As the buses carrying European finance ministers left for a gala dinner in the Latvian capital on Friday night, one of the party hung back at the hotel and then wandered off alone into the dusk. Greece's Yanis Varoufakis had other dinner plans, he said, after a bruising first day of meetings in Riga that underlined his isolation as he tries to avert national bankruptcy. While other ministers were feted by their entourages with food and warm clothing during the meeting in Riga, Varoufakis was seen alone at almost every turn, eschewing aides or any security detail. "He is completely isolated," a senior euro zone official told Reuters on condition of anonymity.
UBS's (UBSG.VX) chairman said a default by Greece is seen by the International Monetary Fund as "systemically controllable" and he believed it would have a negligible impact on the Swiss bank itself, according to a newspaper interview published on Saturday. Euro zone finance ministers told Greece on Friday that its leftist government would get no more aid until it agreed a complete economic reform plan. In an interview with Neue Zuercher Zeitung, the chairman of Zurich-based UBS, Axel Weber, addressed the alternative if euro zone and Greek officials fail to reach an agreement. "I've just come from a meeting of the International Monetary Fund.
The collapse of the deal opens the door for other possible offers for Time Warner Cable, but also casts heightened regulatory risk on merger activity in the U.S. cable industry, which has been rapidly consolidating in the face of competition from satellite TV and Web-based services. Comcast had argued the merger would bring faster service and better video services to more Americans. Charter Communications Inc lost out on a bid for Time Warner Cable last year, and Charter's controlling shareholder, Liberty Media Corp, had since indicated continuing interest. Time Warner Cable shares last traded at $152.52, up 2.5 percent on the day.