European Union Economic and Monetary Affairs Commissioner Olli Rehn doesn’t rule out the possibility of introducing changes that would allow for an orderly insolvency of a euro-zone member, Handelsblatt reported in an interview. For now though, Rehn is concentrating on reforms that don’t require amendments to the EU’s Lisbon Treaty, the German newspaper cited him as saying. The commissioner isn’t against calls by Germany for tougher action on countries who break the budget rules of monetary union, according to Handelsblatt.

Greece on Thursday sealed a deal with the European Investment Bank for €2 billion ($2.45 billion) in financing to turn around the country's contracting economy, as the ruling Socialist Party implemented tax increases to help slash budget deficits, The Wall Street Journal reported. Greek Finance Minister George Papaconstantinou, Economy Minister Louka Katseli and EIB Vice President Ploutarchos Sakellaris signed the finance agreement as part of a program known as the National Strategic Reference Framework.

Greek telecommunications company Wind Hellas Thursday said it has begun a strategic review, which includes the potential sale of the business and the appointment of a chief restructuring officer, as the company's performance continues to suffer in the wake of the Greek government's austerity measures, Dow Jones reported. The news comes just six months after Wind Hellas completed a debt restructuring that stripped away more than €1 billion of its debt.

Chemtura Corp. has struck a deal to sell its stake in a Dutch joint venture that will pay the chemical company $5 million and allow it to unload $14.25 million in environmental and pension liabilities, Dow Jones Daily Bankruptcy Review reported. In papers filed Wednesday with the U.S. Bankruptcy Court in Wilmington, Del., Chemtura said the deal will allow it divest a petroleum-additive business that contributes little to its bottom line but exposes it to potentially expensive obligations. The sale to Sonneborn B.V.

Former Irish tycoons Bernard McNamara and Sean Fitzgerald are both facing bankruptcy after private investors mounted a fresh attempt to force McNamara into insolvency, while Fitzgerald’s bid to avoid bankruptcy seems set to fail, IrishCentral reported. McNamara, the Clare-born builder turned property developer, is being pursued by a group of investors seeking up to 40 properties. McNamara, whom the Sunday Times dubbed ‘the man who lost everything’, is being pursued by creditors on two separate fronts, according to Court and media reports.

In an effort to reassure financial markets about the health of the European Union's banking system, the bloc's countries will stress-test a large number of their banks and publish the results, Reuters reported. Originally, EU regulators planned to test just 25 large, cross-border banks, including Germany's Deutsche Bank and Commerzbank, France's BNP Paribas and Credit Agricole, and Britain's Royal Bank of Scotland, HSBC, Barclays and Lloyds. The EU executive and the European Central Bank are pressing countries for a major increase in the number of banks tested, to over 100.

Britain's mountain of debt could leave the country powerless to launch another rescue bid in the wake of a fresh financial crisis, the world's central bankers warned Monday. Their "club" – the Bank of International Settlements – presented in its annual report a frightening picture of the impact of a second banking emergency on heavily indebted nations such as Britain, BusinessWeek reported on a story from The Independent.

Existing and former Halliwells partners may find themselves jointly liable for around £10m owed to the national firm's banks as it moves to thrash out a deal to transfer the business, Legal Week reported. Halliwells' banks collectively lent partners around £10m to fund capital contributions, which the law firm confirmed it is unable to pay back. Usually a law firm undertakes to pay the loan - which is taken out by partners and put into the firm on entering the equity - back to the bank on the partner's departure.

British accounting firm Vantis called in administrators FTI Consulting on Tuesday after attempts to reduce its debt levels failed, Reuters reported. Earlier in June, the company raised doubts about its ability to continue as a going concern due to lack of funds and its shares were temporarily suspended. It had previously said it was in talks with banks regarding a potential restructuring of its balance sheet to reduce debt. Vantis has been hit by the impact of the recession on its business advisory and tax division and a weaker-than-expected performance of its business recovery unit.

Spain's central bank Tuesday said the country's savings banks have completed a "historic" consolidation effort, with the help of EUR11 billion in public funds, a key step forward in its plans to clean up a sector reeling from the collapse of a decade-long housing boom, Dow Jones reported.