Spain is about to receive an emergency disbursement from the 100 billion-euro ($123 billion) bailout of its financial system because of restrictions the European Central Bank imposed on bank borrowing, according to a person familiar with the matter. The ECB last month imposed limits on how much it will lend banks against government-guaranteed bonds. The rule change meant Spain had to ditch a plan for nationalized lender Bankia group to get a loan from the Frankfurt-based central bank, said the p

PARIS (AFP) ― Asian countries dominate a league table of economies most at risk from earthquakes, floods, storms and other natural hazards, according to research published on Wednesday.In an assessment of 197 countries, British risk consultancy Maplecroft said six Asian countries were among the 10 countries whose economies were most vulnerable to catastrophes.The list is headed by Bangladesh and the Philippines, which along with Myanmar are considered to be at “extreme” risk.Only one other count

ATHENS (AP) ― Greece held its biggest debt sale since its economy imploded two years ago as it raised 4.06 billion euros ($5.01 billion) in a short-term debt to pay off a bond due next week.Athens will now avoid having to ask for emergency funding to pay off a 3.2 billion euros ($3.9 billion) bond that matures Aug. 20 and is held by the European Central Bank.However, the debt-crippled country saw its borrowing costs rise, while demand for the 13-week treasury bills was much lower than in last mo

Standard Chartered on Tuesday settled allegations that it helped Iranian clients dodge U.S. sanctions, announcing a fine of $340 million from a New York banking watchdog.The "civil penalty" came amid allegations that the London-based bank hid 60,000 transactions with proscribed Iranian clients worth $250 billion over ten years.The clients included the state-backed Central Bank of Iran and the Nati

German Chancellor Angela Merkel returns to the front line of the European debt crisis this week as the bloc’s leaders squabble over measures including bond purchases to relieve concerns the single currency may fragment. Merkel ends her summer vacation to oversee a Cabinet meeting Aug. 15 before departing for Canada and talks with Prime Minister Stephen Harper as the spiraling crisis threatens the global economy. With policy makers awaiting a German high court decision on bailout funding next mon

BERLIN (AFP) ― Germany will block any new aid to ailing Greece if Athens does not fully comply with the terms of previous rescue packages, even if other countries support unlocking funds, a senior lawmaker said Sunday.The deputy head of Chancellor Angela Merkel’s conservative parliamentary bloc, Michael Fuchs, told business daily Handelsblatt that Berlin was ready to use its veto if it is unhappy with findings from the Greece creditors “troika.”“You can quote me: even if the glass is half-full,

BERLIN (AFP) ― German Economy Minister Philipp Roesler expressed disappointment with the efforts of debt-wracked Greece to implement necessary reforms, in an interview with the weekly magazine Focus.“I’ve lost my illusions,” said Roesler, who is also vice chancellor and leads the pro-business Free Democrats in Germany’s ruling coalition.“I proposed with German businesses a whole series of support measures for the Greek government. The Greeks have hardly responded to our offers,” he told Focus ac