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 […]
Eurozone Deficit Falls, but Still Short of Mandated Level
Posted April 23rd, 2012 at 1:20 pm (UTC-5)
The 17 European nations that use the euro slashed their government deficits last year by imposing a host of austerity measures, but collectively still not enough to reach the level mandated by the European Union. In all, the EU statistics office said Monday that the currency bloc cut its deficit spending to 4.1 percent of […]
Spain Sees 2nd Recession Since 2009
Posted April 16th, 2012 at 10:20 am (UTC-5)
Spain says its economy has likely slipped back into its second recession since 2009, raising new fears that it eventually might need an international bailout. Official statistics will not be available until a later date, but Spain’s economic minister, Luis de Guindos, told the El Mundo newspaper that the country’s economy likely shrank in the […]
Spain’s Rajoy: Economic Situation One of ‘Extreme Difficulty’
Posted April 4th, 2012 at 2:15 pm (UTC-5)
Spanish Prime Minister Mariano Rajoy says that his nation’s economic plight is one of “extreme difficulty” and that the country may need an international bailout. The Spanish leader told a meeting of his People’s Party on Wednesday that those who do not understand the severity of the country’s problems are “fooling themselves.” He has suggested […]
In Europe, Unemployment Up, Manufacturing Down
Posted April 2nd, 2012 at 9:30 am (UTC-5)
New reports in the euro currency bloc show that Europe’s economic fortunes are declining, with unemployment up and manufacturing down. The European Union reported Monday that the jobless rate in the 17-nation eurozone edged higher in February to 10.8 percent. The new figure was the highest point since the currency was introduced in 1999. The […]
Eurozone Boosts Bailout Fund to More Than $1 Trillion
Posted March 30th, 2012 at 8:20 pm (UTC-5)
Europe’s euro currency bloc has sharply boosted its financial rescue fund to more than $1 trillion, its latest effort to protect itself and the world economy against defaults by debt-ridden governments. The finance ministers from the 17 nations that use the euro agreed Friday in Copenhagen to add another $500 billion over the coming year […]
Eurozone Boosts Bailout Fund to More Than $1 Trillion
Posted March 30th, 2012 at 12:25 pm (UTC-5)
Europe’s euro currency bloc has sharply boosted its financial rescue fund to more than $1 trillion, its latest effort to protect itself and the world economy against defaults by debt-ridden governments. The finance ministers from the 17 nations that use the euro agreed Friday in Copenhagen to add another $500 billion over the coming year […]
Eurozone Boosts Bailout Fund to More Than $1 Trillion
Posted March 30th, 2012 at 10:15 am (UTC-5)
Europe’s euro currency bloc has sharply boosted its financial rescue fund to more than $1 trillion, its latest effort to protect itself and the world economy against defaults by debt-ridden governments. The finance ministers from the 17 nations that use the euro agreed Friday in Copenhagen to add another $500 billion over the coming year […]
Europe’s Largest Cargo Ship Docks With International Space Station
Posted March 29th, 2012 at 12:45 am (UTC-5)
The European Space Agency describes the docking of its largest unmanned cargo space ship with the International Space Station Wednesday, as “smooth and gentle.” The ESA says the automated transfer vehicle, called Edoardo Amaldi after an Italian physicist, is delivering nearly seven tons of supplies, including food, drinking water, clothing, oxygen, spare parts and fuel […]
Italy’s Monti Blames Germany, France for Debt Crisis
Posted March 28th, 2012 at 10:05 am (UTC-5)
Italian Prime Minister Mario Monti says he thinks the European governmental debt crisis is “almost over,” but on Wednesday blamed German and French actions a decade ago for causing it. The Italian leader, speaking to investors in Tokyo, said Germany and France “were loose” in 2003 in controlling their budget deficits and debt just four […]
