banks listed in Hong Kong that pushed heavily on the index. Bank of Communications Co. traded down 3.8%, while Agricultural Bank of China Ltd. and HSBC Holdings

Fri, 09 Dec 2011 12:46:16 GMT

UK premier David Cameron denies EU summit proposal

UK PM David Cameron announced he had chosen not to take part in an agreement offered by France and Germany to alter existing treaty and bind EU countries into tighter fiscal alliance. The offer is not in Great Britain's interests, said Cameron during a press conference after overnight discussions in Brussels. British prime insisted that UK support joint approach in solving debt crisis, however without

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