Europe

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Behind Europe's Economic Mess: 'Willful Amnesia'

Austerity measures violate basic economic tenets: Paul Krugman

(Newser) - Europe has been lauded for its commitment to austerity measures as a means of restoring its economies. But a quick look at the state of those economies reaffirms what any economist should already have known, writes Paul Krugman in the New York Times : The effort is backfiring. Krugman explains that...

Portugal May Need a 2nd Bailout

Country's troubles likened to Greek crisis

(Newser) - In order to pay back $11.6 billion in debt, Portugal needs to re-enter capital markets next year—and as it stands, that's looking like a tall order. The deadline isn't until September 2013, but the International Monetary Fund could call on the country to release a financial...

EU Rolls Out Embargo on Iran Oil

May also freeze central bank's assets

(Newser) - The European Union today rolled out its embargo of Iranian oil, adopting the measure as what Britain's foreign secretary called "an unprecedented set of sanctions" designed to crack down on the country's nascent nuclear program. Existing contracts for crude oil and petroleum will be honored until July,...

Planned Undersea Tunnel Divides Germans, Danish

$7.2B, 12.5-mile endeavor would be Europe's largest infrastructure project

(Newser) - Denmark is preparing for the largest infrastructure project in Europe: a 12.5-mile tunnel to Germany under the Baltic Sea. But the $7.2 billion project, which would be among the world's longest immersed tunnels, has sparked tensions with Germans who are dubious about its usefulness, Der Spiegel reports....

Apple iPhone Slipping in Europe
 iPhone Losing Ground Abroad 
Dec 22, 2011 12:27 PM CST

iPhone Losing Ground Abroad

Europe's economic mess, cheaper competitors a problem for Apple

(Newser) - There's actually a pocket of the world that's beginning to be less iPhone obsessed—and it's a big pocket. While Americans and Brits are still snapping up the latest Apple phones, the company's share of the continental European market is slipping, thanks to a weakened economy...

Really Bad Santa Home for Holidays

Claus' monster assistant from Europe winning US converts

(Newser) - Dreck the halls with gobs of gory. If the Krampus has a Christmas carol, that could be his favorite. Krampus is a kind of really bad Santa, and he's gaining converts among those so sick of syrupy Christmas they'd rather scare people to death. Krampus is an import...

Cameron&#39;s Veto May Isolate Britain From Europe
Cameron's Veto May Isolate Britain From Europe
analysis
Dec 9, 2011 12:21 PM CST

Cameron's Veto May Isolate Britain From Europe

His EU veto could have major ramifications

(Newser) - David Cameron's decision to exercise Britain's veto and sit out negotiations on a new EU treaty is being seen as a momentous move, even if the ramifications aren't quite clear yet:
  • New York Times : The decision "has left Britain as isolated as it has ever been
...

Brits Refuse to Back New Europe Pact

But 23 nations agree to austerity measures in new accord

(Newser) - After strenuous negotiations, 23 of the 27 nations of Europe agreed to government spending and borrowing caps to be outlined in a new pact—but a unified treaty was blocked by Britain. Negotiations broke down largely over London's demands for future protection from financial regulations forged by France and...

As Summit Looms, ECB Slashes Rate Again

Meanwhile, Merkel and Sarkozy try to drum up support for plan

(Newser) - The European Central Bank slashed rates for the second time in as many months today, ahead of a crucial EU summit that could determine the fate of the euro. Analysts had expected the cut, which brings the key rate from 1.25% down to 1%, but sources tell Bloomberg that...

Clutching at Straws
Clutching
at Straws
OPINION
Dec 5, 2011 3:55 AM CST

Clutching at Straws

Euro leaders must embrace real fiscal union before it's too late

(Newser) - With the survival of the eurozone at stake, European leaders are aiming to complete a plan this week that will transform the region and save the euro, reports the New York Times . Despite major differences that remain between Angela Merkel and Nicolas Sarkozy, a four-point deal is taking shape, including...

Sarkozy: Change—or Kiss Eurozone Goodbye

At odds with Germany over ECB, deflation, budget enforcement

(Newser) - French President Nicolas Sarkozy yesterday called for changing the eurozone treaty to make a tighter, stronger union, and demanded more budget discipline, increased help for foundering economies, and replacing countries' veto rights with qualified majorities, reports Reuters . He also called for the European Central Bank to be more interventionist and...

Now France Rating May Be Cut
Now France's Rating
May Be Cut
Nov 29, 2011 2:30 AM CST

Now France's Rating May Be Cut

S&P may switch outlook on Triple-A rating to negative

(Newser) - Is there no nation with sound credit? Standard & Poor's is now considering changing the outlook for France's triple-A rating to negative within the next 10 days, signaling a possible downgrade, the French financial newspaper La Tribune reported yesterday. France is the last cushion between crumbling European economies...

Europe's New Rising Tide: The Far Right

Report: Islamophobia the 'unifying factor' among male youth

(Newser) - It's not just young American men who are getting kicked around in this era : Nationalism, immigration, and cultural identity have their European counterparts turning in droves to the arms of far-right politics, according to a new report. British think tank Demos used Facebook questionnaires to get information from 10,...

Euro Crisis Fells First US Victim: MF Global

Financial firm files for bankruptcy

(Newser) - Europe’s debt crisis has reached American shores: MF Global, a financial firm headed by former New Jersey governor Jon Corzine, filed for bankruptcy this morning. The company had bet $6.3 billion on European sovereign debt, driving away investors and causing its stock to fall 67% last week. Though...

Acrimony, Frail Plan as Euro Talks Adjourn

Analysts unimpressed by plan to bolster banks

(Newser) - With the Greek economy in shambles and Italy's teetering, European leaders emerged today from talks on saving the Euro—with little to show for it, the New York Times reports. Their big announcement—a mandate for banks to bolster their reserves—inspired a sigh from analysts, who say the...

Paul Krugman: Europe's Got a Hole in the Bucket'
 Europe's 
 Got a 'Hole 
 in Its Bucket' 
paul krugman
Oct 24, 2011 12:51 PM CDT

Europe's Got a 'Hole in Its Bucket'

Eurozone countries face self-perpetuating crisis: Krugman

(Newser) - The euro crisis is dire indeed—but Paul Krugman can’t help seeing the gallows humor in it. “As one rescue plan after another falls flat, Europe’s Very Serious People just keep looking more and more ridiculous,” he writes in the New York Times . The core of...

Belgium Bails Out Failing Dexia
 Belgium Bails Out Failing Dexia 
Oct 10, 2011 9:01 AM CDT

Belgium Bails Out Failing Dexia

Belgian division to be nationalized; Belgium, France offer guarantees

(Newser) - Leading Franco-Belgian bank Dexia has agreed to a government rescue plan—making it "the biggest euro zone bank failure in quite some time," one analyst tells the New York Times . The plan will nationalize Dexia's Belgian banking division in a $5.4 billion government buyout; meanwhile, Belgium,...

Putin: Time for 'Eurasian Union'

'Economic and currency' alliance wouldn't be new USSR: prime minister

(Newser) - Russia’s former—and likely next —president wants to join former Soviet countries in a “Eurasian Union.” The entity would be rooted in Russia’s Customs Union with Belarus and Kazakhstan, to allow labor, capital, and trade to flow freely among the countries beginning next year, Reuters...

Germany OKs Expanded Bailout
 Germany OKs Expanded Bailout 
Sep 29, 2011 7:40 AM CDT

Germany OKs Expanded Bailout

Merkel gets her win; move designed to shore up euro zone

(Newser) - German lawmakers have cleared the way for an expansion of the size and powers of the euro zone bailout fund, in a major step toward tackling the bloc's sprawling sovereign debt crisis. A clear majority of lawmakers in Germany's lower house of parliament voted today in favor of...

Deadly TB Coursing Through Europe

Thousands will die unless authorities step in: WHO

(Newser) - Ominous news from WHO: Incredibly drug-resistant forms of tuberculosis are coursing through Europe, and will kill tens of thousands unless health officials intervene. WHO's regional director blamed the resurgence on complacency, noted that the disease "is evolving with a vengeance," and announced the creation of a plan...

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