Morning in brief: Greece will remain in the euro, says Papademos

A measure of stability returns to the eurozone as Greek Prime Minister Lucas Papademos rules out the country’s departure from the single currency and periphery bond yields start to descend from record highs.

International

Greek Prime Minister Lucas Papademos rules out a Greek departure from the euro as he says the country’s membership is the only way for it to survive, reports Bloomberg.

The IMF warns China that its financial system, while robust, is still exposed to a number of vulnerabilities, according to the BBC.

Markets

Italian, Spanish and Greek bond yields start to fall following the departure of ousted Italian Prime Minister Silvio Berlusconi, says Bloomberg.

Companies

UBS appoints Sergio Ermotti as its permanent chief executive, following the resignation of Oswald Grübel in light of the $2.4 billion (£1.4 billion) rogue trading scandal, writes the FT.

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