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A proposed European Monetary Fund will ultimately come to fruition if it is done the right way, Jean-Claude Juncker, the chairman of the Eurozone finance ministers' Eurogroup said here Friday. "I am of the opinion that...

Fri, 03/12/2010 - 04:52

The Chinese government is nearing the end of its massive investment strategy which was designed to support the economy in response to the global financial crisis, Minister of Industry and Information Technology Li Yizhong said...

Fri, 03/12/2010 - 03:07

As the upswing remains sluggish, it will take several years before the economy recovers fully and credit defaults pose a growing risk, according to European Central Bank Governing Council member Ewald Nowotny.

Fri, 03/12/2010 - 03:55

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Juncker: EMU Must Have Strength To Help Ailing Member States

BERLIN (MNI) - The Eurozone must show solidarity with members that have run into financial difficulty due to no fault of their own, Eurogroup President Jean-Claude Juncker said in a television interview aired Friday on Germany's N24 television station.

However, he made clear that Greece did not fall into that category.

Ifo Sinn:Still Sees German GDP +1.5% in '10,Revision Possible

FRANKFURT (MNI) - Germany's economy is still likely to see a growth rate of about 1.5% this year although forecasts may be revised due to weak export growth, Ifo President Hans-Werner Sinn said on Friday.

Speaking on Reuters' Insider TV, Sinn also stressed that banks must be recapitalized so that they, and not the government, can extend loans to firms.

"Banks don't have enough in equity capital to channel...liquidity to the final firms for investment," Sinn said. The best way to recapitalize banks would be through state equity injections, he added.

US FDIC Board OKs Extension Of Safe Harbor/Securitizations

WASHINGTON (MNI) - The Federal Deposit Insurance Corp. Friday issued the following statement:

EMU States Near E20-25 Billion Greece Aid Accord: Le Monde

PARIS (MNI) - Adding its voice to the resurgence of Greek bailout reports, France's daily Le Monde reported Friday afternoon that Eurozone states are nearing agreement on a potential rescue package worth between E20 billion and E25 billion.

Le Monde said their objective was to seal a deal at the meeting of Eurogroup finance ministers in Brussels next Monday. It said that the support for Greece would only be implemented "in the case of need."

EMU Data: MNI Survey Of Econ Data Forecasts, Mar 12th

Industrial Production January - %mom

Median* 0.9 High forecast 1.5 Low forecast -1.0 Number of responses 12

Repeat:Analysis: BOC Appointments No Change In Direction

By Courtney Tower

OTTAWA (MNI) - Marking the 75th birthday of the Bank of Canada Thursday, Governor Mark Carney stressed for the future a few key operating principles that seem to be reflected in a new and wholesale remaking of his Governing Council of deputy governors.

Canada February Jobs +21,000; Jobless Rate -0.1% to 8.2%

increase; goods industries bear the losses

By Courtney Tower

Ottawa (MNI) - Canadian employment rose by 21,000 jobs in February and the annual unemployment rate declined by 0.1% to 8.2%, Statistics Canada reported Friday.

There were large gains in full-time work (+60,000), partially offset by a decline in part-time work (-39,000), continuing a trend since last summer of full-time work increasing.

EU Comm: In Line With Merkel, Others On CDS Legislation Issue

BRUSSELS (MNI) - The European Commission is in line with other European leaders - including German Chancellor Angela Merkel - on the need to mitigate the impact of trading in credit default swaps (CDS) on government bonds, a spokesperson said on Friday.

Earlier this week, European Commission President Jose Manuel Barroso said the EU's executive arm would issue legislative proposals "before the summer" to increase transparency and limit risks in the derivatives market.

He also said a "new 'ad hoc' reflection is needed on Credit Default Swaps regarding sovereign debt."

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Vicki Schmelzer

Senior FX Reporter
Foreign Exchange reporter at MNI. Author of the daily FXSpot column.
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Senior Federal Reserve Correspondent
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Phillip Day

Asia News Editor
Expert on Asian economies and financial markets.
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Johanna Treeck

ECB Correspondent
European Central Bank reporter for Market News.
Johanna Treeck