Tag Archives: eurozone

EU denies €250bn liquidity plan for Spain (3)

European officials on Wednesday branded as “very bizarre” a report that the International Monetary Fund, European Union and US Treasury were drawing up a joint €250bn credit line for Spain. The newspaper El Economista on Wednesday reported that the liquidity … Continue reading

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Nightmare vision for Europe (2)

Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned. In an extraordinary briefing to trade union chiefs last week, Commission President Jose Manuel … Continue reading

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Debt Burden Falls Heavily on Germany and France (5)

FRANKFURT — French and German banks have lent nearly $1 trillion to the most troubled European countries and are more exposed to the debt crisis than the banks of any other countries, according to a new report that is likely … Continue reading

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High Court Refuses to Issue Injunction on Euro Bailout (3)

Although it has not yet given a final ruling on the legality of the €750 billion European Union rescue package for the euro, Germany’s Constitutional Court says it will not issue a temporary injunction on credit guarantees or aid. The … Continue reading

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Spanish public sector on strike (4)

Spanish public sector workers are holding a strike in protest against an average 5% cut in pay that comes into effect this month. The cuts are part of a government austerity package aimed at reducing the country’s budget deficit, swollen … Continue reading

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Gulf widens between grouchy Merkel and gloating Sarkozy (6)

ALL eyes will be on Germany’s Angela Merkel and Nicolas Sarkozy, the French president, when they meet tomorrow to try to reassure the world that the famous Franco-German “motor” of Europe has not blown a gasket. Relations between the two … Continue reading

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Spain Struggles to Agree on a Path to Recovery (1)

MADRID — Caught between a populace resistant to more austerity measures and investors demanding budget cuts and more flexible labor markets, the Spanish government is finding it increasingly difficult to keep a grip on power. Last week, the government of … Continue reading

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Eurozone banks facing second wave of loan losses (1)

The European Central Bank sent tremors through financial markets last night when it warned that banks in the eurozone nations faced having to write off another €195 billion in bad loans over the next 18 months. In what it predicted … Continue reading

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Fears Rise in Europe Over Potential for Deflation (1)

FRANKFURT — If the European Central Bank has one monetary dragon it considers essential to slay, it is inflation. Keeping inflation under control is the central bank’s primary legal responsibility, and as Europe struggles to overcome economic problems caused by … Continue reading

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Keep working: Europe cracks austerity whip (6)

AROUND him they were chanting anti-government slogans and banging on drums but Philippe Mercier, a 40-year-old French factory worker in jeans, T-shirt and black peaked cap, was fantasising about fishing. “I’ve always looked forward to retirement,” he said as he … Continue reading

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French protest as Europe implements austerity (5)

PARIS — European governments on Thursday pressed ahead with radical cost-cutting plans in a bid to tackle a debt crisis, as financial markets rallied and thousands protested in France against pension reforms. The Spanish parliament passed by just one vote … Continue reading

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