eu

The European Union has banned the naked short selling of CDS on eurozone government debt, to prevent short selling aggregating price declines.

Slovakia has stalled in ratifying measures to revamp the eurozone's European Financial Stability Facility (EFSF) rescue fund, intensifying the threat of contagian within the continent.

George Osborne has said efforts in Europe to tackle the economic crisis are currently falling short of what is needed, warning the billions pledged by governments so far are not enough.

EAST OR WEST...

Emerging markets are by no means a safe haven, but the problems these countries face are minor in comparison to those of the more developed world, writes Jerome Booth, head of research at Ashmore Investment Management Limited.

Asset allocators are selling down equities to cut risk exposure as markets digest the EU's solution to the Greek crisis, and US debt fears persist.

Fitch has downgraded Greece to CCC status, one notch above default, due to growing concerns private investors do not want to participate in any bailout of the country.

Senior European Union (EU) officials are set to meet later on Monday to discuss the eurozone's continuing debt woes.

Ignis' chief economist Stuart Thomson has said it is a "virtual certainty" Greece will default despite its move to implement the latest austerity plan.

European banks and finance officials are discussing a proposal to replace existing Greek debt with a different type of bond to get around ratings agencies' reservations about a planned rollover, Reuters reports.