The Romanian government was forced to draft new options to cut the public deficit Friday after part of an austerity package crucial to securing a fresh disbursement of IMF funds was declared unconstitutional.A court ruled that the centre-right government's plan to cut pensions by 15 percent in 2010 in order to reduce public spending was unconstitutional. The move triggered satisfaction in the ra
A former trader at Societe Generale stuck up for alleged fraudster Jerome Kerviel at his trial on Friday, backing his claims that the French bank knew of risky deals that caused it billions in losses.The bank accuses Kerviel of secretly gambling away 4.9 billion euros (7.1 billion dollars at the time) in the huge 2008 rogue trading case, seen as a symbol of the excesses blamed for the financial c
Jerome Kerviel's stratospheric stock market risks nearly brought down Societe Generale, an ex-workmate told a Paris court on Thursday at the former trader's fraud trial.The French bank accuses Kerviel of secretly gambling away 4.9 billion euros (7.1 billion dollars at the time) in the huge 2008 rogue trading case, seen as a symbol of the excesses blamed for the financial crisis.After being bran
A former Societe Generale boss on Wednesday told a Paris court that Jerome Kerviel took risks that no bank in the world could take , on the second day of the trader's trial over billions in losses.The bank blames Kerviel for 4.9 billion euros (7.1 billion dollars at the time) of losses in a case seen as a symbol of the banking excesses blamed for the financial crisis.Jean-Pierre Mustier, the for
French trader Jerome Kerviel will face one of his former bosses from Societe Generale in court on Wednesday on the second day of his trial on charges of secretly gambling away tens of billions of euros.The bank blames Kerviel for 4.9 billion euros (7.1 billion dollars at the time) of losses in a case seen as a symbol of the banking excesses blamed for the financial crisis.Societe Generale, one of