A firm holding the riskiest debt in Anglo Irish Bank has given up a long-fought battle to recover some of the £300 million (€337 million) owed by the defunct lender, the Irish Times reported. Lambay Capital Securities, a Dublin-based special purpose vehicle, was used in 2005 to raise money for Anglo Irish Bank from international investors by way of the sale of preference shares, a hybrid between debt and equity.

Ireland accounts for just 0.4 per cent of the global economy. But outside interest massively outweighs that tiny world GDP share – given the ubiquity of the Irish people and the country’s enormous cultural reach, the Irish Times reported. Ask most Brits or Americans how the Irish economy is faring and, while they may not know specifics, they’ll have a general sense. The roar of the Celtic Tiger was heard around the world, as was the sound of Ireland’s 2008 crash – being more severe than in any other English-speaking country.

Some leading economists, including Barry Eichengreen and Dani Rodrik, have been engaged in an important debate in recent months over the extent to which a fully operational banking union in Europe makes fiscal union redundant, the Financial Times reported. This is not the case, and the reasons why go to the heart of Europe’s woes, and the eurozone’s in particular. It is critical that the economic recovery in Europe, however anaemic, does not short circuit this debate and obscure the need to reform Europe’s economic and financial architecture.

For Greece, 2018 is a crucial year, Bloomberg News reported. The key question in the months ahead for what was once the epicenter of the European credit crisis is: Will it turn the corner and wean itself of external aid like Ireland, Portugal and Cyprus -- something the Greek government wants? Or, will the current bailout program, which ends Aug. 20, be followed by a similar arrangement -- as some observers expect?

Greece may be able to exit the bailout programme established by international authorities as soon as this year, HSBC has said, in a sign of just how far the eurozone has come since the depths of the debt crisis in 2011, the Financial Times reported. The country last year regained access to capital markets, its economy is looking less dreary, and it will have enough cash reserves in August of this year to finance itself for the next “year or so”, said Fabio Balboni, European economist at HSBC.

A Berlin court on Thursday rebuffed a legal challenge to the insolvency filing of airline Niki, which could derail the sale of the Air Berlin unit to Britain’s IAG, and referred the case to a higher court for a ruling, Reuters reported. Niki filed for insolvency in Berlin last month after Germany’s Lufthansa scrapped plans to buy the Austrian unit, grounding the airline’s fleet and stranding thousands of passengers.

A German court is likely to decide on Thursday whether to reverse the insolvency filing of airline Niki, according to a statement from Berlin’s civil courts, which could derail the sale of the Air Berlin unit to Britain’s IAG, Reuters reported. Niki filed for insolvency last month after Germany’s Lufthansa scrapped plans to buy the Austrian unit, grounding the airline’s fleet and stranding thousands of passengers.

U.S. bank stocks had a great run in 2017: Europeans, not so much. Those betting on a Continental banking catch-up in 2018 shouldn’t get their hopes up. European banks have made great strides. More certainty over regulation, stronger economies and better expected lending growth are all in their favor. But they are still saddled with negative interest rates in the eurozone and Switzerland, which hurts interest income, The Wall Street Journal reported.

Dutch tidal turbines developer Tocardo International BV has filed for insolvency the same day it became official that Canada’s Tribute Resources Inc will not buy out the company, Renewables Now reported. Tocardo has secured a deferral of payment to creditors. A creditors meeting will be held on March 27, 2018. In early August 2017, Canadian energy company Tribute Resources unveiled its intention to buy the 53.5% stake it does not already own in Tocardo and focus on tidal and marine power development. The plan included changing Tribute’s name to Tocardo Energy Inc following the combination.

A group representing airline passengers has taken legal action to shift insolvency proceedings for budget airline Niki to Austria from Germany, in a move that could endanger the sale of the Air Berlin unit to Britain’s IAG, Reuters reported. Fairplane, seeking to recover more than 1 million euros ($1.2 million) it says Niki owes to passengers, filed separate legal cases on Tuesday to block insolvency proceedings in Berlin and to open them instead in Austria.