News Headlines - 07 June 2011

▽Europe’s Banks Too Fragile to Afford Greek Default - Bloomberg
A failure by European regulators to make banks raise enough capital to withstand a sovereign default is complicating efforts to resolve Greece’s debt crisis.
The “fragilities” of Europe’s banking industry mean a Greek default isn’t an option, European Union Economic and Monetary Affairs Commissioner Olli Rehn said in New York last week. By delaying a decision some investors consider inevitable, policy makers risk increasing the cost to European taxpayers and prolonging Greece’s economic pain.

▽Japan doubles estimate of radiation leak from tsunami-hit nuclear plant - Washington Post
The report Monday said twice as much radiation may have been released into the air as earlier thought. That would be one-fifth of the amount released at Chernobyl instead of the earlier estimate of one-tenth.

▽Germany's Merkel, Obama open three-day US summit - AFP
German Chancellor Angela Merkel was in Washington Tuesday for a three-day summit with US President Barack Obama amid lingering differences over the dour world economy and Mideast policy.
Obama and Merkel kicked off the visit late Monday away from the confines of the White House, with a dinner in the upscale Georgetown section of Washington.

▽Germany officially the world's least funny country - Telegraph.co.uk
The survey, which was carried out for the social networking site Badoo.com found that most people agreed with the national stereotype that Germans were weak at comedy.

▽World Cup - Japan promises 'profitable' 2019 World Cup - Yahoo! Eurosport UK
Japan's new rugby chief believes the cost of reconstruction following the deadly earthquake and tsunami in March will not impact the country's ability to host a profitable 2019 World Cup, although he did admit their budget was "tight".







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