Portugal passes muster for next funding round

Greeks bonds out as collateral GENEVA, SWITZERLAND – Portugal will get the nice euros 14 billion of the 78bn allotted to it as part of a european bailout package. The country’s spending cuts and ability to stay on target for reducing its debt were reviewed by a team that visited Monday, from the three agencies […]

London riots almost overshadow world markets

GENEVA, SWITZERLAND – The spread of London’s riots to more parts of the city and to other cities is the headline news Tuesday 9 August, not just in the UK but in most English-speaking countries, overtaking news of stock markets diving and the continuing fall of the dollar and the euro in currency markets. London’s […]

European Central Bank to buy Spanish, Italian bonds (update)

Update 8 August, 07:30  GENEVA, SWITZERLAND – The European Central Bank late Sunday agreed to buy Spanish and Italian government bonds, Reuters reports late Sunday night 7 August, based on information from a “monetary source” and noting that the ECB will shortly issue a statement to that effect. “‘The Euro system will intervene very significantly […]

WEF draws gloomy world risks picture

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Geneva, Switzerland (GenevaLunch) – The conclusion is dry and to the point: “The frequency and severity of risks to global stability have amplified, while the ability of global governance systems to deal with them has not.” The World Economic Forum’s (WEF) Global Risk 2011 was published 12 January, in time to give world economic and […]

Swiss government holds off on converting UBS loan into shares

Bern and Zurich, Switzerland (GenevaLunch) – The Swiss federal government’s CHF6 billion loan, in the form of mandatory convertible notes, will not be exchanging the securities for stock in the company immediately, Bern announced Tuesday morning 9 June, the first day when it is able to do so.