Connect to share and comment

Greece confirms deal with EU/IMF lenders over next bailout loans

ATHENS (Reuters) - Greece confirmed on Tuesday it had reached a deal with its foreign lenders to unblock the next tranche of bailout loans after six months of negotiations. "This review was the toughest we've had so far," Finance Minister Yannis Stournaras told reporters. (Reporting by Lefteris Papadimas; Writing by Karolina Tagaris)

Troika agrees next Greek debt aid payment: EU sources

Greece's international creditors have reached agreement with Athens on efforts to stabilise the crisis-hit country's public finances, clearing the way for its next debt aid payment, EU sources said Tuesday. Separately, a European Commission spokesman said "we have now agreed on all the most important aspects" and a statement was expected later in the day, after difficult talks lasting since September. bmm/jap/ric

Spanish public debt hits record high at close of 2013

Madrid, Mar 14 (EFE).- Spain's public-sector debt grew 8.58 percent in the fourth quarter of 2013 to finish the year at 960.6 billion euros ($1.33 trillion), equivalent to a record-high 93.9 percent of the country's gross domestic product. Despite the high level of indebtedness, Spain's public debt for 2013 came in below the government's target of 94.21 percent of GDP.

Italy pledges to pay overdue debts to private firms

By Giselda Vagnoni and Giuseppe Fonte ROME (Reuters) - Italian Prime Minister Matteo Renzi promised on Wednesday to pay down some 68 billion euros ($95 billion) in overdue debts the state owes to private companies by July, pumping liquidity into the ailing economy.

Italy PM Renzi says to pay all arrears owed to companies by July

ROME (Reuters) - Italy will pay off all arrears owed to private companies by July, Italian Prime Minister Matteo Renzi said on Wednesday, without giving details on how the measure will be funded. In his first press conference since taking office last month, Renzi said that about 68 billion euros ($94.55 billion) in back payments would be made by July. Previous governments have already paid off 22 billion euros in debt, he said. ($1 = 0.7192 euros) (Reporting by Steve Scherer)

China firm in landmark bond default to sell assets

The first company in China to default on a corporate bond said Tuesday it would sell assets in a bid to meet interest payments as possible bankruptcy looms. Shanghai-based Chaori Solar Energy Science & Technology Co. on Friday confirmed the landmark default on interest payments of 89.8 million yuan ($14.7 million) for a five-year bond issued in 2012. Analysts say China's first ever onshore corporate bond default could benefit the market in the long term by raising awareness of risk and making investors more selective.

China firm in landmark bond default to sell assets

The first company in China to default on a corporate bond said Tuesday it would sell assets in a bid to meet interest payments as possible bankruptcy looms. Shanghai-based Chaori Solar Energy Science & Technology Co. on Friday confirmed the landmark default on interest payments of 89.8 million yuan ($14.7 million) for a five-year bond issued in 2012. Analysts say China's first ever onshore corporate bond default could benefit the market in the long term by raising awareness of risk and making investors more selective.

U.S. consumer credit growth held back by credit card decline

WASHINGTON (Reuters) - U.S. consumer credit grew in January but was held back by a contraction in credit card usage that could be a negative sign for the economy. Total consumer credit rose by $13.7 billion to $3.1 trillion, the Federal Reserve said on Friday. Economists polled by Reuters had expected consumer credit to rise by $14 billion in January. Revolving credit, which mostly measures credit-card use, fell by $226 million during the month. Revolving credit figures can be volatile.

US consumer borrowing rose $13.7 billion in January, aided by auto and student loan gains

WASHINGTON - Consumers increased their borrowing in January on autos and student loans but cut back on their credit card use. Consumer borrowing rose $13.7 billion in January following an even larger $15.9 billion rise in December, the Federal Reserve reported Friday. The category that includes auto and student loans increased $13.9 billion while the category that covers credit cards fell $226 million, marking the third time in the past five months that credit card loans have declined.

China's first corporate default sparks legal action

China's first-ever default on a domestic corporate bond, expected Friday, has sparked legal action by investors owed interest payments from a solar company, their lawyer said. Shanghai-based Chaori Solar Energy Science & Technology Co. said Tuesday it was unable to make full interest payments of 89.8 million yuan ($14.7 million) on a bond issued in 2012. The company could not be reached for comment on Friday. Lawyer Gan Guolong, who represents investors, said Chaori was already effectively in default and a formal announcement was not expected.
Syndicate content