WSJ reports markets for corporate debt in Europe are showing signs of reviving from the shock delivered by the collapse of Lehman Brothers in September, as borrowers wake up to the fact that funds are available if they are willing to pay a steep price. European corporate borrowers, eager to get their hands on cash before year's end, tapped investors for nearly €10 billion ($12.7 billion) last week, half of that on Thursday alone, shattering what has traditionally been a quiet period while the U.S. is on Thanksgiving break. That brought the total raised during the month to more than €23 billion, making November the busiest month since June 2003, according to data from French bank Soci?t? G?n?rale. The fact that such cash is available for the tapping is evidence that the financial crisis has backed away from the direst possible consequences -- such as a near-total freezing of credit markets and an ugly scramble by companies for funds. Still, the high prices that companies are paying make clear the market remains in a state of stress.
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DJ reports the U.K. is considering joining the euro zone as a direct consequence of global financial turmoil, European Commission President Jose Manuel Barroso said "We are now closer than ever before. I'm not going to break the confidentiality of certain conversations, but some British politicians have already told me: 'If we had the euro, we would have been better off,"' Barroso told a weekly French news program, referring to the fall in the pound's value since markets and liquidity meltdown earlier this year. "The British have an enormous quality, one of many, that is they are pragmatic," he said on the panel of a joint RTL-LCI radio and television broadcast. "This crisis has emphasized the importance of the euro, and also of Britain," he added. "I don't mean this will happen tomorrow, I know that the majority (of British people) are still opposed, but there is a period of consideration underway and the people which matter in Britain are currently thinking about it," the former Portuguese prime minister said.
European shares extended losses early on Monday, with banks and oils taking the most points off the index. At 0939 GMT, The FTSEurofirst 300 index of top European shares was down 2.3% at 841.94 points. Around Europe, London's FTSE is off -2.2%, France's CAC is lower by 2.4% and Germany's DAX is down -3.2%. (Reuters)
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