Its effort to stave off bankruptcy by selling spectrum to Reliance Jio got scuttled after the long legal and government delays for approvals.
Prime Minister Alexis Tsipras battled to win lawmakers' approval on Wednesday for a bailout deal to keep Greece in the euro and avoid bankruptcy, as the IMF pressured Greece's creditors to provide massive debt relief for its crippled economy.
Under the Commission proposal, Greece would get the whole 7 billion in one go
The US market regulator Securities and Exchange Commission was doing what it could to stem the flow. It temporarily prohibited naked short-selling in the securities of major financial players including Freddie Mac and its sister firm Fannie Mae in July. But this didn't really help. It was only after global central banks pumped in unprecedented liquidity into global markets, that the storm was finally calmed.
Once criticised as inhibitory, India's strict regulatory norms have protected local banks from the global financial tsunami.
The local currency had lost 16 paise to close at 54.17 on Monday due to fresh dollar demand from importers and some banks.
Fresh dollar demand from importers and some banks on the back of smart rise in the US dollar ahead of RBI monetary policy meeting on Tuesday also weighed on the rupee, said forex dealers.
German Chancellor Angela Merkel and French President Nicolas Sarkozy could not resolve their differences over further boosting the European Financial Stability Facility, recapitalisation of European banks heavily exposed to sovereign debts and a partial write-down of Greek government's debts at a two-hour emergency meeting in Frankfurt on Wednesday night.
BSE Metal and IT indices plummeted by almost 2%
Tough conditions imposed by global lenders could cause an outcry.
The crisis remains acute with the country's banks already closed.
The rupee gains became pronounced just before mid-day in Europe as the euro rose against the dollar after German judges removed a major obstacle to the region's new bailout fund, European Stability Mechanism.
Forex dealers said a higher opening in the stock market also helped the local unit to recover after four sessions of losses.
Troubled carrier SpiceJet has paid employees' salaries for November and cleared dues of fuel companies as well.
Neither India nor China will be badly affected by Grexit.
The crisis and the painful, austerity-induced recession will focus anger on a relentless Germany.
Asian markets were weak this morning on uncertanaity over the $700 billion US bailout plan. Later on, the European markets, too, opened on a weak note, and US futures also indicated a negative start from Dow and Nasdaq. The market breadth was extremely negative - out of 2,684 stocks traded, 2,282 declined, 361 advanced and 41 were unchanged on Monday.
The Indian rupee had lost 10 paise to close at 64 on Thursday.
Banks are direct stakeholders and are dealing with commercial matters of the airline where the ministry would not like to intervene: Prabhu
The impending default on the IMF loans leaves Greece sliding towards an exit from the euro.
The Greek stock market has been shut since last week.
Tsipras said the mandate that Greeks had given him was to reach a viable solution rather than clash with Europe
Finance Minister Pranab Mukherjee on Wednesday said Indian markets cannot remain immune to the Eurozone debt problems and will feel the impact if the $1 trillion bailout package by the European Union and the International Monetary Fund does not inspire confidence.
The fairy tale turnaround story has, however, taken a few knocks after a second wave of the pandemic has brought a series of default notices and has posed the toughest test for the 55-year old Singh to save the airline he founded and sold to the Marans only to assume control later.
Ireland contributes roughly a quarter of percent of global GDP and 2 per cent of eurozone. The exposure of global financial institutions to both Irish sovereign and bank debt is somewhat small and the Irish government seems to be all set to be bailed out by Europe's stability fund and the IMF. Market estimates put the bailout package at roughly 100 billion, a sum that is by no means hefty by the standards of rescue packages offered over the last couple of years.
'Mallya has offered to pay the original amount.' 'Let us say he means the principal amount and that stands at Rs 5,000 crores.' 'The Indian banks have to ask themselves if they would rather have this 5,000 crores or would have none of it at all,' asks Sudhir Bisht.
The recent bailout of Romania by the International Monetary Fund puts the spotlight back on the East European block of countries and what it means for the Western European banking sector. If evidence is anything to go by, things are turning for the worse. In fact, if a block of countries could be termed 'sub-prime', Eastern Europe seems to qualify as the countries seem to have been battered and bruised big time by the ongoing global financial turmoil.
The American Immigration Lawyers Association, which had earlier opposed the measure, described it on Friday as 'disappointing'. It argued that this would prove to be counterproductive as it prevents the US companies to hire the best available global talent. The H-1B has mostly benefitted Indian techies.
US Senate's rejection of a bailout package for auto firms to impact revenues. None of the IT firms give any break-up of the exposure to the auto industry, but analysts said TCS offers services to clients such as Chrysler, Ferrari and Nissan.
After all, the employees did not flock to the Shiv Sena-run union but to Raj Thackeray despite the fact that many of the sacked employees were not Marathis. These non-Maharashtrians, going by the Raj Thackeray-led Maharashtra Navnirman Sena, were those who came and usurped the local's share in Mumbai's and Maharashtra's economy.
Appearing before the US house financial services committee along with seven other top US CEOs of companies which received a bailout fund from the federal government, Citigroup CEO Vikram Pandit said, "My compensation for the year 2008 was my salary, which is $ 1 million. I received no bonus. And as I stated earlier, I plan to take a $ 1 a year in salary and no bonus until we return to profitability."
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
Will Greece manage to pay euro 1.5 billion to IMF?
Greek finance minister to hold talks with bankers on Sunday
The rupee depreciated 20 paise to close at 63.84 in Monday's trade.
The IMF dashed any hope that Athens could avert default.
The situation in Greece worsened with banks closed for a 2nd week.
11th-hour debt restructuring programme offered no concessions to creditors
Due to tax associations with the fiscal-ending, April is a month of SIP renewal. So, the April numbers will be important and may perhaps, mark a change in retail attitude.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances