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Michael Lewis on Greek default: It would be ugly for awhile

Financial journalist Michael Lewis appeared Monday on MSNBC’s The Rachel Maddow Show to explain Europe’s financial crisis and how it could effect the United States. He said that if Greece defaults on its debt and abandons the euro, countries across Europe may be forced to bail out their own banks…

Crude oil prices slip on Greek default fears

World oil prices slid on Monday, as tumbling global equities and fresh fears of a Greek default sparked concern over the energy demand outlook, with the market also hit by the strong dollar. New York’s main contract, West Texas Intermediate (WTI) for delivery in November, dipped 47 cents to $78.73 a barrel. Brent North…

U.S. House to hold symbolic debt vote

Defying a White House veto threat, US lawmakers vote Tuesday on a “Tea Party”-backed plan requiring draconian cuts in government spending as the price to avert a ruinous early August debt default. The Republican-led House of Representatives was to take up a “Cut, Cap, and Balance” blueprint to raise the…

Greek default must be avoided, says ECB chief

The responsibility to prevent Greece from defaulting lies with eurozone governments, European Central Bank chief Jean-Claude Trichet told a Slovak newspaper in an interview published on Tuesday. “A credit event, selective default or default must be avoided,” Trichet told the daily Hospodarske Noviny, repeating the central bank’s line two days…

Senate plan to avert U.S. debt default takes shape

A bipartisan group of US Senators tried Monday to cobble together a deficit reduction plan that would allow President Barack Obama to avert a potentially catastrophic debt default in return for $1.5 trillion in spending cuts. With two weeks to go until what Obama has termed economic “Armageddon,” the rival…

Gold soars above $1,600 per ounce for first time

The price of gold surged on Monday above $1,600 per ounce for the first time in history, as investors bought the safe-haven metal amid deepening debt worries in the eurozone and the United States. Gold jumped as high as $1,600.10 an ounce in early morning trading on the London Bullion…

Obama urges ‘shared sacrifice’ on debt

WASHINGTON — Insisting he is “willing to compromise,” President Barack Obama called on US lawmakers Saturday to quickly forge a deal that would avert an early August debt default by the world’s richest nation. Obama has warned of economic “Armageddon” should Congress fail to raise the debt limit to allow…

Moody’s puts U.S. ratings on review for downgrade

NEW YORK (Reuters) – The United States may lose its top-notch credit rating in the next few weeks if lawmakers fail to increase the country’s legal borrowing limit and the government misses debt payments, Moody’s Investors Service warned on Wednesday. Moody’s is the first of the big-three credit rating agencies to place the…

Obama, lawmakers facing fresh doubts on debt deal

WASHINGTON (Reuters) – Sharply divided by partisan bickering, President Barack Obama and top Republicans face growing doubts on Thursday about the prospects for reaching a deal to avoid a potentially disastrous debt default. With tensions running high in Washington political circles as the clock ticks toward an August 2 deadline…

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…

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