EU finance ministers to back banks to deal with credit crunch: report
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European Union finance ministers will back the ability of banks and financial institutions across the 27-nation bloc to deal with the credit crunch in the financial markets on their own at a meeting over the weekend, the Financial Times reported on Friday.
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European Union finance ministers expecting a smooth return from summer break were likely to be disappointed Friday as they gathered for a two-day session covering hot-button issues of taxes, budgets and deficit rules.
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Plans to revamp the euro&#39;s battered rulebook won key backing yesterday, as the European Commission bowed to the inevitable and called for more flexible implementation of the single currency&#39;s widely flouted rules.
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The British government is to support a plan to turn the Bank of England's loans to troubled bank Northern Rock into bonds for sale, the BBC reported Saturday.
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Fresh writeoffs at big European and Japanese banks on Wednesday threw the investor spotlight firmly back onto the credit crunch after days gazing at Societe Generale's stunning losses, which it blames on a junior trader.
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Hungary's programme of austerity measures to gets its economy back on track is backed by the European Commission.
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European equity markets turned sharply lower on Friday, with banks struggling in the wake of further unsettling writedowns related to the credit squeeze.
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"All ministers stated their satisfaction with the way the ECB operated over the summer. They did everything they could to prevent financial markets from developing in a way that could have been dangerous."  Continuing financial market turbulence poses increasing risks to the eurozone's economic growth outlook in spite of a swift and robust response from the European Central Bank, eurozone finance ministers said on ... via Financial Times
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Business & money: Europe's largest bank warns investors it could face further write-downs of assets because of the sub-prime mortgage crisis.
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The head of the Euro Group of finance ministers said Friday that the European Union's banking system is strong enough to ride out the global liquidity crisis sparked by the collapse of the U.S. subprime mortgage market.
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The Bank of England acts to ease the credit crunch hitting financial markets, allowing banks to deposit more funds with it.
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Top world finance ministers warned Saturday that the global economy faces growing threats from a US housing slump and credit crunch, urging banks to come clean on their subprime loan losses.
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PORTO, Portugal  - European Union finance ministers and central bankers agreed on Saturday to step up co-operation among themselves to improve their handling of cross-border financial crises.
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The European Central Bank's policymakers will act in a firm and timely manner to ensure that knock-on effects from higher oil prices do not appear, the ECB said in the editorial of its December bulletin.
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A global credit crisis has increased the  threat to growth, the European Central Bank said on Thursday,  as G7 governments asked for a report on the genesis of the  turmoil for next month&#39;s meeting of finance chiefs.
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European Union finance  ministers and central bankers agreed on Saturday to step up  co-operation among themselves to improve their handling of  cross-border financial crises.
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A plan by five central banks aimed at easing the credit crunch is welcomed by UK Prime Minister Gordon Brown.