Unemployment in the Euro zone reached a new high of 11.9% in January, as an additional 201,000 people joined the jobless ranks in the crisis-battered bloc, latest data showed Friday. The unemployment rate has been increasing relentlessly since the middle of 2011.
The European Union reached a landmark deal on Thursday to make the European Central Bank the bloc's top banking supervisor, giving EU leaders greater confidence that they are gaining the upper hand over the Euro zone's debt crisis.
The IMF on Thursday backed giving debt-burdened Greece and Spain more time to reduce their budget deficits, cautioning that cutting too far, too fast would do more harm than good.
Greek nationals have deposited overseas an estimate 261 billion dollars from illegal activities, from tax evasion and elusion to criminal actions or simple from rampant corruption, according to economist and head of the Non Government Organization, Global Financial Integrity, Raymond Baker.
Only about a quarter of ordinary Germans are in favor of debt-stricken Greece remaining in the Euro area, a poll published by the Financial Times on Monday indicated. It revealed strong reluctance to grant Greece yet another bailout installment.
German Finance Minister Wolfgang Schaeuble warned Greece in a newspaper interview Monday that it must redouble efforts to comply with bailout conditions imposed by international creditors. If there were delays, Greece must make up for them, he told the daily Bild.
Germany's DIW economic research institute slashed its 2013 forecast for Europe's largest economy by 0.5 percentage points to 1.9% on Wednesday, saying the Euro zone debt crisis would have a bigger impact than it had originally expected.
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.
The Greek government has appointed a new finance minister after its first choice resigned due to ill health less than a week after being appointed. Economist Yannis Stournaras has now been appointed, the government said.
Greece's new government should stop asking for more help and instead move quickly to enact reform measures agreed to in return for previous bailouts from its European partners, German Finance Minister Wolfgang Schaeuble said.