Word: bankses
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Late last week, Goldman Sachs cut its earnings expectations for the stocks in the Standard & Poor's 500. Collectively, Goldman thinks, those companies will earn $40 a share this year, down from $49 a share in 2008. That's a drop of 18%. Not great. But take out financial stocks...
The summit itself ended in reluctant pledges to help eastern Europeans, but only on a country-by-country basis, as well as repeated mantras about avoiding protectionism. But if the show of unity was unconvincing, the issues are very real. Crashing exchange rates, soaring debts and failing banks: eastern European...
Yet a report authored last month by Katinka Barysch, of the Centre for European Reform think-tank, says they were merely following E.U. recommendations: opening their markets to trade and investment and selling their local banks to western European ones. It helped to drive the export boom of the past...
Respite of sorts came to the region last week when a $31 billion package was announced by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the World Bank. But World Bank President Robert Zoellick says East European banks need $140 billion of fresh capital...
Eastern Europe now fears the narrow instinct of individual governments will be to look to their own backyards first, only thinking of the European dimension as an afterthought. Without any clear direction, there is also a risk that instability in the east could infect everyone else and drag down the...