S&P: U.S. Debt Cut May Cascade to Other Entities
Reuters
A wide assortment of U.S. entities directly linked or reliant on the federal government's credit rating might suffer a ``knock-on'' effect and be downgraded if the nation loses its AAA rating, Standard & Poor's said in a statement Friday.
http://jlne.ws/o5w5GB
Greek rescue goes long
IFR
Eurozone officials are working on a new plan to restructure Greece’s sovereign debt. Earlier French-led proposals to roll over debt have been shelved and discussions now centre on replacing old debt with super-long bonds of up to 40 years. Such issuance would allow banks to avoid writing down their holdings, and would also reduce the country’s immediate repayments. Christopher Spink reports.
http://jlne.ws/oyD9fa
S&P Threatens Broad Downgrade of Finance Companies
CNBC
Standard & Poor's Friday put a broad range of financial firms on negative credit watch, warning they could all be downgraded if the United States has its credit rating cut.
http://jlne.ws/mRU5ej
European Banks Urged to Bolster Reserves Following Stress Tests
By JULIA WERDIGIER AND JACK EWING, The New York Times
About two dozen European banks were put under official pressure Friday to bolster their reserves, after a much-anticipated test of whether they would be able to survive such economic shocks as a further deterioration in the sovereign debt crisis.
http://jlne.ws/qMv2va
U.S. probes Credit Suisse for aiding tax evasion
By Katie Reid and Chris Vellacott, Reuters
Swiss bank Credit Suisse is being probed by the U.S. Department of Justice as part of a broader investigation into banks suspected of helping Americans evade taxes.
http://jlne.ws/qtkGvG
ICE credit clearer bulks up, gets Dodd-Frank ready
By Jonathan Spicer, Reuters
IntercontinentalExchange Inc's U.S. clearinghouse for credit derivatives, known as ICE Trust US, will add nearly a dozen formal users and become a new entity approved by the Dodd-Frank financial overhaul.
http://jlne.ws/rj9QVi
BofA Drops Below $10, First Time in 2 Years
By Rick Green, Bloomberg
Bank of America Corp. (BAC), the biggest U.S. lender by assets, fell below $10 a share in New York trading today as concern mounted about the company’s ability to restore profit.
http://jlne.ws/oDJZKI
8 Banks Fail EU 'Stress Tests'
BY DAVID ENRICH, WSJ.com
European regulators, trying to douse the Continent's financial crisis, unveiled the results of their banking "stress tests," but the small number of lenders that flunked the exams provoked skepticism.
http://jlne.ws/qZiQGm
Italy to give final OK to austerity package
By Alessandra Rizzo, The Daily News
Italy passed a —70 billion ($99 billion) austerity package on Friday in a move considered crucial to preventing the eurozone's third-largest economy from succumbing to the debt crisis.
http://jlne.ws/qsurAo
Obama laying out why he didn't press harder for Simpson-Bowles
By Jeanne Sahadi, CNNMoney
Last December, the bipartisan debt reduction commission that President Obama created put out a series of recommendations supported by a majority of its members.
http://bit.ly/p0pk2W
Industrial Production in U.S. Climbs 0.2%
By Bob Willis, Bloomberg
Industrial production in the U.S. rose less than forecast in June, restrained by declines in the output of autos and business equipment.
http://jlne.ws/n7ff5g
CPI: Inflation retreats on lower gas prices
CNN Money
Falling prices at the pump pushed inflation lower in June, but consumers are still paying significantly more than they were last summer.
http://jlne.ws/q2lseD
Obama Returns to the Podium to Discuss Debt Talks
By Michael D. Shear, The New York Times
President Obama on Friday reiterated his desire to reach a grand bargain that would deal with the nation’s long-term debt problems even as leaders in Washington take action to avoid a financial default by the government.
http://jlne.ws/o01CIU
Fed Members Release Financial Reports
By Jeffrey Sparshott and Andrew Ackerman
Federal Reserve Vice Chairman Janet Yellen stands as potentially the wealthiest member of the central bank’s board of governors since joining in October.
http://jlne.ws/nfY7gT
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