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Was it Germany?

Many are asking how Europe has got into such a mess. Indeed, today’s EU summit will be taken up with discussion as to how to resolve the eurozone crisis.

Some would point the finger at the southern states of Europe being to blame for the debt crisis, but it may be that the finger should point further north – towards Germany. The costs associated with German reunification led to a 2003

‘Tis the season to be downgraded, Fa-La-La-La-La, La La La La

Ratings agency Fitch has downgraded six of the world’s largest banks, blaming the challenging global financial markets. The banks, including Goldman Sachs in the US, Bank of America, Barclays, BNP Paribas, Credit Suisse and Deutsche Bank, were downgraded on the issuer default ratings which are based on their ability to meet financial commitments on a timely basis and have been affected by their holdings of eurozone debt.

And in the other news…

While the world’s focus has understandably been on the eurozone brouhaha for the past week, a number of significant developments have happened in the rest of the world.

In the US, the Federal Reserve has left the target interest rate at 0.25%, suggesting that the economy is expanding moderately as global growth slows. Consumer sentiment appears to have improved along with spending, and Ben

Breaking up is hard to do

The Italian Prime Minister Silvio Berlusconi has announced his resignation, and he will step down as soon as parliament passes urgent budget reforms. He has also confirmed that he will not stand for re-election should early elections be held.

Time to change the record?

Writing this blog seems to have become something of a stuck record, always harping on about Greece and the eurozone but, if you listen, the tune is changing all the time.

The problems (and attempted solutions) facing Greece and the eurozone have rumbled on over the weekend. And the Greeks have woken up this morning waiting to find out who their new Prime Minister will be after George Papandreou

Chinese Whispers

After yesterday’s news about the eurozone, the markets have seen a welcome upswing. The ‘deal’ that has been agreed, though, now requires putting into practice. This has led the head of the eurozone’s bail-out fund (EFSF), Klaus Regling, to begin attempts to persuade China to invest in a scheme to help rescue member countries facing debt crises. This is likely to be a long process, but it is thought that China may pay about €70 billion into the fund which, it is hoped, will