published by Tom Sullivan on Sat, 2012-11-10 16:40
The small Baltic state of Latvia could become the 18th member of the euro zone in 2014 if it continues on its current economic course, EU Economic and Monetary Affairs Commissioner Olli Rehn said on Thursday.
published by Tom Sullivan on Mon, 2012-10-29 11:15
Berlin has ruled out allowing public creditors to write off Greek debt as a way of helping the country overcome its financial woes. However, Germany’s finance minister said he is open to other ways of helping Athens.
published by Tom Sullivan on Mon, 2012-10-29 10:08
The head of the European Central Bank (ECB) on Sunday threw his weight behind a German scheme to allow the EU to intervene in countries' budgets and propose changes before they are agreed in parliaments.
published by Tom Sullivan on Mon, 2012-10-29 09:33
Lithuanian opposition parties began talks on Monday on forming a government that will determine the country's path into the euro zone, having won an election marked by a backlash against years of austerity.
published by Tom Sullivan on Fri, 2012-10-19 08:03
European Union (EU) leaders have agreed to create a single supervisory body for eurozone banks next year, a crucial step in breaking the vicious circle between banks and sovereign governments, officials say.
published by Tom Sullivan on Sun, 2012-10-14 16:16
Uniting nations under a single currency is a bad idea, Austrian billionaire-turned-politician Frank Stronach told Russia Today. The Eurozone's single currency is crippling the EU, and Stronach aims to demonstrate to the world that it can live without the euro
published by Tom Sullivan on Sat, 2012-10-13 09:16
The Swiss Army is preparing contingency plans for violent unrest across Europe. A nation mostly famous for its banks, watches and chocolate fears it may face a massive influx of European refugees in the near future.
published by Tom Sullivan on Wed, 2012-10-10 00:15
Police fired tear gas as angry protesters clashed with officers in Athens as thousands rallied in the Greek capital in protest against German Chancellor Angela Merkel's visit. Merkel is in Athens for austerity talks with the country's Prime Minister.
published by Tom Sullivan on Tue, 2012-09-11 07:46
Angela Merkel wants to stop Athens leaving the euro at any cost – even it means manipulating the figures in the upcoming troika report – as a Greek exit would jeopardize her chances of reelection, according to the German newspaper Der Spiegel.
published by Tom Sullivan on Wed, 2012-08-22 19:36
Greece is asking for more breathing space to implement financial reforms and spending cuts, which have sparked years of widespread protests.
The Prime Minister has to convince the Eurozone top brass later this week that he's done enough to receive the next bailout installment. It's worth 31-and-a-half-billion Euros, without which Greece will default and potentially exit the currency union.
The PM's expected to ask for two more years to get reforms in place. Economist Yanis Varoufakis says getting the delay will do more harm than good.
published by Tom Sullivan on Wed, 2012-08-15 08:33
Banks are particularly worried. "Banks and companies are starting to finance their operations locally," says Thomas Mayer who until recently was the chief economist at Deutsche Bank, which, along with other financial institutions, has been reducing its risks in crisis-ridden countries for months now. The flow of money across borders has dried up because the banks are afraid of suffering losses.
published by Tom Sullivan on Sun, 2012-08-05 09:37
Mario Draghi pledged that the European Central Bank would buy up the bonds of the weaker members of the 17-nation single currency, as he sought to make good on his pledge to do "whatever it takes" to safeguard the future of monetary union.
published by Tom Sullivan on Wed, 2012-07-25 19:03
The United Kingdom is more vulnerable than any other world nation to a worsening eurozone crisis and its economy would be hit the most if the euro falls apart - that was the verdict of new research today.
Thanks to its reliance on exports to the euro area and strong banking and financial links with the region, Britain tops a danger list of countries exposed to the eurozone (see map and table below), compiled by risk analysis consultancy Maplecroft.
Former Bundesbank board member Thilo Sarrazin has provoked outrage by arguing that Germany's euro policy is driven by a Holocaust guilt trip. He also said the single currency was always a bad idea. Does he have a point? Have your say.
published by Tom Sullivan on Tue, 2012-02-28 04:47
Standard & Poor's Ratings Services has downgraded Greece’s sovereign credit rating to 'selective default' in response to the country’s decision to involve the private sector in its comprehensive debt restructuring.
published by Tom Sullivan on Sun, 2012-02-19 22:42
Plans for Greece to default, potentially leaving the euro, have been drafted in Germany as the European Union begins to face up to the fact that Greek debt is spiralling out of control - with or without a second bailout.
The German finance ministry is actively pushing for Greece to declare itself bankrupt and to agree a "haircut" on the bulk of its debts held by banks, a move that would be classed as a default by financial markets.
published by Tom Sullivan on Tue, 2012-01-03 22:56
Hungarian Prime Minister Viktor Orbán is “abusing” his power and eroding democracy, which may lead to the country losing its EU membership, former US Ambassador Mark Palmer told a Hungarian daily newspaper today.
published by Tom Sullivan on Sat, 2011-12-31 10:10
The operation of the European Stability Mechanism is not subject to any form of oversight (independent or otherwise), nor is it judiciable by any national or supra-national court. In effect, the budgets of Europe’s nation states will be entirely in the hands of one single, unelected body that is accountable to no-one and has immunity from any and all legal action.
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