The European Commission is calling for direct assistance for troubled banks in the euro currency bloc as Spain struggles to finance the takeover of one of its largest banks. The commission — the executive arm of the European Union — said Wednesday the 17-nation eurozone should consider creating a “banking union” that would share the […]
Europe Calls for Banking Union as Spain Struggles
Posted May 30th, 2012 at 10:55 am (UTC-5)
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Greek Bank Says Euro Exit Effect Would Be Dramatic
Posted May 29th, 2012 at 3:20 pm (UTC-5)
Greece’s biggest bank says that if the country exits the euro currency bloc the effect on the nation’s populace would be dramatic. As the country heads to a new round of parliamentary elections in mid-June, the National Bank of Greece said Tuesday that a eurozone exit “would lead to a significant drop in living standards […]
Spanish Bank Bailout Heightens Pressure on Madrid
Posted May 28th, 2012 at 10:55 am (UTC-5)
Economic pressures are heightening on Spain after the government took over the country’s third largest bank with a $24 billion bailout to account for its toxic real estate loans. Prime Minister Mariano Rajoy said Monday that the debt-ridden government’s takeover of Bankia would not force the Spanish government to seek a bailout from its European […]
Greek PM Says European Creditors Expect Austerity Compliance
Posted May 25th, 2012 at 12:35 pm (UTC-5)
Greece’s caretaker prime minister says the country’s European neighbors want it to stay in the euro currency zone, but that Athens must also adhere to the austerity spending plan it agreed to in exchange for billions of dollars in new rescue funds. Prime Minister Panagiotis Pikrammenos met with other European heads of state earlier this […]
Greek PM Says European Creditors Expect Austerity Compliance
Posted May 25th, 2012 at 10:55 am (UTC-5)
Greece’s caretaker prime minister says the country’s European neighbors want it to stay in the euro currency zone, but that Athens must also adhere to the austerity spending plan it agreed to in exchange for billions of dollars in new rescue funds. Prime Minister Panagiotis Pikrammenos met with other European heads of state earlier this […]
IMF’s Lagarde Calls for Eurozone Debt Sharing
Posted May 22nd, 2012 at 10:25 am (UTC-5)
The chief of the International Monetary Fund is calling for the 17-nation euro currency bloc to accept more liability for each others’ debts, but economic powerhouse Germany says it remains adamantly opposed to selling joint eurozone bonds. IMF Managing Director Christine Lagarde told a London news conference Tuesday that with the economy contracting in the […]
German, French Finance Chiefs Pledge Support for Greece Staying in Eurozone
Posted May 21st, 2012 at 2:40 pm (UTC-5)
The German and French finance chiefs are pledging their support for efforts to keep Greece in the euro currency bloc, but remain at odds over creating a new way to help debt-ridden governments finance their operations. German Finance Minister Wolfgang Schaeuble and his French counterpart, Pierre Moscovici, met in Berlin to prepare for an informal […]
German, French Finance Chiefs Meeting on Eurozone Discord
Posted May 21st, 2012 at 10:15 am (UTC-5)
The German and French finance chiefs are meeting Monday to discuss their competing views about how to boost economic growth in the 17-nation euro currency bloc and resolve its governmental debt crisis. Germany’s finance minister, Wolfgang Schaeuble, is hosting his French counterpart, Pierre Moscovici, for talks in Berlin ahead of an informal summit of European […]
Greek Bank Credit Ratings Cut
Posted May 18th, 2012 at 2:45 pm (UTC-5)
The Fitch credit rating company has downgraded Greek banks, saying they could default on their financial obligations if the debt-ridden Athens government reneges on its debts and leaves the euro currency union. Fitch cut its rating Friday for the National Bank of Greece and four other institutions to the “speculative” range, so-called junk status. The […]
Britain’s Cameron Presses Europe to Resolve Debt Crisis
Posted May 17th, 2012 at 10:00 am (UTC-5)
British Prime Minister David Cameron is pressing European leaders to resolve the continent’s governmental debt crisis, warning the fate of the 17-nation euro currency union is at stake. During a speech in Manchester, Mr. Cameron told business leaders that with political uncertainty in Greece and many Europeans predicting Athens will leave the eurozone, the survival […]
