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S&P threatens downgrade of U.S. finance companies

NEW YORK (Reuters) – Standard & Poor’s on Friday raised the pressure on Washington debt negotiators, saying it could downgrade insurers, securities clearinghouses, mortgage agencies and a laundry list of other firms if there is not a deal soon to lift the debt ceiling and cut the deficit. The ratings…

E.U. to release results of stress tests on banks

The European Union this week publishes results of stress tests on Europe’s embattled banking sector amid a dangerous phase in the eurozone debt crisis that threatens to engulf Italy and Spain. The European Banking Authority, the EU’s London-based regulator for the financial sector, has carried out assessments on 91 banks…

Obama demands debt decision as global alarm spreads

US President Barack Obama was to address the nation Friday after giving divided lawmakers 24-36 hours to strike a deal to avert a possible August debt default that has sparked global alarm. After days of tense negotiations and downgrade warnings from credit ratings agencies Moody’s and Standard & Poor’s, Obama…

Global warnings intensify stakes of debt rift

President Barack Obama and Republicans prepared for more tough talks Thursday to avert an August debt default, after Moody’s held out the threat of downgrading the sterling US credit rating. The credit ratings agency sparked worldwide concern when it placed Washington’s triple-A debt rating on a downgrade watch because of…

Greece, Italy top agenda at EU finance chiefs meeting

BRUSSELS (Reuters) – EU finance officials will discuss a range of options for Greece’s intractable debt crisis on Monday, galvanized by the growing threat of contagion to Italy, the euro zone’s third-largest economy. A senior European Union source told Reuters the Eurogroup of 17 euro zone finance ministers meeting later…

Obama calls more talks to break U.S. debt impasse

US President Barack Obama convened a second consecutive day of crisis national debt talks Monday, but a polarized Washington appeared far from a deal to stave off a catastrophic default. Obama met Sunday evening with congressional leaders, including Republican House Speaker John Boehner, but 75 minutes of talks failed to…

Obama, lawmakers meet for 75 minutes on debt impasse

WASHINGTON (Reuters) – President Barack Obama sought on Sunday to break an impasse with Republicans on how to cut the deficit and avert a debt default in an unexpectedly brief meeting at the White House. The president’s gathering with leaders of both parties came a day after Republicans shied away…

Sen. DeMint: Geithner ‘playing Chicken Little’ on the debt ceiling

Tea party favorite Sen. Jim DeMint (R-SC) said Sunday that there was no risk of “major economic consequences” if the debt limit was not raised by Aug. 2. “I think the president has been gaming Republicans,” DeMint told Fox News’ Bret Baier. “He has been talking about this for six…

New IMF chief Lagarde issues dire warning on U.S. debt default

New IMF chief Christine Lagarde warned on Sunday that a US debt default would jeopardize global economic stability and urged warring American politicians to forge a compromise budget deal. A default “would certainly jeopardize the stability, but not just the stability of the US economy, it would jeopardize the stability…

Obama urges ‘balanced approach’ in deficit talks

US President Barack Obama urged Democrats and Republicans Saturday to take a “balanced approach” to deficit reduction ahead of a new round of key talks aimed at avoiding America’s default on its debt. “I believe we need a balanced approach,” Obama said in his weekly radio address. “That means taking…

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