The European Central Bank expects modest growth in the euro area economy in 2010, prospects are encased in a large uncertainty. It said the institution’s president Jean-Claude Trichet after today’s decision by the bank interest. The base rate has been kept in its record low level of 1.0 percent for the 12th consecutive month today. According to Trichet data for some individual countries are encouraging and some of the achievements that exceeded forecasts. However, the situation was still quite uncertain because of large fiscal imbalances that occur in some countries. Trichet defended the decision to distortion of the ECB for loans made as a reverence to Greece, with the explanation that the requirements of our southern neighbors were quite strict. Therefore, the central bank wanted to show their support for Athens. “Bankruptcy of Greece to me is off. Everything is simple. I do not discuss this issue and I have nothing more to say, “said Trichet, said on CNBC. Asked whether Portugal is expected to be the next victim of the crisis, will have to be saved, Trichet said that Greece and Portugal are not in the same boat. At today’s meeting of the heads of the ECB have not been discussed ideas and options to buy government bonds to help banks in the euro zone, said Trichet. This was based on market interest today, as speculation was that the ECB will strongly support the banks to fight crisis. Expression of this depreciation of the euro rose to 1,2692 EUR / USD during the Trichet press conference.
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The Shares of the largest Japanese carrier, – Japan Airlines, fell sharply by 11% during today’s trading session to reach its lowest price level in historical perspective of ¥ 85 per share, cited by BBC. Reason for this became publications that losing company may be forced to declare bankruptcy because of its debt by $ 16 billion. From the press has become clear that the Fund Enterprise Turnaround Initiative Corporation, which is responsible for saving the airline is considering bankruptcy as part of its restructuring plan. From Japan Airlines, however, deny this possibility, reported that the decision of the fund secured by the state will become clear in January next year. The Japanese government is saved Japan Airlines four times since 2001. Last week Finance Minister Hirohisa Fuji in Japan said that the state will not issue more loans to the airline. In that year Japan Airlines receives offers for the purchased part of its capital by competing companies American Airlines and Delta, as the eventual fall into bankruptcy will make a deal more complex.
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The price of oil dropped to its lowest level for the past six months. Reason for this became news about Dubai’s plans to restructure its public investment fund. Currently announced that the Fund suspended all payments on its obligations for a period of six months, and rumors say it could extend to bankruptcy. This is a strong negative impact on the stock exchanges in Europe, which registered a sharp drop yesterday. The reason is that some analysis show that European banks had exposure of about $ 40 billion to the fund. Learn more about the fund, which collapsed yesterday exchanges in Asia and Europe. All this reflect negatively on the price of oil. Black gold moved with a fall of 3.4 percent to 75.29 dollars per barrel last night, which is the lowest level to date of 15 October. So oil is going to record weekly retreat from 1,9 per cent. Yesterday the New York Stock Exchange remained closed for Thanksgiving. Today, even the stock exchange session will be shortened, as trade will be up to about 8 hours CET. Then you’ll end today’s session of the stock exchange in the United States.
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