Bailout

The cost of insuring Dubai's sovereign debt against default rose to its highest level since November as concerns resurfaced over the emirate's large debt. ... On Wednesday, the Al-Ittihad newspaper reported that Dubai World would this month ask creditors to freeze payments on 80 million dirhams ($21.8 million) of debt for six months, until its restructuring is complete.

China ordered banks to set aside more deposits as reserves for the second time in a month to cool the fastest-growing economy after loan growth accelerated and property prices surged.

The reserve requirement will increase 50 basis points, or 0.5 percentage point, effective Feb. 25, the People?s Bank of China said on its Web site today. The current level is 16 percent for big banks and 14 percent for smaller ones.

The total gross domestic product increased by one-tenth of 1 percent in the 16-nation euro area during the fourth quarter, compared with a year earlier, according to an initial estimate from Eurostat, the European Union?s statistics agency. The same tepid rate was also recorded for the 27 members of the European Union as a whole.

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Full post as published by Calculated Risk on February 12, 2010 (boomark / email).