Embattled care home operator Southern Cross said there had been no decision to close any of its homes after a newspaper reported that it planned to cede control of 132 premises as part of a financial overhaul, Reuters reported. "No decision has been taken to close any of our homes," Southern Cross Chairman Christopher Fisher said in a statement on Friday. "Our primary concern in this matter remains the welfare of the residents living in our homes.

European Central Bank President Jean-Claude Trichet rejected any direct ECB participation in a second bailout for Greece, escalating a clash with governments as they rush to craft a solution involving investors, Bloomberg reported. As politicians try to find a plan by June 24 that would share the cost of a new rescue with bondholders, Trichet yesterday ruled out the Frankfurt-based ECB setting an example with its own assets.

The French government has opened the door to a compromise in the stand-off over Ireland’s corporate tax rate, saying it will take into account Ireland’s “singular situation” in deciding its stance, the Irish Times reported. Amid signs that Paris and Berlin are waiting for a gesture from Ireland, government spokesman François Baroin said no decision had been taken on whether to maintain French opposition to Ireland’s request for a reduction in the interest rate on its bailout loans. “The discussions are continuing.

The Greek government warned dissenters in the ruling party on Wednesday against rejecting an austerity plan agreed under a new international bailout deal, after data showed the depth of the nation's economic crisis. Prime Minister George Papandreou met senior members of his socialist party to try to stem an outbreak of unrest over the social cost of the bailout before it turns into a full-scale parliamentary rebellion. Tens of thousands of Greeks are protesting regularly against waves of austerity demanded by the European Union and IMF, as well as against corruption and state mismanagement.

Bank of Ireland has painted a worst-case scenario where the State’s stake would rise to 87 per cent if no bondholders accept its debt for cash or shares proposals and investors shun a subsequent rights issue, the Irish Times reported. The bank said it planned to issue shares at between 11.3 cent and 11.8 cent a share to subordinated bondholders taking up a debt-for-equity swap before July 7th. This compares with yesterday’s closing price of 14 cent.

Tokyo Electric Power Co should go through a court-led restructuring similar to Japan Airlines, the head of the Tokyo bourse was quoted as saying, sending the utility's stock tumbling to an all-time low on the possibility of a delisting, Reuters reported. Japan's government, however, reiterated there would be no such restructuring of the operator of the quake-hit Fukushima Daiichi nuclear plant, which it has said should remain solvent and listed as it battles to restore power output and compensate victims of the nuclear crisis.

When it comes to Greek bonds, Europe is trying to have its cake and eat it, too, The Wall Street Journal reported. Germany and other strong euro-zone countries, trying to fashion a second bailout for Greece, want the country's private-sector creditors to bear some of the burden in exchange for granting new taxpayer money to Athens. The European Central Bank, however, backed by France, doesn't want to do anything that would cast Greece into default or trigger losses for banks that hold its government bonds.

In a related story, The Wall Street Journal reported that Greece is for sale—cheap—and Germany is buying. German companies are hunting for bargains in Greece as the debt-stricken government moves to sell state-owned assets to stabilize the country's finances. Deutsche Telekom AG on Monday said it would purchase an additional 10% stake in Greece's Hellenic Telecommunications Organization SA for about €400 million, or roughly $590 million, increasing the German company's ownership to 40%.

House prices in Dublin have fallen nearly 50 per cent since their peak in 2007, the Central Statistics Office has said. According to the CSO’s Residential Property Price Index, house prices in the capital are 46 per cent lower than 2007, while apartment prices have fallen 53 per cent since their high in February 2007, the Irish Times reported. Nationally, residential property prices fell by 1 per cent in the month of April. This compares with a decline of 1.7 per cent recorded in March.

Recruiters filled permanent and temporary vacancies at the slowest pace in seven months in May, a survey showed Wednesday, adding to worries about the strength of the economic recovery, Reuters reported. Research for the Recruitment and Employment Confederation (REC) and accounting firm KPMG showed private sector job creation slowed at a time when the government hopes companies will pick up the slack left by public cuts. The figures will fuel fears that the economic recovery is struggling to gather pace in the second quarter after output stagnated over the previous six months.