EUROZONE

  • Latvia enters eurozone, becomes its 18th member January 1, 2014

    Riga: Latvia became the 18th country to join the single currency union on Wednesday, as New Year's Day fireworks erupted at midnight in Riga, the Latvian capital, a news agency reported. As part of celebrations marking Latvia's entry to the eurozone, Valdis Dombrovskis, Latvia's acting head of the government, withdrew...
  • Pranab expresses concern over slow growth, says no reason to worry September 14, 2013

    Kolkata: Expressing concern over the slow growth of the Indian economy, President Pranab Mukherjee Saturday called for corrective measures, but said there was no room for despondency as the fundamentals were strong. "All of us are concerned about the slow growth of the GDP (Gross Domestic Product) in 2011-12 and 2012-13. "Precisely it...
  • Savings account seizure plan draws fury in Cyprus March 19, 2013

    Nicosia: 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...
  • 17 nations hit by Euro crisis, scenario worse than forecast February 15, 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. ...
  • Euro slides as poor data raises easing prospects February 15, 2013

    New York: The euro dropped to a threeweek 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 multiyear lows against the...
  • Growth in India, China to remain world's fastest: IMF January 24, 2013

    Washington: 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. The IMF trimmed its 2013 forecast for global growth to 3.5 per cent...
  • Dutchman set to become new Eurogroup head January 21, 2013

    Brussels: 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...
  • IMF chief urges big world economies to promote growth January 18, 2013

    Washington: 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. IMF Managing Director Christine Lagarde...
  • Centre responsible for West Bengal debts: Mamata December 27, 2012

    New Delhi: 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...
  • New lifeline to Greece; pact to release euro 43.7 bn reached November 27, 2012

    Berlin: Averting Greece bankruptcy, leaders of eurozone countries and IMF have agreed to unlock 43.7 billion euros to the heavilyindebted Greek economy. The breakthrough came after 12 hours of negotiations by eurozone finance ministers in Brussels which concluded last night. Two earlier attempts had failed to break the deadlock. This...
  • Eurozone unemployment rises to new record November 1, 2012

    London: Unemployment in the 17country 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 threeyear debt crisis. The rate reported by Eurostat, the EU's statistics office, was up...
  • Spain, Greece announce harsh budget cuts September 28, 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 flatlining economies to push for...
  • 'Eurozone can be rescued but needs political will' August 25, 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...
  • 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...
  • Germany faces threat of losing AAA tag July 24, 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...
  • Country now in 'great depression': Greek PM July 23, 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...
  • India will soon be back on high growth path: PC July 11, 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...
  • Italy eyes eurozone aid to ease debt pain July 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...
  • Euro hits twoyear low, oil slips July 11, 2012

    New York: The euro fell to a twoyear 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...
  • European Central Bank cuts rates to new low July 6, 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...
  • Brussels's 'New Deal' to save Euro June 30, 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 agrees on bank supervision, bond support June 29, 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...
  • Sensex's biggest close of 2012 on global rally June 29, 2012

    Mumbai: Indian equity benchmarks closed at a twomonth high on Friday as global markets rallied quite sharply after European leaders, on first day at European Summit, have agreed to take emergency action to bring down Italy's and Spain's spiraling borrowing costs. Another reason for rally: Key benchmarks outperformed to global peers...
  • European leaders agree on longterm union June 29, 2012

    Brussels: European leaders have agreed to use the continent's permanent bailout fund to recapitalize struggling banks, and agreed to the idea of a tighter union in the long term. The bank decision at overnight meetings in Brussels on Friday was aimed at helping Spain, which sought a (EURO)100 billion rescue to...
  • No direct risk to Indian banks from Eurozone: RBI June 28, 2012

    Mumbai: The Reserve Bank of India on Thursday said the country's banking sector has emerged resilient after a series of stress tests it conducted on the lenders. "The stress tests carried out on banks, incorporating a range of shocks, revealed deterioration in their capital position as compared with the baseline scenario,...
  • Greece at risk of downgrade to emerging market June 26, 2012

    New Delhi: Greece may have fended off an immediate exit from the Eurozone, but it now faces the risk of being downgraded from a developed to an emerging market status. The process of demotion which usually takes years could be accelerated if Greece were to set up curbs on capital...
  • Rupee hits an alltime low of 57.12 against US dollar June 22, 2012

    Mumbai: The rupee hit a record low against the dollar for a second consecutive session on Friday and posted its worst weekly fall in nine months, hurt by dollar demand from oil firms and gold importers as well as the broad riskoff sentiment. Traders said the Reserve Bank of India stepped...
  • Spain to seek bank aid as borrowing costs soar June 22, 2012

    Luxembourg/Madrid: Independent auditors said Spanish banks may need up to 62 billion euros in extra capital, to be filled mostly by a euro zone bailout, after Spain's mediumterm borrowing costs spiralled to a euroera record on Thursday. Euro zone finance ministers met in Luxembourg to discuss how to channel up to...
  • European leaders will act: Barack Obama at G20 June 20, 2012

    US President Barack Obama said that the European leaders were aware of the gravity of the situation and were committed to addressing it. ...
  • G20 agrees to invest in developing countries June 20, 2012

    Los Cabos: In a big success for India, the G20 countries on Wednesday agreed to give priority to investment in infrastructure in developing countries as a way to stimulate global growth which has been stunted due to the faltering world economy and the Eurozone crisis. "We will intensify our efforts to...