EURO ZONE

  • Asian shares, euro spooked by Cyprus bailout details March 26, 2013

    Tokyo: Asian shares fell and the euro was capped on Tuesday as investors contemplated potential flowon risks from the Cyprus bailout scheme. Large uninsured depositors and bondholders will bear heavy losses in the bailout, which Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, said...
  • Cyprus girds for run on banks after sealing bailout March 26, 2013

    Nicosia: The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests and would end anxiety, but he also announced "very temporary" capital controls to stem a run on the island's banks. Returning on Monday from fraught overnight negotiations in Brussels,...
  • Cyprus bailout bid goes down to the wire March 24, 2013

    Nicosia: Cyprus's bid to avert financial collapse will go down to the wire after the island said it would hold a crucial sitting of parliament only after finance ministers of the 17nation euro zone meet on Sunday. Cyprus faces a Monday deadline to clinch a 10 billion euro bailout from the...
  • Cyprus closes in on EU bailout, Uturn on levy March 23, 2013

    Nicosia: Cyprus is expected to make a dramatic Uturn on Saturday to avert the imminent threat of financial meltdown, having signalled it is willing to tax big savers in its stricken banks to clinch a bailout from the European Union. The island's partners in the 17nation euro zone scheduled a meeting...
  • Wall Street drops on uncertainty about Cyprus March 20, 2013

    New York: US stocks fell on Tuesday on uncertainty about how Cyprus will avoid a bankruptcy and possible reverberations in the euro zone as the region struggles to emerge from economic crisis. Cyprus' parliament rejected a tax on bank deposits as a condition of an international bailout. Banks in Cyprus will remain...
  • Italy faces political deadlock after election results February 26, 2013

    Rome: Italy faced political deadlock on Tuesday after a stunning election that saw the anti-establishment Five-Star Movement of comic Beppe Grillo become the strongest party in the country but left no group with a clear majority in parliament. "The winner is: Ingovernability" was the headline in Rome newspaper Il Messaggero,...
  • Global markets decline on deadlocked Italy election February 26, 2013

    Tokyo: Asian shares took their lead from overnight plunges in global equities to fall on Tuesday as an apparently inconclusive election outcome in Italy raised fears of a resurgent euro zone debt crisis. Italy's centre-left coalition will win a majority in the lower house of parliament but the upper house...
  • UK's Cameron to deliver longawaited EU speech January 20, 2013

    London: British Prime Minister David Cameron is set to deliver his hotly anticipated speech about his plans for Britain's membership of the European Union this week, Foreign Secretary William Hague said on Sunday. After months of speculation, Cameron had been scheduled to deliver the speech on Friday in the Netherlands,...
  • Signs of growth in emerging markets: HSBC survey January 10, 2013

    London: Emerging markets ended 2012 with a modest acceleration in economic growth thanks to a pickup in manufacturing activity that hints at further improvement in coming months, a survey found on January 10. All four big BRIC economies posted a rise in economic activity in the last quarter of 2012,...
  • Euro zone slips into second recession since 2009 November 15, 2012

    Brussels: The euro zone fell into a recession in JulySeptember, the second since the global financial crisis in 2009, as French resilience could not make up for a slump across Europe and the threeyear debt crisis slowed Germany to a crawl. Economic output in the 17country euro zone fell 0.1 per...
  • Dollar gains, shares dip as US election relief fades November 7, 2012

    London: The dollar rose and world shares turned lower on Wednesday as investors worried about the outlook for the US and euro zone economies after President Barack Obama's reelection. Wall Street share futures, which had pointed to a higher open on relief over the clear election outcome, also reversed course as...
  • Moody's downgrades Italy, warns of further cut July 13, 2012

    Moody's on Friday surprised markets by downgrading Italy's government bond rating by two notches to Baa2 and warned it could cut it further, piling on pressure just hours before the country launches its latest bond sale. The move left Italy's rating just two notches above junk status and could raise alreadypainful...
  • Euro could collapse, says Infosys CFO July 12, 2012

    Bangalore: The 17nation currency euro could collapse as there is no unified fiscal or political union among membercountries of the European Union, Infosys CFO V Balakrishnan said on Thursday. He said that it was very difficult to have a single monetary policy across multiple membercountries of the EU. "Each member country has...
  • ECB cuts rates to aid flagging euro zone economy July 5, 2012

    Frankfurt: The European Central Bank cut interest rates to a record low on Thursday to breathe life into a deteriorating euro zone economy and back up measures agreed by government leaders last week to tackle the bloc's debt crisis. The quarterpoint cut in the ECB's main refinancing rate to 0.75 per...
  • Spain rating slashed 3 notches by Moody's June 14, 2012

    New York: Rating agency Moody's Investors Service cut its rating on Spanish government debt by three notches on Wednesday to Baa3 from A3, saying the newly approved euro zone plan to help the country's banks will increase the country's debt burden. Moody's, which said it could lower Spain's rating further, also...
  • Indian economy to grow 6.9 pc in 201213: WB June 12, 2012

    New Delhi: The Indian economy will grow by 6.9 per cent in this financial year (201213) notwithstanding problems like policy uncertainties, fiscal deficit and inflation, the World Bank projected on Tuesday, while cautioning that developing nations will have to face tougher times. "India will see growth (measured at factor cost) increasing...
  • Greece, Euro zone a worry for world markets May 24, 2012

    Global markets are jittery over concerns that Greece may drop the Euro. ...
  • Global markets in a turmoil over Greek crisis May 17, 2012

    New Delhi: The Greek tragedy continued to sink markets across the world. The euro plunged to a 4month low after Greece failed to form a coalition government and a fresh round of elections is in the offing. Analysts say US markets are bracing themselves for the worst. Stock markets fell...
  • Sensex slips as Greece calls for fresh elections May 16, 2012

    The Sensex fell below 16,000, down 300 points while the European markets opened 0.5 per cent down. ...
  • Indian growth story is intact: Pranab Mukherjee May 16, 2012

    New Delhi: Finance Minister Pranab Mukherjee on Wednesday assured Parliament that India's growth story remained intact despite Euro zone crisis and Greece turmoil. Pranab attributed the downward trend in the share markets to the global economic crisis. He said that the government is going to take some austerity steps to...
  • Oppn fears repeat of 1991 as rupee slips May 16, 2012

    New Delhi: As the rupee touched a record low, the Opposition on Wednesday questioned the government in the Lok Sabha on the steps being taken to tackle the situation as it feared that there could be a repeat of 1991, when India saw severe balance of payments problem and even...
  • Rupee hits 5month low, falls below 54 per $ May 16, 2012

    Mumbai: The rupee fell below 54/$ on Wednesday after risk assets continued to be beaten down on worries about the future of the euro zone after Greece failed to form a government. The rupee was at 54.1054.11/$ in early trade versus its Tuesday close of 53.79. That left it in sight...
  • Euro zone dismisses Greek exit 'propaganda' May 15, 2012

    Brussels: Euro zone finance ministers dismissed talk of Greece leaving the euro zone as "propaganda and nonsense" on Monday, but said the country had to respect the terms of the bailout programme agreed with the EU and the International Monetary Fund. If Greece can form a government and that government signs...
  • Economic slowdown mainly due to external factors: RBI March 12, 2012

    Mumbai: The Reserve Bank has attributed decline in the economic growth rate to threeyear low of 6.9 per cent in 201112 largely to deterioration in the external environment. "Recent data indicate that after a smart recovery during 200910 and 201011, real GDP growth slipped sharply to 6.9 per cent during 201112...
  • Europe seals new Greek bailout but doubts remain February 22, 2012

    Brussels: Euro zone finance ministers agreed a 130billioneuro ($172 billion) rescue for Greece on Tuesday to avert an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses. The complex deal wrought in overnight negotiations buys time to stabilize the 17nation currency bloc...
  • Eurozone seals Greek bailout worth 130 bn euros February 21, 2012

    Brussels: Eurozone finance ministers approved on Tuesday a second bailout for debtladen Greece that will resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy. After a marathon 12 hours of talks through the night, euro zone officials said ministers had agreed measures to cut Greece's debt...
  • Fitch cuts Italy, Spain, other euro zone ratings January 28, 2012

    New York: Fitch downgraded the sovereign credit ratings of Belgium, Cyprus, Italy, Slovenia and Spain on Friday, indicating there was a 1in2 chance of further cuts in the next two years. In a statement, the ratings agency said the affected countries were vulnerable in the nearterm to monetary and financial shocks. "Consequently,...
  • Europe in a very grave situation: Draghi January 17, 2012

    Strasbourg: Europe is an a "very grave" economic situation, European Central Bank President Mario Draghi said on Monday, but he added that euro zone governments are progressing well with efforts to put their finances in order. Speaking in his capacity as head of Europe's recently created financial system superwatchdog, Draghi added...
  • S&P downgrades nine euro zone countries January 14, 2012

    Athens: Standard & Poor's downgraded the credit ratings of nine euro zone countries, stripping France and Austria of their coveted tripleA status but not EU paymaster Germany, in a Black Friday the 13th for the troubled single currency area. "Today's rating actions are primarily driven by our assessment that the policy...
  • EU breakup would be catastrophic: Soros January 6, 2012

    Hyderabad: A collapse of the euro and breakup of the European Union would have catastrophic consequences for the global financial system, billionaire investor George Soros was quoted as saying in Hyderabad on Thursday. "Today, the euro is potentially endangering the political cohesion of the European Union," the Business Line newspaper cited...