French Employment Minister Michel Sapin made it clear that his government’s tax-and-spend policies are just not working and admitted that France is bankrupt. Just half a year since his party came to power, Michel Sapin told radio listeners: “There is a state but it is a totally bankrupt state. “That is why we had to [...]
The European Union is due to begin a two-day summit in Brussels that will focus on issues surrounding the eurozone crisis. High on the agenda will be controversial plans for a eurozone banking union, seen as a key element in restoring confidence in the euro. In the run-up to the summit, Germany has been urging [...]
Germany has called on countries using the euro to take decisive steps to bring about closer fiscal integration. Berlin wants the EU’s 27 countries to consider pooling more economic sovereignty at a summit in Brussels which begins on Thursday. French President Francois Hollande says an end to the eurozone crisis is “very close” and wants [...]
Spanish region of Catalonia has asked for a bailout of 5 billion euros ($6.3 billion) from the central government. This summer, an 18 billion-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. Catalonia represents one-fifth of the Spanish economy. It comes as official figures showed [...]
European markets have fallen after the European Central Bank (ECB) president Mario Draghi said the bank would come up with ways to help struggling eurozone countries “over the coming weeks”. Analysts had been hoping for more details and immediate action. Help from the ECB would also only be given if the governments themselves made certain [...]
EU leaders at Brussels summit have agreed to use the eurozone’s bailout fund to support struggling banks directly, without adding to government debt. Speaking after 13 hours of talks in Brussels’, EU chief Herman van Rompuy also said a eurozone-wide supervisory body for banks would be created. Officials said the plans could be finalized during [...]
EU leaders at Brussels summit are examining how to ease the eurozone debt crisis amid competing visions about how to revive the worst-hit economies. As the Brussels summit opened, French President Francois Hollande made a new plea for EU solidarity and Spain warned that its borrowing costs were too high. German Chancellor Angela Merkel scorned [...]
Spain’s borrowing costs have risen to another euro-era record, with lenders demanding a higher interest rate. The yield on benchmark 10-year bonds hit 7% on Thursday morning, a level which many analysts believe is unsustainable in the long term. It came as Moody’s cut Spain’s credit rating to one notch above “junk” and ahead of [...]
There is more and more speculation that Greece is about to leave the euro. Greece has been unable to form a government, and new elections seem set to give power to parties that reject the spending cuts that have been agreed with other eurozone governments and the International Monetary Fund. But without those spending cuts, [...]
World markets are down as Greece’s continuing political uncertainty undermines confidence. Greece failed to form a coalition government through talks on Sunday and will continue discussions with political leaders on Monday evening. Bank shares are worst hit, particularly in Spain and France, with Madrid’s IBEX index down 3% and the CAC down 2.7%. The Dow [...]
Twenty five out of 27 EU leaders have signed a new treaty to enforce budget discipline within the bloc. The “fiscal compact” aims to prevent the 17 eurozone countries again running up huge debts. It must now be ratified by individual parliaments and, in the case of the Irish Republic, a referendum. UK Prime Minister [...]
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Laura Fernee claims she is too pretty to workLaura Fernee says her good looks are so powerful they are ruining her life – and have forced her to quit her job. Laura Fernee, 33, is a science graduate and she says her…
Eurovision 2013: Azerbaijan inquiry into "nul points" for RussiaAzerbaijan's President Ilham Aliyev has ordered an inquiry into why his country gave Russia "nul points" at Eurovision Song Contest 2013. Voters and the official Azerbaijan…
Kate Middleton has a Marilyn Monroe dress blow up moment at William van Cutsem weddingKate Middleton was left red-faced after the gusts lifted up her polka-dot dress, drawing attention to her thighs. The Duchess of Cambridge was caught out by the wind as she…
Madeleine McCann case: British cleaners and Portuguese manual workers among new suspectsBritish cleaners and Portuguese manual workers are among new suspects in the Madeleine McCann investigation, according to recent reports in UK’s media. Scotland Yard…
EU bans refillable bottles and dipping bowls of olive oil at restaurant tablesStarting with 2014, the European Commission will ban the use of refillable bottles and dipping bowls of olive oil at restaurant tables. From 1 January 2014, restaurants may…
Rome: Thousands rally to oppose Italy's austerity measuresThousands of protesters, led by trade unionists, have rallied in Rome against the policies of Italy’s new coalition government. Wielding red flags and placards, they urged…