Much of Europe is hoping a new $653 billion bailout fund might finally start to help ease the financial crisis that continues to grip much of the continent. Eurozone finance ministers meeting in Luxembourg Monday got updates and officially launched the fund, officially known as the European Stability Mechanism. European Union economics chief Olli Rehn […]
Germany’s Merkel to Visit Greece Next Week
Posted October 5th, 2012 at 2:45 pm (UTC-5)
German Chancellor Angela Merkel says she will visit Athens next week, her first visit to debt-ridden Greece since the three-year eurozone governmental debt crisis threatened to undermine the world’s economic fortunes. Ms. Merkel has often drawn the anger of Greeks protesting in the streets against the austerity measures that she has demanded be imposed before […]
European Central Bank Chief Praises Spain Economic Effort
Posted October 4th, 2012 at 10:55 am (UTC-5)
European Central Bank chief Mario Draghi is praising debt-ridden Spain’s efforts to control its spending even as investors fear Madrid will be forced into an international bailout. Draghi offered his assessment of the Spanish austerity program Thursday, just after the central bank’s governing council decided to keep its benchmark lending rate at a record-low three-quarters […]
Greece Predicts it Will Reach New Funding Deal
Posted October 3rd, 2012 at 3:55 pm (UTC-5)
Greece’s finance chief is predicting the country will reach an agreement with its international lenders by Monday to release another segment of bailout funds so Athens can meet its financial obligations. Finance Minister Yannis Stournaras said Wednesday that “fairly large” differences remain between Greece and the European Union, the European Central Bank and the International […]
Despite Debt Woes, Greece to Fund Formula One Track
Posted October 3rd, 2012 at 9:55 am (UTC-5)
Despite its debt crisis and deep recession, Greece says it is planning to invest in the construction of a Formula One race track. The Athens government said Wednesday it will spend more than $37 million on the project, about a third of the cost of building the track it hopes will attract Grand Prix races. […]
Greek Leaders Meet Again with Lenders
Posted October 2nd, 2012 at 10:05 am (UTC-5)
Greece and its international lenders staged a new round of talks Tuesday over deeply unpopular austerity measures the creditors are demanding that the Athens government impose before they will agree to hand the country more bailout money. One government negotiator said the lenders were questioning the effectiveness of the government’s $17 billion plan. Athens needs […]
Eurozone Unemployment Soaring
Posted October 1st, 2012 at 10:55 am (UTC-5)
Unemployment is soaring in Europe’s euro currency bloc, with another two-million workers left without jobs in the past year. The European Union reported Monday that more than 18 million workers were unemployed in the 17-nation currency union in August, the most since it first started keeping records in 1995. The eurozone jobless rate is 11.4 […]
Greece Readies Austerity Budget as Unemployment Rises
Posted October 1st, 2012 at 6:35 am (UTC-5)
Greece’s finance minister is set to put the latest round of austerity measures to the country’s parliament, and to meet with its creditors in an effort to secure a new round of needed bailout funds. Yannis Stournaras will present the cuts Monday along with a proposed 2013 budget. He is also due to meet with […]
France’s Hollande Calls for Increased Taxes on the Wealthy
Posted September 28th, 2012 at 12:10 pm (UTC-5)
France’s new socialist government is calling for higher taxes on the wealthy and big businesses as it attempts to cut its budget deficit and boost its stagnant economy. In his first spending proposal, French President Francois Hollande proposed $39 billion in savings, with a third of it in spending cuts and two-thirds from higher taxes. […]
Greece, Spain Looking for More Austerity
Posted September 27th, 2012 at 12:50 pm (UTC-5)
Greek and Spanish leaders are advancing new austerity measures, while their countrymen protest the budget-cutting in the streets of Athens and Madrid. After weeks of negotiation, Greece’s three-party coalition government said Thursday it has reached agreement on a $15-billion plan for more pension and salary cuts, and raising the retirement age for workers from 65 […]
