Tag: Euro
EuroCyprus bailout conditions trigger fears of Euro debt crisis escalation and run on banks
Asian markets have dipped after Cyprus bailout plans triggered fears of an escalation of the Euro zone debt crisis. The EU and IMF want all bank customers to pay a levy in return for a bailout worth 10bn Euros and although the plan is yet to be finalised, the news of the deal caused a rush to the cash machines in Cyprus as people tried to withdraw money.
G-20 Finance ministers to discuss effects of monetary stimuli and currency values
The finance ministers of the G20 group of nations are meeting in Moscow amid concerns that major trading powers may be heading towards a currency war. Japan's monetary stance has seen a big decline in the Yen, while the Euro has risen against a basket of currencies.
ECB leaves rates unchanged, but appreciation of the Euro turns into controversy
European Central Bank President Mario Draghi admitted on Thursday policy makers are concerned that the Euro strength will hamper their efforts to pull the economy out of recession and although the exchange rate is not a policy target, he confirmed “it is important for growth and price stability”.
France insists Euro is too strong; fears it could undermine exports
French President François Hollande called on the Euro zone on Tuesday to develop an exchange rate policy to help protect the common currency from “irrational movements”. His comments came amid growing concern that the Euro, now trading around 1.35 to the US dollar, is too strong and could undermine the country’s exporters and hence wider economic growth.
Soros calls on Germany “to lead or leave the Euro”; suggests Euro zone target of 5% growth
International financier George Soros has called for Germany to “lead or leave the euro” days before a crucial ruling on the Euro zone's bailout fund by Germany's constitutional court. Mr Soros argued that the euro zone should target 5% economic growth.
ECB disappoints but keeps markets’ expectations of bold actions alive
Asian shares and the Euro eased on Friday as the European Central Bank, as happened with the Federal Reserve on Wednesday, disappointed markets looking for an imminent move to deal with the Euro zone debt crisis.
Germany and France express support for Spain but markets demand more than words
German Finance Minister Wolfgang Schaeuble and his counterpart from Madrid said Spain’s borrowing costs don’t reflect the strength of its economy as they pledged to work toward deeper integration to fight the debt crisis.
Euro down to lowest in 11 years as Spain crumbles and investors flee
The Euro weakened to the lowest in more than 11 years against the Yen as investors sought safer assets amid mounting concern that European leaders are failing to control the region’s debt crisis.
ECB chief says “Euro is irreversible”; praises will to create supranational bodies
European Central Bank President Mario Draghi said that the Euro was not in danger despite some analysts' worse case scenarios for a break-up and said that greater financial, budgetary and political union among Euro zone countries was inevitable.
Roubini says ‘perfect storm’ is closer; forecasts Finland will leave the Euro before Greece
Nouriel Roubini, or “Mr. Doom” who predicted earlier this year that a “perfect storm” scenario would play out in the global economy, has now said that his prediction is coming true, pointing to slow growth currently hitting the United States, Europe and China.
