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Greek PM Seeks More Time to Make Reforms, Cuts

Posted August 24th, 2012 at 12:05 am (UTC-5)
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Greek Prime Minister Antonis Samaras is expected to ask for more time to make key reforms and spending cuts to keep his recession-plagued country in the eurozone when he meets Friday with German Chancellor Angela Merkel in Berlin. Mr. Samaras told the German newspaper Bild earlier this week that Greece is not seeking more money […]

Tags: , Posted in Europe

European Central Bank Acts to Quell Debt Crisis

Posted August 2nd, 2012 at 10:40 am (UTC-5)
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The European Central Bank is taking new action to try to end the financial turmoil in the 17-nation euro currency union. Bank chief Mario Draghi says the central bank is ready to buy the government bonds of the continent’s debtor nations, which could ease the heightened borrowing costs for Spain and Italy. Draghi set no […]

Tags: , Posted in Economy

European Leaders Discuss Economic Crisis Ahead of Greek Vote

Posted June 14th, 2012 at 7:20 pm (UTC-5)
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French President Francois Hollande and Italian Prime Minister Mario Monti have agreed that budget discipline must not be allowed to hamper economic growth. The two leaders met Thursday in Rome for talks ahead of national elections in Greece Sunday and a summit of 20 economic powers next week in Mexico. They called for a unified […]

Tags: , , Posted in Economy, Europe

Moody Slashes Cyprus, Spain Ratings

Posted June 13th, 2012 at 7:10 pm (UTC-5)
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Moody’s Investors Service has cut the credit rating of Spain and Cyprus as the markets brace for Sunday’s parliamentary elections in Greece, which could take the country out of the eurozone and undermine the European common currency. On Wednesday, Moody’s cut its rating on the Spanish government debt by three notches despite the $125 billion […]

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EU Approves $125 Billion Loan for Spain’s Banks

Posted June 9th, 2012 at 4:35 pm (UTC-5)
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Euro zone finance ministers have agreed to lend Spain up to $125 billion to shore up its failing banks. Ministers of 17 countries that use the common currency made the decision Saturday after heated debate. Economy Minister Luis de Guindos announced earlier in the day that the Spanish government is asking for European financial help […]

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EU Approves $125 Billion Loan for Spain’s Banks

Posted June 9th, 2012 at 4:00 pm (UTC-5)
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Euro zone finance ministers have agreed to lend Spain up to $125 billion to shore up its failing banks. Ministers of 17 countries that use the common currency made the decision Saturday after heated debate. Economy Minister Luis de Guindos announced earlier in the day that the Spanish government is asking for European financial help […]

Tags: , Posted in Europe

NASDAQ Chief Apologizes, Offers Compensation for Facebook Stock Glitches

Posted June 6th, 2012 at 6:40 pm (UTC-5)
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The chief of the NASDAQ stock exchange says he is embarrassed and apologizes for the technical problems that led to investor losses on the opening day of trading of Facebook shares. Robert Greifeld told CNBC television on Wednesday that the problems were a low point for NASDAQ. He said he is focused on the future […]

Tags: , , Posted in Economy

Moody’s Downgrades 16 Spanish Banks

Posted May 17th, 2012 at 6:45 pm (UTC-5)
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Moody’s Investors Service has cut the debt ratings of 16 Spanish banks by one to three notches, citing the effects of the ongoing recession and the reduced creditworthiness of the Spanish government. Thursday’s action affects the leading Santander bank as well as the second largest BBVA bank. Two other large banks, Banesto and CaixaBank, were […]

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Italy Approves Austerity Measures

Posted December 4th, 2011 at 8:55 pm (UTC-5)
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Italy’s new prime minister said his government has approved a package of emergency budget measures worth more than $40 billion that will help pull Italy back from the brink of bankruptcy. Mario Monti said Sunday the measures include immediate budget cuts as well as significant steps to fight tax evasion. To do his part to […]

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Italy Approves Austerity Measures

Posted December 4th, 2011 at 5:20 pm (UTC-5)
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Italy’s new prime minister said his government has approved a package of emergency budget measures worth about $26 billion that will help pull Italy back from the brink of bankruptcy. Mario Monti said Sunday the measures include immediate budget cuts as well as significant steps to fight tax evasion. To do his part to cut […]

Tags: , , , Posted in Europe

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