Eurozone leaders are meeting Thursday to discuss a second economic bailout for Greece. Officials say the rescue plan could allow Greece to slip into a temporary debt default as part of a bond payback plan, but is unlikely to contain a bank tax levy. The leaders of France and Germany, Europe’s two largest economies, reached […]
Eurozone Leaders Meet to Discuss Second Bailout for Greece
Posted July 21st, 2011 at 7:05 am (UTC-5)
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German, French Leaders Reach Agreement on Helping Greece
Posted July 20th, 2011 at 10:10 pm (UTC-5)
The leaders of France and Germany, Europe’s two largest economies, have reached a joint agreement on helping Greece hours before an emergency European Union summit in Brussels. German Chancellor Angela Merkel and French President Nicolas Sarkozy held last minute talks in Berlin Wednesday to try and bridge their differences. Neither side gave any details on […]
French, German Leaders Seeking Greek Debt Plan
Posted July 20th, 2011 at 10:10 am (UTC-5)
The leaders of France and Germany are hoping to forge a plan to help keep the debt-ridden Greek government from defaulting on its loans. French President Nicolas Sarkozy is traveling to Berlin Wednesday for a hastily arranged meeting with German Chancellor Angela Merkel, one day ahead of Thursday’s emergency European summit in Brussels. The agenda […]
IMF Warns European Debt Could Derail Global Economy
Posted July 19th, 2011 at 4:10 pm (UTC-5)
The International Monetary Fund says the lingering Greek debt crisis poses a significant risk to the global economy. An IMF statement Tuesday said markets around the world “remain unconvinced” that Europe’s leaders will be able to rescue Greece from its mounting debt. It also warned that the crisis could spread, first to other European countries […]
Merkel Wants European Credit Rating Agency
Posted July 17th, 2011 at 8:30 pm (UTC-5)
German Chancellor Angela Merkel is calling for the creation of a European-wide credit rating agency, after major U.S.-based agencies downgraded some European economies. Ms. Merkel pointed out to German television Sunday that even the Chinese have a ratings agency. She said she would welcome one for Europe. EU leaders have criticized the U.S. rating agencies […]
Some European Banks Flunk Stress Tests
Posted July 15th, 2011 at 1:50 pm (UTC-5)
European regulators say eight banks have failed a “stress test” showing they need to build a bigger financial cushion in case of another recession or other problems. Most of the banks are in Spain, while others are in Greece and Austria. The European Banking Authority says the institutions need to have readily available capital equivalent […]
Europe Seized $1.4 Billion in Counterfeit Goods Last Year
Posted July 14th, 2011 at 6:10 pm (UTC-5)
The European Commission says the continent’s customs officials last year seized more than 100 million pieces of fake goods that could have earned about $1.4 billion if sold as authentic products. In an annual report issued Thursday, the European Union’s executive body says China was the source of 85 percent of the fakes. Substantial quantities […]
European Police Arrest 61 In Credit Card Fraud
Posted July 12th, 2011 at 11:05 am (UTC-5)
European police have arrested 61 people accused of involvement in “skimming” bank and credit cards. The EU police organization Europol says the ring is believed to have stolen $70 million from accounts around the world during the past nine years. Skimmers use an illegal electronic device to copy data from the magnetic strip of consumers’ […]
Europe Wrestles With Debt Crisis
Posted July 12th, 2011 at 10:00 am (UTC-5)
Falling stock prices and rising borrowing costs showed Tuesday that investors remain skeptical of efforts to solve Europe’s debt problems. Hong Kong stocks lost three percent, while London and Tokyo were off one percent or more. In Brussels, European finance ministers have been haggling over details of a new bailout for Greece, and discussing concerns […]
Juncker: Eurozone Nations to Bolster Lending Capacity
Posted July 11th, 2011 at 7:45 pm (UTC-5)
Eurozone chief Jean-Claude Juncker says finance ministers from countries that use the euro currency have agreed to bolster their lending capacity to help struggling nations. Juncker said after a meeting in Brussels Monday that the ministers believe the European stability fund needs to be more flexible. He also said they are considering giving countries that […]
