Papademos to present a budget for 2012

Source: Bloomberg

Today the new Greece's premier Lucas Papademos will present the final version of next year's budget. PM's government is rushing to meet 3-month deadline to acquire international loans and escape a country's default. New government is supported by three out of five Greek governmental parties. Papademos must put into action budget measures to guarantee a bailout fund worth $176 bn. 

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Fri, 18 Nov 2011 09:39:46 GMT

German-French quarrel on ECB's role renewed

The incapability of European officials to stop debt crisis has reintroduced Franco-German clash over the role of European Central Bank as well as increased investor doubt over policy makers' competence. As Greek debt holder began talks of accepting 50% of losses, German and French counterparties unexpectedly showed resistance and bond yields outside Germany reached euro-era highs. 

Fri, 18 Nov 2011 15:34:36 GMT

Oil Spill near Rio de Janeiro coasts

Brazil is investigating oil spill in 120km from the coast of Rio de Janeiro state. The responsibility of the spill lies on the US company Chevron. About 600 barrels of oil shaped a slick on the water. Fortunately the spill moves away from Brazilian coast as more than 17 ships clearing up the spill. In case Chevron does not fulfill its obligations to clean

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