Tag: Eurozone

• Friday, June 22nd 2012 - 08:37 UTC

  Euro area has reached a “critical stage” for the viability of the monetary union, warns the IMF

  

  The Euro area crisis has reached a “critical stage” and member nations must make a “strong commitment” to the shared currency to stop the plunge in investor confidence, the IMF said in a report that recommends issuing common debt as one solution.

• Friday, June 22nd 2012 - 07:36 UTC

  Spanish banks need 62bn Euros; full bail-out of the country in the drawing board

  

  Spain's medium-term borrowing costs spiralled to a Euro-era record on Thursday and independent auditors said Spanish banks may need up to 62 billion Euros in extra capital, to be filled mostly by a Euro zone bailout.

• Thursday, June 21st 2012 - 18:12 UTC

  Uruguayan minister admits deep concern about events in the Euro zone

  

  Uruguayan Minister of Economy Fernando Lorenzo expressed deep concern regarding events in Europe and warned that “the longer the delay in effectively analyzing the cost of the crisis” then everything will work out “much costlier”.

• Saturday, June 16th 2012 - 03:00 UTC

  Pitting the idea of growth against budgetary rigour is ‘simply rubbish’ says Merkel

  

  Germany's Angela Merkel regretted the lack of confidence among Euro leaders and warned against “mediocrity” as she stood firm against “growth quick fixes” to Europe's crisis.

• Friday, June 15th 2012 - 19:23 UTC

  Euro central banks prepared for any ‘Greek surprise’, anticipates Draghi

  

  The Euro zone economy faces serious risks and no inflation threat, European Central Bank President Mario Draghi said on Friday in comments that heightened expectations the ECB could cut interest rates or take other policy action soon.

• Friday, June 15th 2012 - 19:16 UTC

  Euro-zone financial turmoil will have significant impact on global economy, says Fitch

  

  Fitch Ratings says a new round of adverse shocks centred on the Euro zone is slowing the fragile global economic recovery. In its latest quarterly Global Economic Outlook (GEO), Fitch forecasts real GDP growth of major advanced economies (MAE) to remain weak at 1.1% in 2012, before only a modest rebound to 1.7% in 2013 and 2.2% in 2014.

• Monday, June 11th 2012 - 20:09 UTC

  Stiglitz negative about Spanish bail-out, calls it “voodoo economics”

  

  The plan to lend money to Spain to heal some of its banks may not work because the government and the country's lenders will in effect be propping each other up, Nobel Prize-winning economist Joseph Stiglitz said.

• Wednesday, June 6th 2012 - 21:42 UTC

  Billionaire Soros tells EU leaders they have a “three month window” to save the Euro

  

  Billionaire investor George Soros has warned European leaders they have a “three-month window” to save the Euro and insisted that the EU leaders did not understand “the nature of the crisis”.

• Wednesday, June 6th 2012 - 21:25 UTC

  Trichet proposes “emergency powers” for EU key institutions to address crises

  

  Europe's key institutions should have emergency powers to override economic and financial policies at a national level in times of crisis, Jean-Claude Trichet, former head of the European Central Bank, said on Wednesday.

• Wednesday, June 6th 2012 - 21:20 UTC

  ECB warns EU leaders that monetary policy won’t fill other institutions “lack of action”

  

  European Central Bank (ECB) president Mario Draghi said on Tuesday that risks to the Euro zone economy have increased and warned of “heightened uncertainty weighing on confidence and sentiment”.