(Reuters) - Regulators must be "significantly tougher" on large and complex financial firms to limit wider risks, but big firms are still needed to keep the global economy humming, Federal Reserve Chairman Ben Bernanke said on Saturday. Bernanke told an Independent Community Bankers of America conference that the problem of some firms being perceived as "too big to fail" is among the "most insidious" barriers to competition in financial markets."As the crisis has shown, one of the greatest threats to the diversity and efficiency of our financial system is the pernicious problem of financial institutions that are deemed 'too big to fail,'" he said."It is unconscionable that the fate of the world economy should be so closely tied to the fortunes of a relatively small number of giant financial firms," he added.
(Reuters) - Regulators must be "significantly tougher" on large and complex financial firms to limit wider risks, but big firms are still needed to keep the global economy humming, Federal Reserve Chairman Ben Bernanke said on Saturday.
Bernanke told an Independent Community Bankers of America conference that the problem of some firms being perceived as "too big to fail" is among the "most insidious" barriers to competition in financial markets.
"As the crisis has shown, one of the greatest threats to the diversity and efficiency of our financial system is the pernicious problem of financial institutions that are deemed 'too big to fail,'" he said.
"It is unconscionable that the fate of the world economy should be so closely tied to the fortunes of a relatively small number of giant financial firms," he added.
NEW YORK (Reuters) - With U.S. stocks pressing up against 17-month highs, the inevitable question arises: "Does this rally have legs?" From one perspective, things couldn't look rosier for the bulls. The S&P 500 touched another 17-month high on Wednesday, breaking through levels analysts identified as significant resistance. More stocks in the S&P are hitting fresh 52-week highs than at any time during the course of the rally. But the steady rise in the last six weeks has been accompanied by middling volume and underperformance in key areas, such as semiconductor companies. Market technicians and strategists believe the current run is overbought, suggesting at least a near-term pullback.
NEW YORK (Reuters) - With U.S. stocks pressing up against 17-month highs, the inevitable question arises: "Does this rally have legs?"
From one perspective, things couldn't look rosier for the bulls. The S&P 500 touched another 17-month high on Wednesday, breaking through levels analysts identified as significant resistance. More stocks in the S&P are hitting fresh 52-week highs than at any time during the course of the rally.
But the steady rise in the last six weeks has been accompanied by middling volume and underperformance in key areas, such as semiconductor companies. Market technicians and strategists believe the current run is overbought, suggesting at least a near-term pullback.
NEW YORK (Reuters) - Global shares slipped from 17-month highs on Friday as weakness in earnings and a rising dollar stunted long-running rallies, while concerns over Greece's debt burden kept pressure on the euro. Oil suffered its steepest drop in six weeks as the dollar firmed against the euro and other currencies. Cheaper crude oil weighed on energy shares in the United States and Europe. The euro posted its worst weekly performance against the dollar since late January as traders waited to see if Greece can secure aid from its fellow euro zone members at a European Union summit next week. Greece has said that it might have to turn to the International Monetary Fund for help.
NEW YORK (Reuters) - Global shares slipped from 17-month highs on Friday as weakness in earnings and a rising dollar stunted long-running rallies, while concerns over Greece's debt burden kept pressure on the euro.
Oil suffered its steepest drop in six weeks as the dollar firmed against the euro and other currencies. Cheaper crude oil weighed on energy shares in the United States and Europe.
The euro posted its worst weekly performance against the dollar since late January as traders waited to see if Greece can secure aid from its fellow euro zone members at a European Union summit next week. Greece has said that it might have to turn to the International Monetary Fund for help.
(Reuters) - Greece has taken the necessary steps to tackle its fiscal crisis and will not default on its debt obligations, the country's prime minister said on Saturday in a speech to his socialist party's national council. Greece is pressing for a concrete standby package from its European Union partners to help bring its borrowing costs down. The overborrowed country currently pays almost twice as much as Germany to refinance its debt.European Union leaders are set to discuss a support mechanism for Greece when they meet in Brussels on March 25-26. Greece has said it may have to turn to the IMF if a European solution is not found to help it manage its debt mountain."Let everyone be certain, Greece will not default, we will not let it default. Greece has a strong government and courageous people. We are returning to the road of economic stability," Papandreou said.
(Reuters) - Greece has taken the necessary steps to tackle its fiscal crisis and will not default on its debt obligations, the country's prime minister said on Saturday in a speech to his socialist party's national council.
Greece is pressing for a concrete standby package from its European Union partners to help bring its borrowing costs down. The overborrowed country currently pays almost twice as much as Germany to refinance its debt.
European Union leaders are set to discuss a support mechanism for Greece when they meet in Brussels on March 25-26. Greece has said it may have to turn to the IMF if a European solution is not found to help it manage its debt mountain.
"Let everyone be certain, Greece will not default, we will not let it default. Greece has a strong government and courageous people. We are returning to the road of economic stability," Papandreou said.
