Thu, Jun 20, 2013 7:09 AM EDT 1:03
Administrators say, more than 1,000 creditors of the European operations of failed U.S. investment bank Lehman Brothers will share a 3.5 billion pound - 5.5 billion- dollar payout.That brings the payout for one of the creditors at the heart of the 2008 financial crisis to 68.5 cents on the dollar. Half-way towards a lost decade for Europe's economy, pessimism persists about the political will to halt a worrying slide in the region's potential growth. Without sweeping reforms to boost productivity, Europe's output will remain sub-par, making it harder for governments to reduce debt burdens that are unsustainable financially and unemployment rates that are unsustainable socially. Shares in Germany's biggest cable operator are up after Kabel Deutschland received a preliminary takeover proposal from U.S. firm Liberty Global.