Papademos named as temporary Greece Prime Minster

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/AFP

According to Greece's Presidency, Lucas Papademos, former vice president of ECB will lead the national unity government. Papademos directed Greece into euro area about 10 years ago and helped country to achieve growth rates that surpassing those of France and Germany. In 2002, Lucas Papademos moved to ECB. Spyros Economides London School lecturer suggests Papademos can lead Greece during distress, nevertheless he lacks political base.

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Thu, 10 Nov 2011 14:10:47 GMT

China: Export growth decelerates

Chinese export growth fell by 2% in October raising worries about prospects of the China's export based economy. Analysts predicted further decline in export as two major China's goods consumers suffer from financial distress: Eurozone's debt crisis continues to spread and US fights against 9% unemployment rate.

Thu, 10 Nov 2011 14:10:28 GMT

ECB warns it can’t save Europe alone

ECB officials alerts the bank is unable halt debt crisis by purchasing more bonds to decrease Italy's bond yields. Klaas Knot, executive of Dutch central bank said that Eurozone should not expect additional extensive bond buying and national governments should take responsibilities of their debts. Two ECB officials who wanted to stay anonymous, admitted, the bank won't intervene further.

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