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On Wednesday, Eurogroup President Jean-Claude Juncker said the option of issuing joint euro zone sovereign debt to help stimulate growth in Europe remains on the table, despite ongoing German opposition to the proposals.
Juncker’s comments came as external Monetary Policy Committee member Adam Posen said there was sufficient likelihood that things could go very wrong in the euro zone.
While refusing to specifically cite a Greek exit from the euro zone, Posen made it very clear that an event on that scale would have devastating consequences both for the U.S. and the United Kingdom.
Away from the euro zone crisis, commodities trader Glencore and miner Xstrata will send details of their much anticipated merger to shareholders on Thursday, including a three-year retention package set to be worth tens of millions of dollars for Xstrata boss Mick Davis Meanwhile,
Morgan Stanley Chairman and Chief Executive James Gorman defended the securities firm's role in Facebook's botched IPO, telling employees internally that the firm worked "100 percent within the rules" and calling the steep decline in Facebook's stock "disappointing," according to a Dow Jones report.
Morgan Stanley is being investigated by the Securities and Exchange Commission over its role in the IPO.
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