Euro Zone

  • Euro zone slips into second recession since 2009 15-11-2012 04:29 PM

    Brussels: The euro zone fell into a recession in July-September, the second since the global financial crisis in 2009, as French resilience could not make up for a slump across Europe and the three-year debt crisis slowed Germany to a crawl. Economic output in the 17-country euro zone fell 0.1...
  • Dollar gains, shares dip as US election relief fades 07-11-2012 09:01 PM

    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 re-election. Wall Street share futures, which had pointed to a higher open on relief over the clear election outcome, also reversed course...
  • EU break-up would be catastrophic: Soros 06-01-2012 12:42 PM

    Hyderabad: A collapse of the euro and break-up 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...
  • Fitch warns may downgrade 6 euro zone nations 17-12-2011 09:37 AM

    New York: Fitch Ratings on Friday warned it may downgrade Belgium, Italy, and four other euro zone countries in the absence of a "comprehensive solution" to the region's debt crisis. The ratings agency placed the ratings of Belgium, Spain, Slovenia, Italy, Ireland and Cyprus in credit watch negative, which means...
  • IMF Chief warns of another great depression 16-12-2011 08:27 AM

    Speaking at the US State Department Christiane Lagarde speaking on escalating euro zone crisis also called for collective action. ...
  • Rupee hits new record low, at 54.20 per dollar 15-12-2011 09:12 AM

    Mumbai: The rupee hit a record low for the fourth straight session on Thursday as concerns over the domestic economy and risk aversion globally raised fears of more capital outflows from Asia's third largest economy. At 12:51 PM, the rupee was at 54.2000/2050 per dollar, after hitting an all-time low...
  • S&P to place euro nations on credit watch 06-12-2011 03:11 AM

    Brussels: Efforts to stabilize Europe's financial crisis were thrown into disarray late on Monday as the 17 countries that use the euro braced for a possible downgrade of their credit ratings. The leaders of France and Germany sought to restore confidence in the troubled European currency during the day with...
  • 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...
  • Greece gets $ 10.7 bn but rescue plan stalls 30-11-2011 07:37 AM

    Brussels: Eurozone ministers sent Greece an $10.7 billion Christmas rescue package on Tuesday to stem an immediate cash crisis yet failed to resolve fears that the common euro currency might be doomed. Stock markets around the world rose earlier in the day, hoping that intense pressure from the bond markets...
  • S&P may cut France rating outlook to negative 29-11-2011 08:40 AM

    Sydney: Credit rating agency Standard & Poor's could change the outlook for France's triple-A rating to negative within the next 10 days, a French newspaper reported on Monday, citing several sources. Such a move would signal a possible downgrade. "It could happen within a week, perhaps 10 days," La Tribune...
  • Sensex tanks 365 pts, Nifty ends at 2-year low 23-11-2011 04:27 PM

    Mumbai: The benchmark Nifty closed at near 2-year lows on Wednesday, falling over 2 per cent on across the board selling amid huge volumes. However, the close could have been much worse if not for some short covering in the dying moments of trade. The sell-off in heavyweights indicated foreign...
  • Debt crisis strikes at heart of Europe 21-11-2011 06:23 PM

    Brussels: The euro zone's debt crisis struck again at the heart of Europe on Monday despite a clear-cut election victory in Spain for conservatives committed to tougher austerity. Spain's Socialists became the fifth government in the 17-nation single currency area to be toppled by the debt crisis this year. Portugal,...
  • Rupee hits 32-month low, crosses 51 per dollar 18-11-2011 02:25 PM

    The rupee has slumped 14.2 per cent from its highest point in 2011 hit late July and is the worst performer among major Asian currencies. ...
  • Sensex recovers losses, but ends 90 points lower 18-11-2011 09:22 AM

    Mumbai: Indian equity benchmark Sensex recovered smartly from day's low in the late trade led by short covering on Friday, but has sustained its downward spiral for the seventh consecutive session. European markets too turned positive after a fall of nearly 1 per cent in the early trade and even...
  • European chief of IMF Antonio Borges resigns 17-11-2011 07:06 AM

    Washington: Amidst deepening European economic crisis, the head of the International Monetary Fund (IMF) in Europe has resigned citing personal reasons, the Washington-headquartered world body said. "Antonio Borges, Director of the International Monetary Fund's European Department, has notified IMF Managing Director Christine Lagarde of his intention to leave the Fund...
  • New Italian, Greek Govts race to limit damage 14-11-2011 06:15 PM

    Rome: Technocrat leaders in Italy and Greece rushed to form governments as they sought to limit the damage from the euro zone debt crisis on Monday, and the euro climbed on relief that a key Italian bond auction drew decent demand from investors. The president of Italy asked former European...
  • Italy president starts consultations on new Govt 13-11-2011 04:46 PM

    Rome: Italy's head of state began talks on Sunday to appoint an emergency government to succeed outgoing Prime Minister Silvio Berlusconi and handle a crisis that has brought the euro zone's third largest economy to the brink of financial disaster. Just a few hours after central Rome was still echoing...
  • Asia not immune to euro zone woes: IMF chief 12-11-2011 08:44 AM

    Tokyo: Asia clearly continues to drive global economic recovery, but if strains in the euro zone worsen the region will be negatively affected via trade and financial sector links, International Monetary Fund chief Christine Lagarde said on Saturday. Lagarde was speaking at a news conference after a meeting with Japanese...
  • Italy's Senate to vote for cuts to save euro zone 11-11-2011 07:16 AM

    Rome: Italy's Senate was set to vote on Friday for austerity measures demanded by the European Union to avert a euro zone meltdown and a new emergency government is expected within days, ending the Berlusconi era. The upper house is due to begin debating at 0930 GMT on the package...
  • Fears of euro zone split grow after Italy crisis 10-11-2011 10:32 AM

    Rome: Italian borrowing costs reached breaking point on Wednesday after Prime Minister Silvio Berlusconi's insistence on elections instead of an interim government threatened prolonged instability and kindled fears of a split in the euro zone. European Commission President Jose Manuel Barroso issued a stern warning of the dangers of splitting...
  • Asian stocks plunge on Europe debt crisis setbacks 10-11-2011 08:03 AM

    Bangkok: Setbacks in Europe's efforts to isolate a debt crisis before it blows up into an all-out recession sent Asian stock markets tumbling on Thursday. Japan's Nikkei 225 index fell 2.1 per cent to 8,569.79 while Hong Kong's Hang Seng index plummeted 4.1 per cent to 19,189.30. South Korea's Kospi...