A plan to seize up to 10 per cent of savings accounts in Cyprus to help pay for a (EURO)15.8 billion ($20.4 billion) financial bailout was met with fury on Monday, and the government shut down banks until later this week while lawmakers wrangled over how to keep the island nation from bankruptcy. ...
06:35 AM, Mar 19, 2013
The economy of the 17 nations in the Euro shrank by 0.6 per cent in the fourth quarter, which was worse than forecast. ...
10:00 AM, Feb 15, 2013
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. ...
08:31 AM, Feb 15, 2013
An unexpectedly stubborn eurozone recession and weakness in Japan will weigh on global economic growth in 2013 before a rebound in 2014 that should deliver the fastest expansion since 2010, the International Monetary Fund said on Wednesday. ...
12:46 AM, Jan 24, 2013
The Dutch finance minister was poised on Monday to take over as head of the eurogroup, the group of the 17 eurozone finance ministers, which would give him one of the top jobs in the eurozone's battle to end its financial crisis. Among his first challenges, besides high debt and unemployment, will be to help negotiate a bailout for Cyprus that has been delayed again amid disagreement on its conditions....
11:54 PM, Jan 21, 2013
Nations around the globe need to press forward with fiscal and reform promises, especially in the United States and Europe, to reduce the uncertainties shackling growth, the head of the IMF said on Thursday, warning that the global economy barely dodged a bullet in 2012. ...
04:25 AM, Jan 18, 2013
In a shrill attack on the Centre, Chief Minister Mamata Banerjee on December 27 accused it of an "unholy nexus" with the erstwhile Left Front government of West Bengal, leaving the state in a "disastrous" financial situation with a debt burden of Rs 2 lakh crore, and warned that patience was running out. ...
03:35 PM, Dec 27, 2012
Averting Greece bankruptcy, leaders of eurozone countries and IMF have agreed to unlock 43.7 billion euros to the heavily-indebted Greek economy. The breakthrough came after 12 hours of negotiations by eurozone finance ministers in Brussels which concluded last night. ...
05:48 PM, Nov 27, 2012
London: Unemployment in the 17-country eurozone hit a record high of 11.6 per cent in September, official figures showed on Wednesday, a sign the economy is deteriorating as governments struggle to get a grip on their three-year debt crisis. The rate reported by Eurostat, the EU's statistics office, was up from an upwardly revised 11.5 per cent in August. In total, 18.49 million people were out of work in the...
10:48 AM, Nov 01, 2012
Madrid: Spain and Greece outlined plans on Thursday to cut spending and raise taxes to convince international lenders and financial markets they are on the right track to cut their deficits. The measures outlined on Thursday highlight how Europe's struggling countries are battling public anger and flat-lining economies to push for more austerity, all with the aim of securing much-needed aid. Throughout the three-year financial crisis in the 17 countries...
03:07 PM, Sep 28, 2012
Dr Vince Cable Age: 69 Designation: British Secretary of State for Innovation, Business and Skills Career: Former Chief Economist for Shell, Head of Economics Programme at Chatham House Education: Natural Sciences and Economics at Cambridge University, and a PhD from Glasgow Interests: Keeping fit; cycling, walking, Ballroom and Latin dancing. Visits a dance studio once a week for advanced classes and takes dance exams Q. So what is the solution...
12:30 PM, Aug 25, 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 the coming months. Geithner travelled to the German North Sea island of Sylt for informal talks with Finance Minister Wolfgang...
01:20 AM, Jul 31, 2012
Berlin: Moody's has revised credit outlook of Germany to negative, raising the possibility of the economic major losing its coveted 'AAA' rating amid worsening European debt turmoil. Germany becomes the latest European economic power house this year after France to see its credit outlook being downgraded by the global credit rating agency. The credit rating outlook of Germany, Luxembourg and the Netherlands have been lowered to negative, Moody's Investors Service...
05:42 PM, Jul 24, 2012
Athens: Greece is in a "Great Depression" similar to the American one in the 1930s, the country's Prime Minister Antonis Samaras told former US President Bill Clinton on Sunday. Samaras was speaking two days before a team of Greece's international lenders arrive in Athens to push for further cuts needed for the debt-laden country to qualify for further rescue payments and avoid a chaotic default. Athens wants to soften the...
12:55 AM, Jul 23, 2012
Bangalore: India would soon return to high growth path in light of several measures being taken by the United Progressive Alliance (UPA) government to reboot the economy battered by external and internal factors, Union Home Minister P Chidambaram said on Tuesday. "We are confident that the measures being taken and will be taken will enable us to get out of the hostile turf and return to the high growth path...
04:32 AM, Jul 11, 2012
Brussels: Italy said on Tuesday it may want to tap eurozone aid to ease its borrowing costs as finance ministers struggled to convince markets they are getting a grip on the bloc's debt crisis, which a top European Central Banker said could escalate. Prime Minister Mario Monti, who is under intense market pressure to shape up his economy and avoid being drawn into the centre of the debt crisis, said...
03:16 AM, Jul 11, 2012
New York: The euro fell to a two-year low against the dollar on Tuesday as investors were wary that a German court could delay Europe's new bailout fund, while a series of profit warnings from US companies took Wall Street lower. Oil prices extended losses in the afternoon, with Brent crude falling back below $100 a barrel after data showed China imported less crude oil last month, while Norway's government...
02:53 AM, Jul 11, 2012
Frankfurt: The European Central Bank cut its benchmark interest rate to a record low Thursday to spark economic growth but gave little sign it would take further action soon to ease Europe's financial crisis. By cutting its key refinancing rate by a quarter percentage point to 0.75, a move that was widely expected, the ECB sought to give Europe's sagging economy a lift by making it cheaper for businesses and...
07:33 AM, Jul 06, 2012
Brussels: Under pressure to prevent a catastrophic breakup of their single currency, Eurozone leaders agreed on Friday to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states. They also pledged to create a single banking supervisor for Eurozone banks based around the European Central Bank in a landmark first step towards a European banking union that...
08:54 AM, Jun 30, 2012
Brussels: European leaders agreed on Friday to create a single supervisory body for euro zone banks and to allow them to be recapitalized directly by the currency area's rescue fund without adding to government debt. European Council chairman Herman Van Rompuy said the aim was to create a supervisory mechanism involving the European Central Bank by the end of this year, and to break the "vicious circle" between banks and...
11:31 AM, Jun 29, 2012
