Tag: Eurozone

• Thursday, June 30th 2011 - 20:10 UTC

  Relief in financial markets: Greece approves austerity and privatization package

  

  The Greek parliament approved on Thursday detailed austerity and privatization bills in a crucial vote to secure emergency funds and avert imminent bankruptcy, but longer-term dangers still lurk.

• Wednesday, June 29th 2011 - 16:42 UTC

  Greek parliament approves austerity measures, preventing first Euro zone default

  

  Greece's parliament approved early Wednesday deeply unpopular austerity measures despite worsening violence, in a vote vital toward securing international funds and preventing the Euro zone's first sovereign default.

• Wednesday, June 15th 2011 - 19:36 UTC

  Major economies, except the US, loosing recovery momentum, says OECD report

  

  Major economies, with the exception of the United States, are losing momentum as the outlook for growth worsens in European and developing countries, the OECD's leading indicator for April showed on Wednesday.

• Friday, May 27th 2011 - 09:11 UTC

  Top economists anticipate ‘restructuring’ of Greek debt or ‘booting’ out of the Euro

  

  Nouriel Roubini, the New York University economist known as Dr Doom, says Greek restructuring would not bring down Europe's financial system. The economist, who earned his nickname by predicting the global financial crisis, says an orderly debt restructuring could pre-empt more trouble.

• Tuesday, May 24th 2011 - 19:39 UTC

  France says China supports Lagarde as next IMF chief given Euro zone situation

  

  China would support Finance Minister Christine Lagarde as the next IMF chief the French government said backing which would put her firmly in pole position to succeed Dominique Strauss-Kahn.

• Tuesday, May 17th 2011 - 00:44 UTC

  Euro aid package for Portugal approved but private bond holders also involved

  

  Euro zone finance ministers approved Monday a three-year, 78-billion Euro emergency loan program for Portugal and said Lisbon would ask private bondholders to maintain their exposure to its debt.

• Tuesday, May 10th 2011 - 10:17 UTC

  S&P downgrades Greek debt as junk; “haircut” a growing possibility

  

  Standard and Poor's cut Greece's credit rating further into junk territory, reflecting growing doubts that the Euro zone's most fragile economy can manage its debt without imposing losses on private bondholders.

• Thursday, March 24th 2011 - 19:59 UTC

  Portugal has Euro zone on the brink; bail out package considered at EU summit

  

  EU leaders are grappling with a new Euro zone threat after Portugal's parliament rejected an austerity budget and PM Jose Socrates resigned. The vote means an international bail-out, similar to those accepted by Greece and the Irish Republic last year, is now far more likely.

• Wednesday, February 16th 2011 - 22:34 UTC

  Trichet blames Euro-zone inflation spike on emerging economies rapid recovery

  

  The European Central Bank is not surrendering its price stability objective for crisis management policy, the bank's President Jean-Claude Trichet said. He also argued that the recent spike in Euro zone inflation is due to the current rapid economic recovery in emerging markets and not due to the currency bloc's sovereign debt crisis.

• Tuesday, January 11th 2011 - 21:56 UTC

  German bankers ready for the worst but confident they can cope with the situation

  

  Billions in loans have succeeded in pulling Greece and Ireland back from the brink of bankruptcy. But many bankers are still expecting the worst. A new Ernst & Young survey reports that almost half of German banking executives think at least one Euro-zone country will go bust.