The economy in the debt-crippled eurozone shrank in the second quarter of this year, after showing no growth in the first three months of 2012. Statistics released Tuesday show the gross domestic product in the 17-nation bloc contracted by 0.2 percent compared to the previous quarter. Germany – the eurozone’s strongest economy – grew by […]
Greek Economy Sinks Further
Posted August 13th, 2012 at 10:25 am (UTC-5)
The Greek economy, mired in a fifth year of recession, is continuing to shrink sharply. Athens said Monday that its economy contracted for a ninth straight quarter in the April-to-June period, falling 6.2 percent after a slightly bigger drop earlier in the year. Last week, the debt-ridden Greek government reported that the unemployment rate in […]
Greek Jobless Rate Hits Record 23 Percent
Posted August 9th, 2012 at 10:20 am (UTC-5)
Greece says its jobless rate hit 23 percent in May, an all-time high for the debt-ridden country. The newest figure — up from just under 17 percent a year ago — reflected the worsening economic conditions in Greece. The government is struggling to meet the demands of its international creditors to impose new austerity measures […]
European Economies Signal New Weakness
Posted August 8th, 2012 at 10:10 am (UTC-5)
Three of Europe’s biggest economies are showing new signs of weakness. Germany, with the euro currency union’s biggest economy, said Wednesday that its industrial production and exports fell in June. Analysts say the decline signals that the governmental debt crisis in the 17-nation eurozone is increasingly weighing on Berlin’s economy as financially weaker countries cut […]
Spain’s Rajoy Hints He Might Seek Bailout
Posted August 3rd, 2012 at 2:15 pm (UTC-5)
After months of denial, Spanish Prime Minister Mariano Rajoy is hinting for the first time that his debt-ridden country may seek an international bailout. Before deciding, Mr. Rajoy said he would first study how the European Central Bank structures its new plan to buy government bonds of debtor nations, including Spain and Italy. The bank’s […]
European Central Bank Acts to Quell Debt Crisis
Posted August 2nd, 2012 at 10:40 am (UTC-5)
The European Central Bank is taking new action to try to end the financial turmoil in the 17-nation euro currency union. Bank chief Mario Draghi says the central bank is ready to buy the government bonds of the continent’s debtor nations, which could ease the heightened borrowing costs for Spain and Italy. Draghi set no […]
Europe’s Central Bank to Buy Bonds of Debtor Nations
Posted August 2nd, 2012 at 10:05 am (UTC-5)
The European Central Bank says it is ready to buy the government bonds of the continent’s debt-ridden countries, a move that could ease the rising borrowing costs of financially troubled Spain and Italy. Bank President Mario Draghi did not disclose the size of the bond purchases, but said Thursday it would be sizeable enough for […]
Eurozone Unemployment Hits New High
Posted July 31st, 2012 at 11:40 am (UTC-5)
Unemployment in Europe’s 17-nation euro currency zone has hit a new high. The European Union said Tuesday that nearly 18 million people were jobless in June, the highest level since the eurozone was formed in 1999. The EU pegged the unemployment rate at a record 11.2 percent, equaling the revised figure for May. At the […]
U.S., Germany Confident on Eurozone Reform Success
Posted July 30th, 2012 at 12:20 pm (UTC-5)
The U.S. and German finance chiefs are voicing confidence that the 17-nation euro currency union will be able to reform and further integrate its financial operations. U.S. Treasury Secretary Timothy Geithner met with German Finance Minister Wolfgang Schaeuble at his North Sea vacation retreat Monday. Later, the finance chiefs said in a statement that the […]
European Central Bank Pledges Euro Support
Posted July 26th, 2012 at 1:20 pm (UTC-5)
The European Central Bank says it will do whatever is necessary to preserve the euro. Bank president Mario Draghi told a London investment conference Thursday that Europe’s key financial institution is “ready to do whatever it takes” to protect the currency, adding, “And believe me it will be enough.” His comments suggest the bank could […]
