France has entered its second recession in four years after the economy shrank by 0.2% in the first quarter of 2013, according to official figures. The country’s economy shrank by the same amount in the last quarter of 2012. A recession is defined as two consecutive quarters of negative growth. France has record unemployment and [...]
The European Central Bank (ECB) has decided to cut its benchmark interest rate to a new record low amid ongoing worries about the eurozone’s economy. The widely-expected cut to 0.50% from 0.75% is the first in 10 months. Worries about eurozone economies were underlined on Thursday with data showing manufacturing activity across the 17-nation bloc [...]
Ireland and Portugal are to be granted an extra seven years to pay back their emergency bailout loans. The EU and the IMF bailed out the Republic of Ireland in 2010 and Portugal in 2011. The eurozone agreed to the terms at a meeting of finance ministers in Dublin. Meanwhile, the eurozone finance ministers also [...]
The German economy slowed to “near stagnation” in March 2013, while France’s recorded its biggest contraction for four years, according to a Markit survey. The Markit composite purchasing managers’ index (PMI), which measures both the manufacturing and services sectors, declined to 50.6 in Germany last month, from 53.3 in February. Any figure above 50 indicates [...]
Eurozone unemployment rate reached new record high of 12% in February 2013, according to the official figures. The number of people unemployed in eurozone, which includes 17 states, rose by 33,000 during February 2013, to hit 19.07 million, the statistics agency Eurostat said. The highest rate was 26.4% in Greece, although the most recent figure for [...]
Cyprus President Nicos Anastasiades says his country has no intention of the leaving the European single currency. Nicos Anastasiades said: “In no way will we experiment with the future of our country.” The president said the financial situation was “contained” following the 10 billion euro bailout deal with the EU and IMF. Cypriot banks opened [...]
Eurogroup have agreed a deal on a 10 billion-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone. Laiki (Popular) Bank – Cyprus’ second-biggest – will be wound down and holders of deposits of more than 100,000 euros will face big losses. However, all deposits under 100,000 euros [...]
Cyprus officials have announced the country’s banks, which were closed to prevent mass withdrawals, will remain shut until at least Tuesday, March 26th. The Cypriot government began an emergency meeting this afternoon to discuss alternatives to the EU-IMF bailout deal rejected by parliament on Tuesday. Reports say the cabinet is considering imposing capital controls when [...]
Finance ministers from eurozone have agreed a 10 billion-euro ($13 billion) bailout package for Cyprus to save the country from bankruptcy. The deal was reached after talks in Brussels between the ministers and the International Monetary Fund (IMF). In return, Cyprus is being asked to trim its deficit, shrink its banking sector and increase taxes. [...]
A new EU summit is getting under way in Brussels with issues of jobs and growth expected to dominate its agenda. The eurozone as a whole has been in recession for more than a year and unemployment is now just under 12%. France and some other countries want more flexibility in the budget targets set [...]
Eurozone unemployment rate rose to a new record high in January, official figures show. The jobless rate in the 17 countries that use the euro rose to 11.9% in January from 11.8% in December, the statistics agency Eurostat said. The highest rate was 27% in Greece, although the most recent figure there was from November, [...]
The European Commission has said Spain, France and Portugal have failed to cut overspending to agreed targets. Spain’s government deficit was 10.2% of the country’s economic output in 2012, well above the agreed 6.3% target, and will stay far above target into 2014. Meanwhile, the Commission joined other major international organizations in admitting that the [...]
Germany’s economy grew by 0.7% in 2012, a sharp slowdown on the previous year, preliminary figures show. The figure was well below the 3% growth seen in 2011 and suggests the economy contracted in the fourth quarter. “In 2012, the German economy proved to be resistant in a difficult economic environment and withstood the European [...]
Eurozone unemployment rate hit a new all-time high of 11.8% in November, official figures have shown. This is a slight rise on 11.7% for the 17-nation region in October. The rate for the European Union as a whole in November was unchanged at 10.7%. Spain, which is mired in deep recession, again recorded the highest [...]
Standard and Poor’s has raised the credit rating of Greece’s sovereign debt by six levels, praising the “strong determination” of fellow European countries to help it stay in the eurozone. S&P has increased Greece’s rating from “selective default” to “B-minus”. The rating agency also praised the continuing efforts by Greece’s government to cut its spending. [...]
European finance ministers have reached a deal on rules for supervising eurozone banks, ahead of a new EU summit. Around 200 of the biggest banks will come under the direct oversight of the European Central Bank, which will act as chief supervisor of eurozone banks. The agreement – a key step towards banking union – [...]
Eurozone unemployment rate hit a new record high in October, while consumer price rises slowed sharply. The jobless rate in the recessionary euro area rose to 11.7%. Inflation fell from 2.5% to 2.2% in November. The data came as European Central Bank President Mario Draghi warned the euro would not emerge from its crisis until [...]
EU budget summit held in Brussels has ended without agreement on the 27-strong union’s next seven-year budget. Another meeting will have to be called to sort out the difficulties but it is unclear how differences will be resolved. European Council chief Herman Van Rompuy said he was confident a deal would be reached early next [...]
Eurozone unemployment rate hit to a new high of 18.49 million in September, the EU statistics agency has said. The number of people out of work rose by 146,000, pushing the unemployment rate up to 11.6%. This compares with 10.3% a year earlier. The highest unemployment rate was recorded in Spain, where 25.8% of the [...]
A new survey suggests that business activity in the eurozone contracted at its fastest pace in almost three-and-a-half years in October. The Markit Flash Eurozone Purchasing Managers’ (PMI) Composite Output Index fell to 45.8, from 46.1 in September. A figure below 50 indicates contraction. The reading is consistent with a quarterly rate of economic contraction [...]
German chancellor Angela Merkel has called for the EU to be given the power to veto member states’ budgets, as leaders meet in Brussels for a summit. Angela Merkel said the EU economics commissioner should be given clear rights to intervene when national budgets violated the bloc’s rules. But French President Francois Hollande said the [...]
Ratings agency Standard & Poor’s has downgraded Spain’s credit rating, highlighting a deepening recession and mounting pressure on Madrid’s finances. S&P cut Spanish debt from BBB+ to BBB-, one level above junk status, and warned of possible further downgrades. Spain is struggling with high debt levels and the highest rate of unemployment in the eurozone. [...]
The number of unemployed people in France has topped 3 million for the first time since 1999, according to latest labor ministry figures. August’s jobless total rose by 23,900 to 3.011 million, a 9% increase on a year earlier, marking the 16th consecutive monthly rise. Speaking before the data was officially announced, Labour Minister Michel [...]
EU Commission President Jose Manuel Barroso has called for the EU to evolve into a “federation of nation-states”. Addressing the EU parliament in Strasbourg, Jose Manuel Barroso said such a move was necessary to combat the continent’s economic crisis. He said he believed Greece would be able to stay in the eurozone if it stood [...]
Asian stock markets have risen, joining a global rally, after European Central Bank’s president, Mario Draghi, unveiled a plan targeted at easing the region’s debt crisis. The ECB said it would buy bonds of the bloc’s debt-ridden nations in a bid to bring down their borrowing costs. The implied borrowing costs for Spain and Italy [...]
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