EU Finance ministers alerted of possible Italy's insolvency

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

According to a secret report acquired by the Guardian newspaper, in yesterday's summit, European leaders have been warned that Italy is exposed to insolvency. Report from ECB and EC said Mario Monti, Italian PM, should take more serious steps to contract nation's affliction such as tackling tax dodging. The report suggested the liquidity crisis may develop into solvency trouble whose consequences may be very harmful to other European economies.

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Wed, 30 Nov 2011 14:36:25 GMT

Poland economy expands more than expected

In third quarter Poland's economic growth rate was higher than was predicted by economists. The growth of gross domestic product was mainly accelerated by surging private consumption, investment and depreciated home currency which helped to improve exports. GDP rose 4.2% on a yearly basis compared to 4.3% in 2nd quarter. Polish factory output added 7.7% on a yearly basis.

Wed, 30 Nov 2011 14:34:32 GMT

Bank of America share price moving towards $5

On Tuesday Bank of America's stocks fell more than 3% reaching a new one-year record low at $5.03 which is its lowest share value since March 2009. On yearly basis company has lost 62%. Bank of America was among financials that was downgraded by S&P yesterday. Company's rapidly diminishing value may force it to sell assets. BoA is also planning to fire approximately 30,000 employees

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