Brussels/Frankfurt/Athens: Eurozone finance ministers dismissed as incomplete a reputed 3.3bn package of Greek budget cuts presented to them in the hope of securing a new 130bn bail-out and sent the countrys finance minister back to Athens with a fresh set of demands and an urgent deadline. In exchange for signing off on the loan, which Greece is depending on to avoid a potentially chaotic default next month, its lenders are...
01:46 PM, Feb 10, 2012
Greek leaders have agreed to deep spending cuts to unlock a 130bn bail-out designed to help the country avoid becoming the first European Union member to default on its debts. In a rare moment of relief for the eurozone, the leaders of Greece's main political parties reached a compromise on Thursday afternoon following fraught all-night negotiations. The austerity programme is the price for a second bail-out and a crucial precursor...
11:34 PM, Feb 09, 2012
Brussels: European leaders promised to stimulate growth and create jobs, in a tacit acknowledgment that their exclusive focus on austerity has had painful side effects. Heads of European state and government meeting in Brussels on Monday pledged to offer more training for young people to ease their transition to the work force, deploy unused development funds to create jobs, reduce barriers to doing business across the EU's 27 countries, and...
09:28 AM, Jan 31, 2012
Washington: Europe's debt crisis could tip the world economy into recession and a bigger firewall is urgently needed to keep the damage from spreading, the International Monetary Fund said. The IMF chopped its estimate for 2012 global growth to 3.3 percent from 4 percent just three months ago and warned it could drop as low as 1.3 percent if Europe lets the crisis fester for much longer. For 2013, it...
10:07 AM, Jan 25, 2012
Mumbai: Bankers on Thursday explored various options including conversion of the Rs 18,000 crore loans to SLR as part of the debt restructuring of the ailing Air India carrier and may finalise the bailout package next week. "We are looking at various instruments like SLR, long-term bonds and non-convertible debentures among others as part of the debt recast plan of Air India," Oriental Bank of Commerce Executive Director SC Sinha...
09:25 PM, Jan 19, 2012
Dr Mark Mobius, executive director, Templeton Emerging Markets Group, tells Pravin Palande and Shishir Prasad that he is optimistic about India and in many cases, a weak rupee may actually benefit some companies in the country. Dr Mark Mobius Profile: Executive director, Templeton Emerging Markets Group Career high point: Consistently voted as one of the most influential investment managers in the world Last vacation: Doesn't take any Known for: Travelling...
12:21 PM, Jan 11, 2012
Tokyo: The Japanese government is considering a dollar swap arrangement with India to provide emergency liquidity in case the European debt crisis reaches emerging economies, the Nikkei business newspaper said on Sunday. The agreement would set the total swap arrangement at $10 billion, or 780 billion yen, the Nikkei said. Both countries are looking to sign off on the arrangement next Wednesday, when leaders meet at a bilateral summit, the...
06:31 PM, Dec 25, 2011
The health of the Eurozone is dire. What started out as a sovereign debt crisis in a minor periphery economy of the Eurozone, Greece, has now morphed into a full-fledged crisis involving the giants " Italy and France. It was always clear that if the crisis spread to these bigger economies there would be very few credible tools to prevent a meltdown. But here is where we are now. So...
03:59 PM, Dec 21, 2011
European leaders reached a new deal on Friday to try and resolve the Eurozone debt crisis without UK's approval. ...
08:57 AM, Dec 10, 2011
Brussels: Working almost to exhaustion and persuading countries one by one, European leaders agreed Friday to redefine their continent - hoping that by joining their fiscal fortunes they might stop a crippling debt crisis, save the euro currency and prevent worldwide economic chaos. Only one country said no - Britain. It will risk isolation while the rest of the continent plots its future. The coalition came together in a marathon...
07:52 AM, Dec 10, 2011
Brussels: European Union leaders sealed a new fiscal pact ensuring tougher budget discipline but failed to agree on a treaty change to enshrine the rules, meaning a deal may now involve the 17 euro zone nations plus any others that want to join, diplomats said. An agreement involving all 27 EU members fell through - raising the prospect of a two-speed Europe - after British Prime Minister David Cameron demanded...
11:34 AM, Dec 09, 2011
At the two day summit in Brussels, French President Nicolas Sarkozy and German Chancellor Angela Merkel have called for treaty changes including tighter budgetary rules and deficit caps. ...
07:56 AM, Dec 09, 2011
Brussels: European leaders are wrestling over how much of their sovereignty they are willing to give up in a desperate attempt to save the ambitious project of continental unity that grew from the ashes of World War II. At stake at the summit in Brussels, which began on Thursday evening, is not only the future of the euro, but also the stability of the global financial system and the balance...
07:46 AM, Dec 09, 2011
Geneva: The Eurozone crisis is turning out to be the biggest threat to the profitability of global aviation industry, with airlines in Asia-Pacific expected to post losses worth $ 1.1 billion out of a total industry loss of $ 8.3 billion next year, global airlines body IATA has said. With the European sovereign debt crisis "deteriorating into a renewed banking crisis", the International Air Transport Association (IATA) said in this...
11:59 AM, Dec 08, 2011
London: The 17-nation euro zone clocked an economic growth of just 0.2 per cent in the three months ended September as the debt contagion continued to worsen. Most of the euro area economies, especially Greece, that share the common currency euro are grappling with debt turmoil that threatens to push the region into recession. Eurostat, the official statistical agency of European Union, on Tuesday said that euro area recorded a...
06:55 PM, Dec 06, 2011
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