France News
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U.S. Treasury Secretary Timothy F. Geithner endorsed Europe’s emerging plan to beat the sovereign debt crisis as global finance chiefs pushed for a solution at an Oct. 23 summit of the region’s leaders.
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“Cascading default, bank runs and catastrophic risk” lie ahead for the world economy unless Europe resolves its festering debt crisis, Timothy F. Geithner told global finance chiefs on the morning of Sept. 24.
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Spain’s credit rating was cut for the third time in three years by Standard & Poor’s as slowing growth and rising defaults threaten banks and undermine efforts to contain Europe’s sovereign-debt crisis.
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The eight largest U.S. money-market funds reduced their lending to French banks by 44 percent last month as the European sovereign debt crisis worsened.