Euro Crisis

  • Greece passes 2013 austerity budget 12-11-2012 07:17 AM

    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...
  • US, Germany stress cooperation to end euro crisis 31-07-2012 01:20 AM

    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 18-06-2012 08:29 AM

    Los Cabos: Finger-length and emerald-green, the lawns of time-share condos and all-inclusive resorts seem to gleam in the bright sun as the surf rolls gently against the white-sand beaches of Los Cabos. Sometimes the only noise is the ruffling of palm fronds in the languid ocean breeze. It's an idyllic...
  • Greece: World heaves a sigh of relief as pro-Eurozone forces win 18-06-2012 08:17 AM

    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 18-06-2012 07:21 AM

    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...
  • Polling station in Athens attacked during election 18-06-2012 12:04 AM

    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...
  • World waits with bated breath as Greece votes 17-06-2012 01:30 PM

    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...
  • Greeks weigh consequences of pivotal vote 17-06-2012 02:06 AM

    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,...
  • PM, Obama discuss euro crisis ahead of G20 summit 15-06-2012 04:39 AM

    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...
  • Depreciating rupee matter of great concern: Pranab Mukherjee 20-05-2012 03:08 PM

    Finance Minister Pranab Mukherjee said on Saturday that India was watching the euro crisis very closely. ...
  • Rupee continues to slide, hits record low 17-05-2012 05:03 PM

    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 17-05-2012 04:50 PM

    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...
  • Indian economy facing difficulties: Manmohan Singh 14-04-2012 09:12 PM

    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)," Singh said...
  • Spain's barter economy booms in grip of crisis 21-02-2012 05:23 PM

    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 10-02-2012 06:42 AM

    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,...
  • Spain's new PM sworn in, names Cabinet 22-12-2011 04:31 AM

    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...
  • Threat to Britain's AAA rating, says Moody's 21-12-2011 07:04 PM

    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...
  • Debt funds needed in all eurozone states: Germany 03-12-2011 09:59 AM

    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...
  • Italy's new Cabinet wins confidence vote 19-11-2011 07:51 AM

    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,...
  • Greek leaders to pick PM of new government 07-11-2011 05:11 PM

    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...
  • Greek FM plans to forge coalition govt: sources 05-11-2011 03:25 AM

    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...
  • Greek PM's hold on power slips despite bailout 04-11-2011 05:01 AM

    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...
  • Asian shares fall amid banking worries 06-09-2011 08:53 AM

    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...