German Chancellor Angela Merkel told parliament Thursday, the structural reforms supporting austerity measures are the only way for Europe to survive the current debt crisis. Chancellor Merkel said countries using the euro should not scale back or abandon austerity measures now in place. She also said increasing debt to implement growth would plunge the economy […]
Germany Chancellor Merkel Warns Against Abandoning Austerity Reforms
Posted May 10th, 2012 at 5:40 am (UTC-5)
Leave a comment
Greek Political Turmoil Raises Concerns of Eurozone Exit
Posted May 9th, 2012 at 6:50 pm (UTC-5)
The political turmoil in Greece over the failure so far to create a new government is raising new concerns that Greece could become the first to exit the 17-nation euro currency bloc. Greece avoided leaving the eurozone twice in the last two years as it negotiated billions of dollars in bailouts from the European Union […]
Greek Political Turmoil Raises Concerns of Eurozone Exit
Posted May 9th, 2012 at 10:40 am (UTC-5)
The political turmoil in Greece over the creation of a coalition government is raising concerns anew that the country could become the first to exit the 17-nation euro currency bloc. The Athens government avoided a eurozone exit twice in the last two years as it negotiated billions of dollars in bailouts from its European neighbors […]
Merkel Seeks Hollande Help on Debt Crisis
Posted May 8th, 2012 at 11:20 am (UTC-5)
German Chancellor Angela Merkel is calling for French president-elect Francois Hollande to join her in making “necessary decisions” to resolve Europe’s debt crisis. The German leader sent a letter Tuesday congratulating Mr. Hollande on his election victory. Ms. Merkel said she looked forward to working with him on their “shared responsibility” to benefit Europe and […]
Eurozone Unemployment at Record High
Posted May 2nd, 2012 at 11:30 am (UTC-5)
Employment figures from the European Union show the jobless rate for countries using the euro has climbed to a 15-year high. The Eurostat data agency reported Wednesday that unemployment reached 10.9 percent in March, up from 10.8 percent in February. The March figure translates to 17.4 million people unemployed in the eurozone. Unemployment was the […]
Spain Falls into Recession
Posted April 30th, 2012 at 9:10 am (UTC-5)
Spain’s economy has slumped into a recession. Spain’s National Statistics Institute data showed Monday that the country’s economy shrank 0.3 percent in the first quarter of 2012. The news comes as Standard & Poor’s agency downgraded the ratings of several top Spanish banks, including BBVA and Santander. Meanwhile, the 17-nation euro currency bloc said its […]
Spain’s Economic Fortunes Plummeting
Posted April 27th, 2012 at 10:05 am (UTC-5)
With Spain’s economic woes deepening, its foreign minister says the country is facing “a crisis of enormous magnitude.” The Madrid government said Friday that nearly a quarter of its workers are now unemployed — the worst rate in the 17-nation euro currency bloc. The new jobless figure is an 18-year high in Spain, which has […]
Britain Slips into Recession
Posted April 25th, 2012 at 9:40 am (UTC-5)
Britain is back in recession. The Office for National Statistics on Wednesday said the country’s economy shrank by two-tenths of a percent for the first three months of the year. That drop follows a three-tenths of a percent decline over the last three months of 2011. A recession is defined as two consecutive three-month periods […]
Britain Slips into Recession
Posted April 25th, 2012 at 5:30 am (UTC-5)
Britain is back in recession. The Office for National Statistics on Wednesday said the country’s economy shrank by two-tenths of a percent for the first three months of the year. That drop follows a three-tenths of a percent decline over the last three months of 2011. A recession is defined as two consecutive three-month periods […]
Greek Economy Shrinking Faster
Posted April 24th, 2012 at 1:05 pm (UTC-5)
Greece’s central bank says the country’s troubled economy is shrinking even faster than first thought. The bank’s governor, George Provopoulos, said Tuesday the Greek economy will contract as much as 5 percent this year — the country’s fifth straight year of recession. Just a month ago, the bank had predicted the economy would shrink 4.5 […]
