A round-up of the key stories across the specialist financial media, including news that a Greek disorderly default has been avoided, for the near future at least.
Europe picks Greek aid over default
Debt-stricken Greece won a second bailout after European governments wrung concessions from private investors and tapped into European Central Bank profits to shield the euro area from a precedent-setting default.
The euro steadied after an initial jump and European stocks were lower after the agreement of a second bailout deal for Greece removed the threat of a disorderly bond default but left markets unconvinced it could avoid further turmoil.
RBS, Lloyds to return to profit in 2012 after last year’s losses
Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc (LLOY) are set to post losses for 2011 this week before returning to profit as the state-controlled U.K. banks cut thousands of jobs and finish a series of writedowns.
Top European banks, responding to new regulations and wary of lending, are stashing increasingly large sums of money at central banks around the world in a collective flight to safety.
An Iranian threat to pre-empt a European Union embargo pushed oil prices to a nine-month high, prompting the International Energy Agency to warn that the standoff between Iran and the West was bringing the burden of oil prices on the global economy to near levels last seen in 2008.
