The 17 eurozone nations are facing a new wave of negative economic indicators, a further signal that Europe’s currency bloc is headed toward a recession. The European Commission said Friday that executive and consumer confidence dropped in December to the lowest point in more than two years. Factory orders in Germany, with the eurozone’s strongest […]
Europe Facing New Wave of Negative Economic Indicators
Posted January 6th, 2012 at 10:25 am (UTC-5)
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Amid Worries, Euro Sinks Against the Yen and Dollar
Posted January 5th, 2012 at 10:15 am (UTC-5)
The value of the euro fell Thursday to an 11-year low against the Japanese yen and a 16-month low against the U.S. dollar as investors showed new concern about the European economy. The euro traded below 99 yen, its lowest point against the Japanese currency since December 2000, and dipped below $1.28, the lowest exchange […]
Greek Leader Warns of ‘Uncontrolled Default’
Posted January 4th, 2012 at 2:05 pm (UTC-5)
Greek Prime Minister Lucas Papademos says his country faces an “uncontrolled default” unless worker unions and employers can agree on wage cuts to boost Greece’s economic competitiveness. The interim Greek leader met with labor leaders and business representatives Wednesday, warning them that international creditors will not approve a new $169 billion bailout for Greece unless […]
Greece Warns of Euro Exit If Second Bailout Is Not Finalized
Posted January 3rd, 2012 at 1:40 pm (UTC-5)
Debt-ridden Greece is warning that it could be forced to abandon the common euro currency if it does not secure a second international bailout to avoid defaulting on its loans. Greece won tentative European approval for the $169 billion bailout in October, but now the country is engaged in new negotiations with creditors over terms […]
Spanish, German Jobless Figures Sharply Diverge
Posted January 3rd, 2012 at 11:55 am (UTC-5)
The contrasting fortunes of national economies in Europe became apparent again Tuesday, with debt-ridden Spain reporting a 15-year high in the number of unemployed workers and robust Germany a two-decade low. Prime Minister Mariano Rajoy’s new conservative government in Spain has embarked on an austerity plan to trim its deficit spending, but its economy remains […]
Spain Warns Its Deficit Could Grow
Posted January 2nd, 2012 at 1:30 pm (UTC-5)
Spain warned Monday that the government’s deficit for last year could be even higher than it predicted just days ago. Spain’s new conservative government last week projected the 2011 deficit at 8 percent of the country’s annual output of goods and services. But Monday, Finance Minister Luis de Guindos said the deficit could be even […]
European Leaders Express Somber New Year Messages
Posted December 31st, 2011 at 6:05 pm (UTC-5)
European leaders delivered somber New Year’s messages to their citizens Saturday. French President Nicolas Sarkozy warned that France’s future will hang in the balance in 2012. He acknowledged that many people are starting the new year worried about the future of their children and that emerging from the crisis will remain a challenge for the […]
Spain’s Deficit Worse as Europe Reels into New Year
Posted December 30th, 2011 at 12:35 pm (UTC-5)
Spain is getting ready to start the new year with a new round of austerity measures, hoping to contain a growing deficit. The country’s new government announced $11.5 billion in fresh spending cuts Friday, saying the budget was in worse shape than the previous government had acknowledged. It also announced a freeze on pay for […]
Transit Strikes Impact Holiday Travelers Across Europe
Posted December 22nd, 2011 at 11:10 am (UTC-5)
) Transport strikes to protest austerity measures have paralyzed traffic in Belgium and France and are impacting holiday travelers across Europe. Belgian public transit workers walked off the job Thursday, idling the Thalys rail line, which provides service to France, Germany and the Netherlands, and the Eurostar rail link to Britain. The Brussels Airport announced […]
European Central Bank Makes Massive Loans to 523 Banks
Posted December 21st, 2011 at 4:55 pm (UTC-5)
The European Central Bank is lending a record amount of money to banks in the 17 nations that use the euro, in hopes of limiting the widespread effects of the governmental debt crisis. The central bank Wednesday said it would make $638 billion in three-year loans to 523 banks, in an effort to encourage them […]
