Greek Prime Minister Lucas Papademos and Finance Minister Evengelos Venizelos have resumed talks on debt writedown with international private lenders. Officials close to the talks told reporters that progress was made late Thursday during the talks, which they said focused on technical and legal issues. Talks between the Greek officials and top bank negotiators, Charles […]
One Killed, Many Stranded in Heavy Snow in Eastern Europe
Posted January 26th, 2012 at 4:55 pm (UTC-5)
Parts of eastern and central Europe were hit hard by blizzards and frigid temperatures for a second day Thursday, which killed at least one person, and left many trapped in vehicles. Romania, Bulgaria and Kosovo were especially hard hit, with some areas being covered with about two meters of snow. Romania deployed army troops and […]
EU Says Greece May Need More Eurozone Aid
Posted January 26th, 2012 at 3:05 pm (UTC-5)
The European Union’s top economic official says that Greece’s public creditors may have to hand it more financial aid to cut its staggering debt because a prospective deal with private lenders is not likely to be big enough. EU economics commissioner Olli Rehn said Thursday that he expects the Athens government will reach a deal […]
Italy Signs Deal to Provide Long-Term Aid to Afghanistan
Posted January 26th, 2012 at 2:30 pm (UTC-5)
Italy has agreed to a strategic partnership aimed at supporting Afghanistan after combat forces withdraw from the country in 2014. Italian Prime Minister Mario Monti assured Afghan President Hamid Karzai that Italy “will not abandon Afghanistan,” as the two leaders signed the long-term agreement Thursday in Rome. The deal calls for Italy to assist Afghanistan […]
EU Says Greece May Need More Eurozone Aid
Posted January 26th, 2012 at 12:50 pm (UTC-5)
The European Union’s top economic official says that Greece’s public creditors may have to hand it more financial aid to cut its staggering debt because a prospective deal with private lenders is not likely to be big enough. EU economics commissioner Olli Rehn said Thursday that he expects the Athens government will reach a deal […]
Afghan President in Europe to Sign Strategic Deals
Posted January 26th, 2012 at 10:25 am (UTC-5)
Afghan President Hamid Karzai is in Europe on a trip aimed at establishing long-term strategic partnerships with Italy, France and Britain. On the first leg of his trip, Mr. Karzai met in Rome Wednesday with Italian President Giorgio Napolitano to discuss the situation in Afghanistan. During the meeting, Mr. Karzai praised Italy for the sacrifices […]
Greek Debt Relief Talks Hit an Impasse
Posted January 25th, 2012 at 11:55 am (UTC-5)
Negotiations to cut half of the debt Greece owes its private creditors have hit an impasse. Major lenders have agreed to forgive about $130 billion of the debt that the Athens government owes them. But negotiations have stalled over what interest rate the creditors will accept on Greece’s revised financial obligations. Leaders of 32 financial […]
Europe Facing ‘Moderate Recession’ in First Half of 2012
Posted January 24th, 2012 at 10:25 am (UTC-5)
Europe’s economics commissioner says the continent is facing a “moderate recession” in the first half of 2012, with an economic recovery not likely before the last six months of the year. The European Union’s economics chief, Olli Rehn, made the prediction Tuesday as Europe’s finance ministers concluded two days of talks in Brussels. He said […]
Eurozone Chief: Greek Economic Reform is ‘Off Track’
Posted January 23rd, 2012 at 8:40 pm (UTC-5)
Eurozone finance ministers’ chief Jean-Claude Juncker says the interest rate on new Greek government bonds has to be lower than the 4 percent bondholders are demanding. Juncker said Tuesday it is clear that Greece’s economic reform program is “off track.” He urged Greece to reach a deal with private investors within days. Greece faces default […]
IMF Calls for Robust European Action on Debt Crisis
Posted January 23rd, 2012 at 10:35 am (UTC-5)
The chief of the International Monetary Fund is calling for European governments to take more aggressive action to resolve the continent’s debt crisis. The IMF’s managing director, Christine Lagarde, said Monday that the 17 nations that use the common euro currency should boost the size of their financial rescue fund, lower already-low lending rates and […]
