Merkel, Sarkozy Call For New EU Treaty To Solve Debt Crisis
French President Nicolas Sarkozy and German Chancellor Angela Merkel are calling for a new European Union treaty to control spending, in an effort to end Europe's debt crisis and save the continent's euro currency.The two leaders said after meeting in Paris Monday they want all 27 EU nations to ...
Read MoreItaly Approves Austerity Measures
Italy's new prime minister said his government has approved a package of emergency budget measures worth more than $40 billion that will help pull Italy back from the brink of bankruptcy.Mario Monti said Sunday the measures include immediate budget cuts as well as significant steps to fight tax ...
Read MorePressure Mounts As Eurogroup Gathers
Eurozone finance ministers are to agree today (29 November) the details of bolstering their bailout fund to help prevent contagion in bond markets, under pressure from the United States and ratings agencies to staunch a two-year-old debt crisis.Documents obtained by Reuters on Sunday showed the ...
Read MoreIMF Denies Report Of Italian Bailout Talks
Italy's prime minister faces a challenging week as he seeks to shore up the country's strained public finances, with an IMF mission expected in Rome and market pressure building to a point where outside help may be needed to stem a full-scale debt emergency.However, an International Monetary Fun...
Read MoreEurope And The World – OpEd
By Sundeep WaslekarThey say European economies are failing – Greece, Italy, may be Spain. They are bound to fail when their growth rates plunge. Whatever is there in the economy is reflected in national accounts. It is not like rising economies where official accounts are hardly relevant. Whethe...
Read MoreEurozone’s Junk Ratings – OpEd
By Vesnovskaya MariaThe credit ratings of two EU countries - Hungary and Portugal - have been downgraded to junk status. Italy has joined the French-German consultations on the Eurozone’s bailout. No specific decisions have been adopted so far.Hungary described the country’s downgrade to BB+...
Read MoreNew Fears Over Europe, Italy’s Borrowing Costs Rising Again
Italy had to pay nearly double the interest rates to borrow money in a six-month bond auction Friday, reflecting new fears about economic problems in the countries that use the common European currency.The euro currency and world stock markets also fell in value Friday.The office of Italy's ...
Read MoreEuropean Leaders Discuss Eurozone Debt Crisis
French and German leaders met with Italy's new prime minister Thursday, promising to change EU treaties to allow for closer financial integration. They hope such changes will prevent future economic problems like the current eurozone debt crisis.French President Nicolas Sarkozy, German Chancello...
Read MoreItaly: Village Declares Independence As Result Of Euro Crisis
By Henry RidgwellItaly's tough austerity drive includes plans to force local authorities to merge, in a bid to rein in public spending. The tiny village of Filettino faces such a prospect - but its mayor is fighting back. The town is bidding to become an autonomous principality with its own curr...
Read MoreEurope: Past The Point Of No Return – OpEd
“Eurozone banks’ demand for European Central Bank funding surged to a two-year high on Tuesday, as fast spreading sovereign debt worries left lending markets virtually frozen and the ECB the only available funding option for many institutions.” – Reuters, Nov 22, Frankfurt
The European Central Ban...
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