Debt

In a surprise statement, Germany's finance minister has admitted Greece will need a third bailout package.

Martin Gilbert, the chief executive of Aberdeen Asset Management, has announced he is to resign from his role as chairman of beleaguered transport business FirstGroup, on the day the group also announced it is undertaking a rights issue.

EUROPE

Argo Group has launched an emerging markets hedge fund investing in bonds and currencies from a universe of over 40 emerging market countries.

The Republic of Ireland has returned to the capital markets for the first since it received an international bailout in 2010.

Berlin is to sell up to €5bn of two-year Schatz notes (treasury notes) at auction today with a 0% coupon, as investors' flight to safety gathers pace and heightens 'market dislocation'.

Jemma Jackson of the Association of Investment Companies (AIC) looks at the rise of the specialist sectors and explains why closed-ended structures lend themselves to the space.

PAYING THE LOCUSTS

DEBT

Bank of America is planning to issue new shares in exchange for existing preferred stock and debt that has lost value during the downturn this year.