EU plans to start rescue financing in December

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

EU financial leaders are planning to start implementation of bailout programmes in December. Greece is required to deliver written approval of bailout rules to receive EUR  8.0 bn credit in one month. Italy is ordered to bring expenditure cut into reality. According to Olli Rehn, EU Monetary Commissioner, it is crucial for both countries to restore the political confidence.

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Tue, 08 Nov 2011 12:33:55 GMT

Most of Asian stocks decline on Tuesday

On Tuesday Asian markets moved on contrasting directions. Japan's Nikkei Stock Average lost 1.3%, China's Shanghai Composite dropped 0.2%, while South Korea's Kospi slipped 0.8%.  In contrast, Hong Kong's Hang Seng Index closed flat and Australia's S&P/ASX 200 index gained 0.5%. Positive moves were associated with hopes that Greece will obtain next funding package, whereas declining indices reflected investors' concerns regarding Italy political chaos. 

Tue, 08 Nov 2011 12:33:27 GMT

Papandreou and Samaras closer select new PM

Premier George Papandreou and opposition leader Antonis Samaras have made a step closer to name the new prime minister of Greek Unity parliament, said Elias Mosialo, Greek parliament spokesperson. The agreement on new PM is essential in order to secure funding from EFSF. Today the talks will continue in Athens. 

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