Germany's top central banker warned that Europe's debt crisis would take as much as a decade to overcome, adding that a lasting solution would only come once politicians stopped relying on the European Central Bank and pushed through far-reaching structural overhauls. In an interview with The Wall Street Journal, Bundesbank President Jens Weidmann signaled that the ECB could reduce interest rates if incoming data suggest it is warranted. But he warned such a move wouldn't turn around the euro bloc's economic fortunes. Mr.

Financially troubled Slovenia bought itself some breathing room Wednesday by raising more than $1.3 billion with a bond sale, easing fears that near-term funding problems could force it into an international bailout, The Wall Street Journal reported. But the former Yugoslav republic that for years was seen as post-communist success story still faces serious challenges as it tries to shore up an ailing banking sector and revive growth in its flagging economy.

German PV developer Solen has declared bankruptcy and filed for insolvency at the Meppen district court after failing to repay the interest on a loan, PV-Tech reported. According to the company, poor results as a result of cuts in the German Renewable Energy Act (EEG), falling PV prices over the last two years and high interest rates resulting from a corporate bond have meant that the firm has been unable to fulfil its obligation to its creditors. Despite the declaration of bankruptcy, the business is operating as usual.

Spanish fishing firm Pescanova sank deeper into scandal on Tuesday as shareholder anger mounted over accounting failings and the chairman's undeclared sale of shares in the period leading up to insolvency proceedings, Reuters reported. Pescanova, a household name in Spain and one of the world's largest fishing groups, filed for insolvency on April 15 on at least 1.5 billion euros ($2 billion) of debt run up to fuel expansion before economic crisis hit its earnings.

The Polish government will work to correct “a giant mistake” that is the country’s private pension system, introduced in 1999 and responsible for the bulk of Poland’s public debt, its finance minister said Tuesday, The Wall Street Journal Emerging Europe blog reported. The government in recent years has wrestled with privately managed pension fund companies, which receive a percentage of gross salaries and invest it in the capital market.

Prosecutors in Italy are seeking to seize 1.8 billion euros ($2.4 billion) of assets from Nomura Holdings Inc. as part of an investigation into Banca Monte dei Paschi di Siena SpA’s use of derivatives to hide losses. Sadeq Sayeed, Nomura’s former European head, and Raffaele Ricci, a managing director in fixed-income sales, are also being probed for colluding to obstruct regulators and making false statements, prosecutors in Siena, where the bank is based, said in a statement today.

The European Parliament Tuesday made the final approvals necessary to cap bankers bonuses at a maximum of twice salary – and only then with shareholder approval – in a move aimed at curbing excessive risk taking while boosting capital buffers and increasing funds that can be lent to small businesses, The Wall Street Journal MoneyBeat blog reported. European Commission President, Jose Manuel Barroso, said the new capital requirements would enable banks to “absorb future shocks themselves, without asking the taxpayer for help.” The new rules will come into effect Jan.

Pescanova's chairman sold half of his stake in the Spanish fishing company before deep debt problems became public in March and trading in its shares was suspended, the company said on Monday, Reuters reported. Pescanova initiated bankruptcy proceedings in early March after a deep and long recession in Spain left it unable to pay debts of at least 1.5 billion euros ($1.96 billion) racked up during an ambitious expansion. But bickering between board members, questions over its accounts and a row with its auditors have slowed efforts to hammer out a survival plan.

Greece has identified some 15,000 public-sector workers to be let go over two years as part of a tentative agreement sealed Monday with its international lenders to unlock the next payments from its €173 billion ($226 billion) bailout, The Wall Street Journal reported. After weeks of negotiations, representatives of the European Commission, the International Monetary Fund and the European Central Bank that the review had been completed and a "staff-level agreement" reached with the Greek government.

Britain should issue licences to bankers to help stamp out the kind of scandals that have hit the City of London in recent years, the opposition Labour party proposed on Tuesday, Reuters reported. Labour will seek to amend a banking reform bill in parliament to strengthen existing checks on people working in the financial services industry.