The European Central Bank has given its starkest warning to date on growing strains in the eurozone credit markets, reports The Telegraph .
It said it is expecting fresh bank writedowns to hit $283bn (£173bn) by the end of next year.
"Policy-makers and market participants will have to be especially alert in the period ahead. The credit cycle has not yet reached a trough," said the ECB's Financial Stability Report.
"The deterioration in the macro-financial environment has continued to test the shock-absorption capacity of the euro-area financial system. Prospects for a significant turnaround in the short term are not promising," it said. Full story...
Bernard Madoff, the fraudster at the centre of a $65 billion investment swindle, is facing up to 150 years in prison when he is sentenced later today for one of the biggest fraud in corporate history, says The Times.
The 71-year-old American, a former chairman of the Nasdaq stock exchange, is likely to spend the rest of his life behind bars after pleading guilty in a New York court in March to 11 counts of fraud, perjury and false reporting.
Madoff admitted to starting the Ponzi scheme over 20 years ago and said he was "deeply sorry and ashamed" for his crimes. Full Story...
President Barack Obama will outline on Tuesday the most sweeping changes to the US financial regulatory system since the 1930s in an attempt to prevent last year's financial crisis from happening again, according to The Telegraph.
The Obama administration, led by the president himself and treasury secretary Tim Geithner, will propose a number of key alterations to the existing complex framework of regulation in the US which many argue was partly responsible for allowing the credit crisis to occur in the first place. Full story...
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