Latest Financial crisis News

Cyprus hails Moody's two-notch credit rating upgrade bringing the country into investment grade

Sep. 30, 2023 05:27 AM EDT

NICOSIA, Cyprus (AP) — Cyprus on Saturday hailed a two-notch upgrade by credit ratings agency Moody’s to bring the east Mediterranean island nation back into investment-grade territory a decade after a financial crisis left the country on the brink of bankruptcy. President Nikos...

IMF warns Lebanon that the country is still facing enormous challenges, years after a meltdown began

Sep. 15, 2023 12:33 PM EDT

BEIRUT (AP) — Four years after Lebanon’s historic meltdown began, the small nation is still facing “enormous economic challenges,” with a collapsed banking sector, eroding public services, deteriorating infrastructure and worsening poverty, the International Monetary Fund warned Friday. ...

Greece hopes for investment boost after key credit rating upgrade

Sep. 08, 2023 18:28 PM EDT

ATHENS, Greece (AP) — A major international agency on Friday upgraded Greece’s credit rating to investment grade, a move that is expected to boost investor confidence in the formerly bailout-dependent country. Despite a series of previous upgrades, Greece had until now failed to...

UBS to pay $1.44 billion to settle 2007 financial crisis-era mortgage fraud case, last of such cases

Aug. 14, 2023 15:18 PM EDT

NEW YORK (AP) — UBS will pay U.S. authorities $1.44 billion to settle the last lingering legal case over Wall Street's role in the housing bubble of the early 2000s, which ultimately led to the 2008 financial crisis and Great Recession. The Swiss bank agreed to pay a civil penalty...

Big banks will need to hold more capital to guard against risk under new Fed proposal

Jul. 27, 2023 15:19 PM EDT

NEW YORK (AP) — The nation's biggest and most complex banks will need to hold additional capital on their balance sheets under an initial proposal by the Federal Reserve and FDIC, designed to help banks better withstand risks to their businesses that go beyond a recession or financial crisis. ...