Spain unveiled its most severe budget cuts in decades on Friday as it finds itself once again cast as a central battleground in the fight to contain the euro-zone crisis, The Wall Street Journal reported. The new conservative government of Prime Minister Mariano Rajoy presented more than €27 billion ($36 billion) in budget cuts—with a 9.6% reduction from 2011 central-government spending—through income-tax increases, spending cuts by ministries and incentives for tax avoiders and repatriating income. "We are in a desperate situation when it comes to the fiscal outlook," said Deputy P

THE INTERNATIONAL SCENE: The New German Insolvency Code: Decoding Improvements and Remaining Risks (citation: Dr. Leo Plank, Dr. Bernd Meyer-Löwy and Carl Pickerill, The New German Insolvency Code: Decoding Improvements and Remaining Risks, XXXI ABI Journal 2, 46-47, 55, March 2012) - Dr. Leo Plank, Dr. Bernd Meyer-Löwy and Carl Pickerill

EUROPEAN UPDATE: Trust, Parallel Debt Mechanism under N.Y. Law Are Now Recognized in French Insolvency Law (citation: Annerose Tashiro, Patrick Ehret and Frank Tschentscher, Trust, Parallel Debt Mechanism under N.Y. Law Are Now Recognized in French Insolvency Law, XXXI ABI Journal 1, 30-31, 65, February 2012) - Annerose Tashiro, Patrick Ehret and Frank Tschentscher

Trust, Parallel Debt Mechanism under N.Y. Law Are Now Recognized in French Insolvency Law (citation: Annerose Tashiro, Patrick Ehret and Frank Tschentscher, Trust, Parallel Debt Mechanism under N.Y. Law Are Now Recognized in French Insolvency Law, XXXI ABI Journal 1, 30-31, 65, February 2012) - Annerose Tashiro, Patrick Ehret and Frank Tschentscher

Trust, Parallel Debt Mechanism under N.Y. Law Are Now Recognized in French Insolvency Law (citation: Annerose Tashiro, Patrick Ehret and Frank Tschentscher, Trust, Parallel Debt Mechanism under N.Y. Law Are Now Recognized in French Insolvency Law, XXXI ABI Journal 1, 30-31, 65, February 2012) - Annerose Tashiro, Patrick Ehret and Frank Tschentscher

FEATURE: Patenting New Protection for Chapter 15 Licensees (citation: Luke A. Barefoot and Emily Bussigel, Patenting New Protection for Chapter 15 Licensees, XXXI ABI Journal 1, 32-33, 66, February 2012) - Luke A. Barefoot and Emily Bussigel

21/2/2012: Who has had the better crisis: Ireland or Iceland? Many would say Iceland, which Friday won a Fitch upgrade that restored it fully to investment-grade status; that puts it a step ahead of Ireland, which still has a "junk" rating from Moody's. Short-term, this verdict is probably right. But longer-term, Ireland's euro membership may bring benefits. Both countries were brought down by reckless risk taking from outsize banking systems.

28/2/2012: The countdown to the March 8 deadline for Greece's private-sector creditors to agree to a debt restructuring begins Wednesday, when an international trade association decides to either accept or reject an application to determine whether the passage of laws in Greece that will force investors to accept a steep write-down on debt constitutes a "credit event" that will trigger the payout of insurance contracts against Greece defaulting on its debt, contracts known as credit default swaps, Dow Jones reported. Only after the committee has opted to review the case would the committee th

When trying to follow the twists and turns of the euro crisis, it is worth bearing in mind two journalistic adages. First, focus on what politicians do and not what they say. Second: "Follow the money." This has been particularly true of the protracted negotiations over Greece's second bailout, which reached a climax with riots in Athens Sunday as parliament debated a tough new austerity package demanded as the price of the €130 billion ($172 billion) package.

Looking under the Hood: How Do Tried-and-True Valuation Methodologies and Models Lead Us Astray? - Daniel A. Celentano, Evelyn H. Biery, Hon. Arthur J. Gonzalez, Jeffrey W. Linstrom, John (Jack) Wm. Butler Jr., Marcia L. Goldstein, Perry Mandarino