A deal on restructuring Greek debt remained elusive Thursday as talks with the nation's private sector creditors ended for a second day without agreement.
The Institute of International Finance, which represents the private sector investors who own Greek government bonds, said negotiations would resume Friday.
The talks in Athens hinge on a plan that that cuts the value of Greek government bonds in half.
The deal would result in significant losses for the private sector, which holds over â‚¬200 billion of Greece's â‚¬350 billion debt load.READ FULL CNNMONEY.COM STORY
Alan Greenspan acknowledged Wednesday that mistakes were made during his long tenure as chairman of the Federal Reserve, but he argued that the low interest rate policy he championed at the central bank didn't inflate the housing bubble.
In testimony before the Financial Crisis Inquiry Commission, Greenspan said the recent financial meltdown was possibly "the most severe in history." He admitted that regulators failed to grasp the severity of the crisis, but he maintained that his policies and predictions were correct most of the time.
The Federal Reserve announced final rules for gift cards Tuesday that the central bank says will help protect consumers from unexpected costs.
The rules, which go into effect in August, limit the fees that issuers are allowed to charge on gift cards, including inactivity, dormancy and other service fees. Issuers will also be required to clearly state the terms and conditions associated with gift cards.
There were 35 metropolitan areas in the United States with unemployment rates at or above 15% in January, according to a government report.
Just over half, or 19, of those unlucky cities were in California, according to the Labor Department. Michigan logged the next highest number,
with 6. Overall, jobless rates increased in the vast majority of the nation's 372 metropolitan areas.
In December, there were 25 cities with jobless rates above 15%, most of which were also in California and Michigan.
There were only 2 urban centers with rates below 5% in January. That compares with 10 areas that posted rates below 5% in December.