The European Central Bank says it will do whatever is necessary to preserve the euro. Bank president Mario Draghi told a London investment conference that Europe’s key financial institution is “ready to do whatever it takes” to protect the currency, adding, “And believe me it will be enough.” His comments suggest the bank could buy […]
European Central Bank Pledges Euro Support
Posted July 26th, 2012 at 9:55 am (UTC-5)
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British Economy Shrinks Third Straight Quarter
Posted July 25th, 2012 at 10:10 am (UTC-5)
Britain’s economy is sinking further into recession, even more than analysts had projected. The British government said Wednesday its economy contracted seven-tenths of a percent in the April-to-June period, its worst quarter since the height of the global downturn in early 2009 and well above predictions of a slight decline. It was the third straight […]
Spain Facing New Financial Pressures
Posted July 24th, 2012 at 10:05 am (UTC-5)
Spain is facing new financial pressures, with its borrowing costs edging higher and its stock market falling amid fears it will need an international bailout. Madrid’s borrowing costs Tuesday moved well above the 7 percent interest rate level that forced Greece, Ireland and Portugal to secure international bailouts in the last two years. Investors sold […]
World Stock Markets Plunge on Spain Debt Fears
Posted July 23rd, 2012 at 6:15 pm (UTC-5)
World stock markets are plunging on new fears that Spain could need an international bailout. Spain’s borrowing costs topped 7.5 percent, and stock indexes in Asia, Europe and New York all fell sharply. Some exchanges were down 2 percent or more. Europe already has agreed to grant Spain a rescue packet of up to $122 […]
World Stock Markets Plunge on Spain Debt Fears
Posted July 23rd, 2012 at 1:25 pm (UTC-5)
World stock markets are plunging on new fears that Spain could need an international bailout. Spanish economic minister Luis de Guindos denied Monday that Madrid would need assistance from its neighbors in the 17-nation euro currency zone. But Spain’s borrowing costs soared, and stock indexes in Asia, Europe and New York all fell sharply, with […]
World Stock Markets Plunge on Spain Debt Fears
Posted July 23rd, 2012 at 10:45 am (UTC-5)
World stock markets are plunging on new fears that Spain could need an international bailout. Spanish economic minister Luis de Guindos ruled out the possibility Monday that Madrid would need assistance from its neighbors in the 17-nation euro currency zone. But Spain’s borrowing costs soared, and stock indexes in Asia, Europe and New York all […]
Spain: No Bailout Needed, but Borrowing Costs Soar
Posted July 23rd, 2012 at 9:40 am (UTC-5)
The debt-ridden Spanish government is denying it will need an international bailout, but its borrowing costs are soaring. Spanish economic minister Luis de Guindos ruled out the possibility Monday that Madrid would need assistance from its neighbors in the 17-nation euro currency zone. But the interest rate on Spain’s government bonds pushed close to 7.5 […]
Greek PM: Country’s Plight Like US Great Depression
Posted July 22nd, 2012 at 2:30 pm (UTC-5)
Greek Prime Minister Antonis Samaras says his country is facing economic upheaval like that of the devastating U.S. Great Depression of the 1930s. Mr. Samaras made the comparison Sunday as he met with former U.S. President Bill Clinton, who was in the Greek capital to help promote economic investment. Mr. Samaras is faced with trying […]
Germany Approves Spanish Bank Bailout
Posted July 19th, 2012 at 3:20 pm (UTC-5)
The German parliament has approved the eurozone’s $122 billion bailout for the struggling Spanish banking system. Lawmakers in Germany, the currency union’s most robust economic power, have grown increasingly wary of approving more assistance for debt-ridden countries in the 17-nation eurozone. But they voted overwhelmingly for the bank rescue package Thursday after Finance Minister Wolfgang […]
IMF: Eurozone Crisis at ‘Critical Stage’
Posted July 18th, 2012 at 11:15 am (UTC-5)
The International Monetary Fund says the eurozone’s debt crisis has reached a “critical stage,” and that European leaders need to move quickly toward greater financial unity. The IMF’s executive board said Wednesday that the 17-nation currency union needs to adopt a cross-border banking union, guaranteeing deposits and imposing central financial controls. The Washington-based lending agency […]
