The Organization for Economic Cooperation and Development says the euro currency bloc needs to create a much bigger rescue fund for future financial emergencies, even larger than economic powerhouse Germany is willing to accept. German Chancellor Angela Merkel said earlier this week that she would assent to creation of a $930 billion bailout fund. That […]
OECD Says Eurozone Needs Much Bigger Bailout Fund
Posted March 27th, 2012 at 10:45 am (UTC-5)
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Germany’s Merkel Assents to Bigger Bailout Fund
Posted March 26th, 2012 at 11:45 am (UTC-5)
Germany is backing down from its resistance to increasing the size of the eurozone’s bailout fund to rescue debt-ridden countries. The 17-nation currency bloc has created a new $666 billion rescue fund that is set to take effect in July. But some financial analysts have said that account would not be large enough to cover […]
Eurozone Business Activity Declines in March
Posted March 22nd, 2012 at 3:55 pm (UTC-5)
Data published Thursday show business activity declined in March for the 17 nations and use the euro. Experts say it may mean Europe is headed for a recession. Markit Economics says its economic index showed business activity shrank in February and worsened slightly this month. The eurozone’s economy shrank three-tenths of a percent in the […]
Eurozone Business Activity Slid in March
Posted March 22nd, 2012 at 10:15 am (UTC-5)
A new report says business activity slid further this month in Europe’s 17-nation euro currency bloc, another sign that the region is virtually in a recession. Markit Economics said Thursday that its economic index for the eurozone fell from February to March, with both months under the threshold that would indicate the currency bloc’s economy […]
Greek Health Workers Protest Government Austerity
Posted March 21st, 2012 at 11:40 am (UTC-5)
Greek health workers are disrupting state hospital services in a renewed protest against the government’s austerity measures and delays in receiving their paychecks. Doctors and staff walked off the job for several hours Wednesday and engaged in a work slowdown. They demanded that the government pay them for their overtime work from the last four […]
Greek Health Workers Protest Government Austerity
Posted March 21st, 2012 at 9:25 am (UTC-5)
Greek health workers are disrupting state hospital services in a renewed protest against the government’s austerity measures and delays in receiving their paychecks. Doctors and staff walked off the job for several hours Wednesday and engaged in a work slowdown. They demanded that the government pay them for their overtime work from the last four […]
Greece’s Financial Plight Eases Slightly
Posted March 20th, 2012 at 9:25 am (UTC-5)
Greece’s financial plight is easing a bit, with the government receiving the first segment of its new bailout and at the same time attracting investors for a bond offering. Greek officials said Tuesday the Athens government has received $10 billion from its European neighbors and the International Monetary Fund. The payment kept Greece from defaulting, […]
Europe Looking to Boost Its Bailout Fund
Posted March 16th, 2012 at 9:00 am (UTC-5)
The 17-nation euro currency bloc appears ready to boost the size of the continent’s bailout fund to handle future financial emergencies of its debt-ridden countries. A new $656 billion rescue fund is set to take effect in July. But financial experts in Europe and elsewhere say the fund is too small, and should be increased […]
Eurozone Gives Final OK for Greek Bailout
Posted March 14th, 2012 at 8:40 am (UTC-5)
After months of negotiations with its European neighbors, Greece has secured final approval of a new $170 billion bailout, the country’s second rescue package in two years. Luxembourg Prime Minister Jean-Claude Juncker said Wednesday the first installment of more than $51 billion would be sent to the Athens government in several segments. The bailout, along […]
Eurozone Ministers Liberalize Terms for Spain
Posted March 13th, 2012 at 2:50 am (UTC-5)
Eurozone finance ministers have granted Spain more leeway as it struggles to bring down its huge budget deficit. The ministers meeting in Brussels Monday agreed to let Spain cut its deficit to 5.3 percent of its gross domestic product this year — higher than the 4.4 percent earlier agreed to with Spanish Prime Minister Mariano […]
