eurozone – News Stories About eurozone - Page 8

May 4, 2011 5:54 AM CDT

Portugal Reaches Bailout Deal

Will be worth about $116 billion over three years

(Newser) - Portugal pleaded for a bailout , and now it's got one. The hard-up nation has negotiated a bailout from the EU and IMF worth about $116 billion. The three-year loan is a "good agreement that defends Portugal," according to caretaker PM Jose Socrates, who added that Portugal would...

Euro Plummets on
Greek Default Fears

Apr 18, 2011 3:33 PM CDT

Euro Plummets on Greek Default Fears

Developments in Portugal, Finland deepen market panic

(Newser) - The euro took a nose dive today, and so did the bonds of weak eurozone nations, as investors panicked over fresh speculation that Greece will have to restructure its debt in the near future, and the election of an anti-Euro party in Finland. German government sources tell Reuters that they...

Portugal Pleads for Bailout

Apr 7, 2011 1:19 AM CDT

Portugal Pleads for Bailout

Country is third EU victim of debt crisis

(Newser) - Portugal is biting the bullet and admitting that it desperately needs a massive bailout from its European Union partners to stay afloat. Caretaker prime minister Jose Socrates told the nation that the decision to seek a bailout was "a last resort" as interest rates on its short-term debt skyrocket,...

Why the Euro Was
a Horrible Mistake

paul krugman

Jan 13, 2011 12:34 PM CST

Why the Euro Was a Horrible Mistake

And how Europe can rectify it

(Newser) - Europe is a little like a classic Greek tragic hero, brought low by a singular act of hubris: the creation of the euro. In a lengthy piece in the New York Times , Paul Krugman argues that the euro was always a dubious idea, but European leaders “engaged in magical...

Germany Must Stop Carping, Step Up in Euro Crisis

roger cohen

Nov 29, 2010 1:59 PM CST

Germany Must Stop Carping, Step Up in Euro Crisis

Berlin's not getting the bigger picture, writes Roger Cohen

(Newser) - Is the euro the new League of Nations—a grand experiment that eventually gets abandoned and left to waste away? With bailouts in Greece and Ireland and threats to Portugal and Spain, the currency “can no longer take its survival for granted just because its collapse would be unthinkable,...

Spanish Bailout Could
Be Too Much for Euro

analysis

Nov 25, 2010 5:01 PM CST

Spanish Bailout Could Be Too Much for Euro

Nation's collapse represents 'systemic risk' for EU

(Newser) - The eurozone has bailed out troubled member states with success thus far, but Europe now faces a graver economic threat then ever before: the possibility of a major economic collapse in Spain. The busts in Greece and Ireland (and now possibly Portugal) have all been manageable because the economies in...

Europe's Bailouts
Aren't Working

OPINION

Nov 24, 2010 1:52 PM CST

Europe's Bailouts Aren't Working

Europe needs to do more than force Ireland and Co. to slash budgets

(Newser) - First there was Greece. Then Ireland. And now it looks like Portugal and Spain are next. “Let’s just be blunt: The Eurozone bailout program has failed,” writes Michael Schuman in Time . Europe has so far hoped that throwing money at troubled countries and ordering them to cut...

Europe Works Out $135B Irish Rescue Deal

Nov 17, 2010 6:55 AM CST

Europe Works Out $135B Irish Rescue Deal

...Even though Ireland insists it doesn't want to be rescued

(Newser) - Senior European financial officials emerged from a meeting in Brussels yesterday saying they were “intensifying preparations” for an Irish bailout of up to $135 billion. IMF experts will head to Dublin this week to examine the country’s finances and work out the details, the Wall Street Journal reports....

Euro in 'Survival Crisis'
as Portugal Heads for Bailout

Nov 16, 2010 7:56 AM CST

Euro in 'Survival Crisis' as Portugal Heads for Bailout

Finance ministers meet to discuss new stability plan

(Newser) - The euro, and the European Union, may be in serious trouble. Portugal suggested yesterday that there was a “high risk” it would need the same bailout treatment as Ireland and Greece. European finance ministers will meet in Brussels tomorrow to discuss a European stability plan that would lend billions...

World Turns
to Blogger
for Euro Advice

Jun 10, 2010 7:41 AM CDT

World Turns to Blogger for Euro Advice

Edward Hugh saw the euro's troubles coming

(Newser) - A British man who's made his living as a part-time English teacher in Spain for decades is suddenly the hottest name in economics, because he got it right. Blogger Edward Hugh correctly predicted the current Eurozone crisis, pinpointing the reason as the difference in demographics between Germany and countries like...

Eurozone
Sets Up
$1 Trillion
Bailout Fund

Jun 8, 2010 3:00 AM CDT

Eurozone Sets Up $1 Trillion Bailout Fund

Europe hopes 'umbrella' will boost sagging currency

(Newser) - Eurozone nations are setting up a trillion-dollar "umbrella" fund to restore investor confidence and halt the euro's plunge. Finance ministers say the bailout fund will be available to any eurozone nation risking debt default, AP reports. Investors fear Spain or Portugal are likely to follow Greece into needing a...

Germany OK's Eurozone
Rescue Deal

May 21, 2010 9:07 AM CDT

Germany OK's Eurozone Rescue Deal

Lawmakers say yes to $1 trillion bailout

(Newser) - The German parliament has approved the country's share of the huge euro-zone rescue package. Europe's biggest economy will contribute between $154 billion and $185 billion in loan guarantees. Without Germany on board, the nearly $1 trillion plan could have failed and kept the euro on its relative freefall. The move...

Greek Debt Crisis
Is Warning for US

OPINION

Feb 17, 2010 1:24 AM CST

Greek Debt Crisis Is Warning for US

Partisan deadlock allowed budget problems to fester

(Newser) - America's on course to become much more like Greece and not in a good way, warns Anne Applebaum. Greece is bankrupt because of financial weaknesses that were allowed to fester for years. Its budget deficit ballooned largely because the nation's deeply partisan political system was paralyzed and no cuts could...

EU Should Go After
Goldman, Since US Won't

Greek Crisis

Feb 15, 2010 11:25 AM CST

EU Should Go After Goldman, Since US Won't

Firm helped Greece hide staggering debt, leading to near collapse

(Newser) - With the revelation that Goldman Sachs was peddling exotic instruments to help Greece hide its runaway debts as recently as November, something must be done, Simon Johnson writes. US authorities clearly aren't going to raise a finger—a few phone calls around Washington will ensure that the Fed looks the...

Eurozone Mulls Greece Bailout

Feb 9, 2010 2:32 AM CST

Eurozone Mulls Greece Bailout

Officials avoid B-word while planning 'rescue package'

(Newser) - Greece won't be getting a bailout from the EU itself, officials said yesterday, but they're scrambling to put together a package of loans from member nations to shore up the staggering Greek economy. The EU charter forbids the European Central Bank and national central banks from bailing out countries, but...

France, Germany Pull
Out of Recession

Aug 13, 2009 7:11 AM CDT

France, Germany Pull Out of Recession

(Newser) - The two largest economies in Europe pulled out of the recession last quarter, with Germany and France both posting 0.3% growth between April and June, reports the Wall Street Journal. The figures were far better than expected, and the French finance minister described the result as "very surprising....

Europe Cuts Rates Less
Than Expected to 1.25%

Apr 2, 2009 7:18 AM CDT

Europe Cuts Rates Less Than Expected to 1.25%

Economists, markets had hoped for 50-point cut

(Newser) - The European Central Bank cut interest rates today by 25 basis points, less than expected, to 1.25%. Economists had widely expected a cut double that size, reports the Financial Times, and financial markets soared on the news this morning. The ECB has been more hesitant to cut rates than...

Euro Bank Chief
Slams US
on Stimulus

Mar 23, 2009 8:34 AM CDT

Euro Bank Chief Slams US on Stimulus

Central bank chief says nations must get the last effort right

(Newser) - The head of the European Central Bank says the continent does not need to spend more to combat recession, heightening the standoff between Washington and European governments over response to the financial crisis. In an interview with the Wall Street Journal, Jean-Claude Trichet said governments should concentrate on executing measures...

GDP Nosedives Across Atlantic

Feb 13, 2009 6:20 AM CST

GDP Nosedives Across Atlantic

4th-quarter GDP drop signals worsening recession

(Newser) - We're not alone: The euro zone’s recession worsened in the fourth quarter of last year as its GDP saw its biggest decline since records began in 1995, the Wall Street Journal reports. The GDP contracted 1.5% quarter-to-quarter and 1.2% since the year before, EU figures showed. Germany,...

Crisis Makes Former Skeptics Rethink Euro

Dec 2, 2008 8:07 AM CST

Crisis Makes Former Skeptics Rethink Euro

From Poland to Iceland, once-resistant nations want to join up

(Newser) - When the euro was first proposed, skeptics cautioned of the dangers of an integrated system during a time of crisis. Now that the crisis is here, the euro has performed relatively well while smaller currencies have plunged in an investor "flight to quality." As the New York ...