Germany has Europe’s most robust economy, but now even its economic fortunes are shrinking in the face of the eurozone recession. Berlin said Tuesday that its economy contracted one-half of one percent in the last three months of 2012, its biggest downturn in nearly three years. Germany said that cut its economic growth for last […]
Eurozone Industrial Production Still Shrinking
Posted January 14th, 2013 at 9:30 am (UTC-5)
The eurozone says its industrial production fell for the third straight month in November, the latest signal that the currency bloc remains mired in recession. The 17-nation eurozone said Monday that industrial output dropped the most in three years in November, down three-tenths of one percent. Analysts had predicted that manufacturing would advance slightly. From […]
European Leaders Say Worst of Debt Crisis Is Over
Posted December 14th, 2012 at 11:05 am (UTC-5)
Some European leaders are saying that the worst of the continent’s three-year governmental debt crisis is behind it, even as they remained cautious about its weak economy. The leaders approved creation of a single supervisor for the eurozone’s largest banks and handed Greece more bailout money at their yearend summit in Brussels. French President Francois […]
European Leaders Say Worst of Debt Crisis Is Over
Posted December 14th, 2012 at 10:25 am (UTC-5)
Some European leaders are saying that the worst of the continent’s three-year governmental debt crisis is behind it, even as they remained cautious about its weak economy. The leaders approved creation of a single supervisor for the eurozone’s largest banks and handed Greece more bailout money at their yearend summit in Brussels. French President Francois […]
Eurozone Approves Greek Aid, New Bank Regulation
Posted December 13th, 2012 at 10:00 am (UTC-5)
Eurozone finance ministers have approved the release of more bailout money for Greece, ending weeks of fears that the debt-ridden country might default on its financial obligations. The finance chiefs approved the $44 billion payment to Athens Thursday after the Greek government this week bought back $41 billion in government bonds from private investors at […]
EU Reaches Eurozone Bank Supervision Deal
Posted December 13th, 2012 at 1:25 am (UTC-5)
European Union finance ministers have reached a deal to create a single supervisor for eurozone banks, in a bid to address a key component of the continent’s financial struggles. The agreement reached early Thursday gives the European Central Bank broad powers to oversee banks in the 17 nations that use the euro currency, as well […]
Monti Resignation Sparks New Eurozone Uncertainty
Posted December 10th, 2012 at 10:20 am (UTC-5)
Italy’s stock market plunged Monday and the country’s borrowing costs jumped as the unexpected resignation of Italian Prime Minister Mario Monti added a new uncertainty to the eurozone debt crisis. The country’s main stock exchange index (the FTSE MIB) fell nearly three percent, while the interest rate on the Rome government’s 10-year bond increased a […]
Greek Economy Still Plunging
Posted December 7th, 2012 at 3:40 pm (UTC-5)
The economy in debt-ridden Greece is continuing its freefall, contracting 6.9 percent in the July-to-September period compared to a year ago. The Athens government said Friday the third quarter drop was a slight improvement from an earlier forecast. But the Greek economy is expected to contract another 4.5 percent next year, which would be its […]
European Central Bank Sees More Eurozone Economic Decline
Posted December 6th, 2012 at 1:40 pm (UTC-5)
The European Central Bank says the economic fortunes of the 17-nation euro currency bloc are likely to continue to decline next year and not advance again until late in 2013 and into 2014. Bank president Mario Draghi gave his assessment of the eurozone economy Thursday after the central bank kept its benchmark interest rate at […]
European Central Bank Sees More Eurozone Economic Decline
Posted December 6th, 2012 at 12:10 pm (UTC-5)
The European Central Bank says the economic fortunes of the 17-nation euro currency bloc are likely to continue to decline next year and not advance again until late in 2013 and into 2014. Bank president Mario Draghi gave his assessment of the eurozone economy Thursday after the central bank kept its benchmark interest rate at […]
