JP Morgan's Chief Executive Officer, Jamie Dimon JP Morgan’s Chief Executive Officer, Jamie Dimon says Europe is the largest threat to the global economy, calling for a solution to the economic woes sourced from the continent. “We urgently need a solution. The longer the problem drags on, the less likely it is we get off lightly,” the CEO of one of the largest banks in the United States... 

A new report prepared by Russian Deputy Finance Minister Tatyana Nesterenko about the Eurogroup meeting of the Informal Economic and Financial Affairs Council (ECOFIN) in Wroclaw Poland on the growing European debt crisis states that EU Finance Ministers were “left stunned” Friday after they were told by US Treasury Secretary Timothy Geithner [photo top right] that President Obama was “not in... 

Italian Prime Minister Silvio Berlusconi Rome has approved a new emergency 45.5-billion-euro austerity plan in response to demands by the European Central Bank (ECB) to balance Italy’s budget by 2013. The Italian government approved the emergency package in line with the ECB request on Friday, despite strong disagreement and resistance from local government officials who maintain that new austerity... 

European Central Bank's bond buying operation could re3ach €850bn according to analysts at the Royal Bank of Scotland. Letter to Italian PM Silvio Berlusconi demanded detailed list of reforms to timetable set by the bank. The European Central Bank’s decision to start buying up Italian and Spanish bonds has controversially extended its operations into detailed demands for economic restructuring,... 

Finance minister urges MPs to support deal and pledges that investors will share burden. German Finance Minister Wolfgang Schaeuble told his country’s Parliament on Friday that MPs had a duty to approve a new aid package for Greece and that private creditors must carry some of the burden. Agence France-Presse reported that in an impassioned speech to deputies who later approved a non-binding motion... 

The Bundesbank said it will ask German President Christian Wulff to dismiss board member Thilo Sarrazin after his remarks about Muslim immigrants and Jews damaged the central bank’s reputation. The board decided unanimously to apply to the President for Sarrazin’s dismissal, the Frankfurt-based Bundesbank said in an e-mailed statement today. It stripped Sarrazin of his responsibilities at the... 

The EU banking system is in big trouble. Many of the Union’s largest banks are sitting on hundreds of billions of dodgy sovereign bonds and non performing real estate loans. But writing down their losses will deplete their capital and force them to restructure their debt. So the banks are concealing their losses through accounting sleight-of-hand and by borrowing money from the European... 

The President of the European Central Bank, Jean-Claude Trichet, told Forbes that global governance is extremely necessary if we want to prevent another financial crisis. In his prepared printed and spoken remarks to the Council on Foreign Relations, Trichet emphasized that politicians, economists, and financiers must work across the Atlantic and collaborate on methods to create an international set...