Euro Crisis

  • Cyprus: Bailout deposit tax plan rattles markets March 18, 2013

    London: Stocks around the world and the euro fell sharply Monday as investors fretted over a plan to tax depositors in Cypriot banks as a way to partly fund a bailout of the Mediterranean island nation. Although Cyprus accounts for only around 0.2 per cent of the economic output of...
  • Euro slides as poor data raises easing prospects February 15, 2013

    New York: The euro dropped to a three-week low against the dollar and fell sharply versus the yen on Thursday after data painted a bleak picture of the euro zone economy, raising speculation the European Central Bank will cut interest rates. The yen came off recent multi-year lows against the...
  • Greece passes 2013 austerity budget November 12, 2012

    Athens: Greek lawmakers approved the country's 2013 austerity budget early on Monday, an essential step in Greece's efforts to persuade its international creditors to unblock a vital rescue loan installment without which the country will go bankrupt. The budget passed by a 167-128 vote in the 300-member Parliament. It came days...
  • US, Germany stress cooperation to end euro crisis July 31, 2012

    Berlin: US Treasury Secretary Timothy Geithner and his German counterpart stressed the need for coordinated action on Monday in the face of the eurozone debt crisis and faltering global growth, but left open what joint steps Europe and the United States would take to shore up the world economy in...
  • G20 nations hail Greece election result June 18, 2012

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  • Greece: World heaves a sigh of relief as pro-Eurozone forces win June 18, 2012

    Fears of a Greek exit from the Eurozone have receded, as the pro-bailout conservative New Democracy Party has won the Parliamentary elections. ...
  • Greece elections: Euro hits 1-month high June 18, 2012

    Singapore: The euro jumped to a one-month high and Asian shares rose on Monday after Greece's cliffhanger election delivered a slim parliamentary majority to pro-bailout parties, a result seen as crucial to European leaders' efforts to hold the euro together. US stock index futures and riskier commodities such as crude oil...
  • Polling station in Athens attacked during election June 18, 2012

    Athens: Police say about 10 men armed with sledgehammers and wooden bats have attacked a polling station during Greece's election, wounding two policemen guarding it and setting fire to the ballot box. No voters were hurt during the attack on Sunday, which occurred half an hour before polls closed in the...
  • World waits with bated breath as Greece votes June 17, 2012

    Athens: Greeks went to the polls on Sunday in an election that could decide whether their heavily indebted country remains in the euro zone or heads for the exit, potentially unleashing shocks that could break up the single currency. In an election fought over the punishing austerity package demanded by international...
  • Greeks weigh consequences of pivotal vote June 17, 2012

    Athens: European leaders urged Greece to reject radical leftists who threaten to tear up the terms of a bailout deal should they win an election on Sunday, a result that would send shockwaves through global financial markets. Riding a wave of anger to rise from obscurity to contender for power, leftist...
  • PM, Obama discuss euro crisis ahead of G20 summit June 15, 2012

    Washington: US President Barack Obama and Prime Minister Manmohan Singh agreed on Thursday on the need to buffer the global economy against risks from the European debt crisis, the White House said. In a readout of their telephone call before the G20 meeting in Mexico next week, the White House said...
  • Depreciating rupee matter of great concern: Pranab Mukherjee May 20, 2012

    Finance Minister Pranab Mukherjee said on Saturday that India was watching the euro crisis very closely. ...
  • Rupee continues to slide, hits record low May 17, 2012

    Rupee dropped to an all-time low 54.56 to the dollar in Thursday's trade. Sources say RBI may step in to arrest the fall. ...
  • Rupee hits record low on local stocks, risk aversion May 17, 2012

    Mumbai: The rupee fell to a new record low against the dollar on Thursday as local stocks gave up gains notched earlier in the session while the euro remained near four-month lows. The rupee was last trading at a record low of 54.5650, breaching its previous all-time low of 54.52 hit...
  • Indian economy facing difficulties: Manmohan Singh April 14, 2012

    New Delhi: Prime Minister Manmohan Singh on Saturday said the Indian economy was facing "difficulties" but expressed hope that the challenges will be overcome. "There are difficulties. Life will not be worth living if there are no difficulties. I am confident with great determination, we will overcome (these),"...
  • Spain's barter economy booms in grip of crisis February 21, 2012

    Madrid: It's 10.30 on a chilly winter's morning in central Madrid and retailer Emanuela Scena is opening up for business. Her shop is one of several offering second-hand goods that have sprung up in Spain's capital during the economic crisis and is packed to the rafters with clothes, books, CDs...
  • Euro ministers question deal to bail out Greece February 10, 2012

    Brussels: Greece gave in to more painful spending and job cuts on Thursday, only to have European ministers question whether they were enough to deliver a euro130 billion bailout and stave off bankruptcy. Greece's new austerity plan, which makes sharp cuts to the minimum wage and thousands of public-sector jobs, ignited...
  • Spain's new PM sworn in, names Cabinet December 22, 2011

    Madrid: Spain's new conservative Prime Minister was sworn in on Wednesday and he later appointed his Cabinet, including ministers charged with lifting the country out of its severe economic crisis. Mariano Rajoy was sworn in as premier before King Juan Carlos. Rajoy then appointed 12 ministers and said close party colleague...
  • Threat to Britain's AAA rating, says Moody's December 21, 2011

    London: The continuing crisis in the euro zone is also posing a threat to Britain's top debt rating as further shocks to the country's economy could derail the government's efforts to balance the budget, ratings agency Moody's said on Tuesday. "The currently stable outlook on the UK government's Aaa rating depends...
  • Debt funds needed in all eurozone states: Germany December 3, 2011

    Berlin: Every country in the euro zone needs to set up a special national fund for sovereign debt that is more than 60 per cent of gross domestic product, Germany's finance minister told a newspaper. Wolfgang Schaeuble, detailing a proposal he will make at a European Union summit on December 9,...
  • Italy's new Cabinet wins confidence vote November 19, 2011

    Rome: Italian Prime Minister Mario Monti's Cabinet won a second confidence vote in parliament on Friday to secure its right to tackle the country's deepening financial crisis. Lawmakers in the lower house voted 556-61 for Monti's government, which includes no professional politicians. On Thursday, in the upper house of parliament, the Senate...
  • Greek leaders to pick PM of new government November 7, 2011

    Athens: The leaders of Greece's two biggest parties are due to resume talks on Monday to agree on who should be the country's new prime minister, after reaching a historic power-sharing deal to push through a massive financial rescue deal and prevent imminent bankruptcy. Europe's markets and government, however, remained cautious...
  • Greek FM plans to forge coalition govt: sources November 5, 2011

    Athens: Greek Prime Minister George Papandreou has struck a deal to stand down and let Finance Minister Evangelos Venizelos form a coalition government aiming to win parliamentary approval for Greece's latest bailout, sources close to the deal told Reuters on Friday. They said Venizelos had won the backing of leaders of...
  • Greek PM's hold on power slips despite bailout November 4, 2011

    Athens: Greek Prime Minister George Papandreou defied demands on Thursday that he resign over his decision to hold a referendum on the nation's euro zone bailout deal, calling instead for his party to unite for a confidence vote in the government. But Papandreou's hold on power was slipping after two turbulent...
  • Asian shares fall amid banking worries September 6, 2011

    Singapore: Asian shares fell and the euro slipped on Tuesday amid fears that Europe's sovereign debt troubles are worsening and could trigger a second full-blown banking crisis. European stocks tumbled 4 percent on Monday, with financial shares falling to their lowest in more than two years. Wall Street was closed on...