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Greeks unsettled by demands of a frustrated Europe - The Washington Post

Wed, 01 Feb 2012 00:00:00 -0800

Washington Post - By Michael Birnbaum - Feb. 01 (News Report) - .. before Greece can get more money, Europe is asking it to take steps that threaten to aggravate an already biting recession.

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In Greece, fears that austerity is killing the economy - The Washington Post

Wed, 11 Jan 2012 00:00:00 -0800

Washington Post - By Anthony Faiola - Jan. 11 (News Report) - Unemployment has surged to 18.8 percent from 13.3 percent only a year ago.

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High & Low Finance: A Central Bank Doing What Central Banks Do

Wed, 21 Dec 2011 00:00:00 -0800

New York Times - By Floyd Norris - Dec. 21 (News Analysis) - The European Central Bank has loaned $639 billion to 523 banks to keep credit flowing. It turns out that may be enough to stem the European crisis for at least a few years.

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U.N. Climate Talks End With Deal for New Emissions Treaty

Sun, 11 Dec 2011 00:00:00 -0800

New York Times - By John M. Broder - Dec. 11 (News Report) - More than 190 nations agreed to work toward a treaty that would require all countries to reduce emissions that contribute to global warming.

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Despite Praise for Its Austerity, Ireland and Its People Are Being Battered

Mon, 05 Dec 2011 00:00:00 -0800

New York Times - By Liz Alderman - Dec. 05 (Special Report) - The Irish example points to the dangers of simply squeezing ordinary people to pay off creditors rather than sharing the burden more broadly.

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News Analysis: New Warnings of Euro Zone Danger — News Analysis

Wed, 30 Nov 2011 00:00:00 -0800

New York Times - By Steven Erlanger - Nov. 30 (News Analysis) - In Europe there are growing concerns that even an aggressive intervention by the European Central Bank will not be enough to stabilize the markets and preserve the euro. Money flows, but what Euro Zone lacks is glue.

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European Central Bank Resists Calls to Act in Debt Crisis

Thu, 17 Nov 2011 00:00:00 -0800

New York Times - By Jack Ewing, Nicholas Kulish - Nov. 17 (News Report) - The financial stability of Europe has come down to one institution, the European Central Bank, which is under heavy pressure to rescue the euro.

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As European Nations Teeter, Only Lenders Get Central Bank's Help - New York Times

Mon, 14 Nov 2011 00:00:00 -0800

New York Times - By Jack Ewing - Nov. 14 (News Analysis) - — Is it time for the European Central Bank to be as generous to countries as it is to banks? Since the beginning of the financial crisis, the ECB has been lending euro area banks as much money as they want, trying to maintain the liquidity .. that is the lifeblood of the financial system...

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European shares rise despite Italy's rating downgrade

Wed, 05 Oct 2011 00:00:00 -0700

BBC News - Oct. 05 (News Report) - European stock markets ignored fresh warnings about Italy's ability to repay its debts by staging a strong rally. Reports that European leaders are considering co-ordinated action to bolster banks sent European markets up 3%-5%, though Wall Street opened flat. On Tuesday, Moody's cut Italy's credit rating by three notches and warned about the country's growth rate. But investors focused on signs that the debt-laden banking system may soon be recapitalised by European authorities. In an interview in the Financial Times, Olli Rehn, European commissioner for economic affairs, said: "There is an increasingly shared view that we need a concerted, co-ordinated approach.

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European debt crisis: live

Wed, 05 Oct 2011 00:00:00 -0700

The Guardian - By Julia Kollewe, Alex Hawkes, Graeme Wearden - Oct. 05 (Breaking News) - 8.01am: The FTSE has opened 120 points higher at 5064, a 2.4% gain, as markets digest the EU bank plan. There was also some reassuring news on troubled Franco-Belgian bank Dexia this morning. The French finance minister Francois Baroin said "tomorrow a s

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Western anger at UN Syria vetoes

Wed, 05 Oct 2011 00:00:00 -0700

BBC News - Oct. 05 (News Report) - Western nations have lamented China and Russia's vetoes of a UN Security Council resolution condemning Syria's crackdown on anti-government protests. France said it was a "sad day" for Syria, while the US ambassador to the UN expressed "outrage". The resolution had been watered down to try to avoid the vetoes, dropping a direct reference to sanctions. Meanwhile, Syrian TV has broadcast images of a woman it said Amnesty International had declared dead.

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Germans and the Euro: Can't Live With It, Can't Live Without It

Wed, 28 Sep 2011 00:00:00 -0700

Time - Sep. 28 (News Report) - If it's the big picture you're after, Frankfurt is the only destination in Germany. Most German cities are low-rise, fashioned from timber, stone and brick, though concrete and steel have been widely deployed to plug gaps left by Allied bombing raids. But the city on the Main didn't just repair and restore. It reached for the sky, and in the process helped to power the Wirtschaftswunder, Germany's postwar economic miracle. "Bankfurt" or "Mainhattan," nicknames coined as shining towers rose up to accommodate the core of Germany's financial services industry, is home to the world's fifth largest stock exchange, the national or European headquarters of 218 banks, a thicket of hedge funds and major insurance companies and the Deutsche Bundesbank, Germany's central bank. Read more: http://www.time.com/time/world/article/0,8599,2095157,00.html#ixzz1ZHFSl5hM

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West pushes for Syria sanctions

Wed, 24 Aug 2011 09:58:00 -0700

BBC News - Aug. 24 (News Report) - President Assad says his security forces are tackling "armed criminal gangs" The US and several European nations have called for the UN to impose sanctions against Syria's President Bashar al-Assad and his ruling

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U.S. Stocks Drop Sharply Amid Fears About Europe

Wed, 10 Aug 2011 00:00:00 -0700

New York Times - By Christine Hauser - Aug. 10 (News Report) - Stocks on Wall Street finished steeply lower on Wednesday as the financial sector dragged down the broader market, in a sharp reversal from the rally of the previous day. Financial stocks were down by more than 7 percent at about 4 p.m., in part because of fears about their exposure to French banks as shares in those institutions dropped during European trading. The broad stock market was affected because big countries like France in the heart of Europe might now be called upon to bail out their own banks as well as economies like Spain and Italy. "Today it’s fears about French banks and France," Michael Gapen, United States economist at Barclays Capital in New York, said, singling out the French bank Société Générale, whose shares fell about 18 percent. "SocGen is the name that is really driving trading."

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W.T.O. Says Chinese Restrictions on Raw Materials Break Rules

Wed, 06 Jul 2011 00:00:00 -0700

New York Times - By Stephen Castle - Jul. 06 (News) - The World Trade Organization said Tuesday that Beijing violated global rules by restricting exports of nine raw materials used in high-technology products.

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Greek parliament passes austerity bill

Wed, 29 Jun 2011 00:00:00 -0700

Aljazeera - Jun. 29 (News) - The Greek parliament has passed an austerity package by a slim majority to slash $40bn off the national debt. The package of taxes, spending cuts and privatisations has angered many Greeks, with thousands taking to the streets as part of a 48-hour national strike protesting against the bill.

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China promises EU "helping hand" with debt crisis

Tue, 28 Jun 2011 00:00:00 -0700

Reuters - By James Pomfret, Stephen Brown - Jun. 28 (News) - Chinese Premier Wen Jiabao offered Europe a "helping hand" with its debt crisis during a visit to Germany on Tuesday and said his country could buy the sovereign debt of some troubled euro zone nations if needed.

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Europe hopes of ‘bail-in’ banks for Greek rescue

Sat, 25 Jun 2011 00:00:00 -0700

Washington Post - By Howard Schneider - Jun. 25 (News Report) - European officials have persuaded Greece’s politicians to squeeze more tax dollars out of the rich, the poor, and even themselves. Now they have to prevent the country’s bondholders from pulling their money and running for the exits. In a continent-wide series of sensitive talks over the next week, finance officials in Germany, France and other European countries will try to push banks, pension funds and others who hold Greece’s bonds to keep their money invested in a nation regarded as an increasingly poor risk. Read full article ...

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Greek debt 'threatens Eurozone'

Sun, 19 Jun 2011 00:00:00 -0700

BBC News - Jun. 19 (News Report) - The Greek debt crisis is endangering the economies of at least five other EU countries, the head of the eurozone group of finance ministers has warned. Luxembourg Prime Minister Jean-Claude Juncker said Germany was "playing with fire" with a plan to involve private creditors in resolving the crisis. Eurozone finance ministers are set to release 12bn euros (£10bn) in loans later on Sunday. PM George Papandreou confirmed talks over a second bail-out are going on. The 12bn-euro loan is the latest tranche of an EU and IMF aid package, agreed in May last year, worth a total of 110bn euros. Speaking on Sunday at the start of three days of debates, Mr Papandreou said that Greece was in talks for a new bail-out "roughly equal" to the first package, and called for a referendum in the autumn on "changes to the political system", including to the country's constitution. Mr Papandreou asked parliament to support the new cabinet, saying Greece was giving the impression it was divided over the financial reforms, which was not helping its economic situation. MPs will vote on a confidence motion on Tuesday after Friday's cabinet reshuffle saw former Defence Minister Evangelos Venizelos replacing George Papaconstantinou in the finance ministry.

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Deaths as fresh protests rock Syria

Fri, 17 Jun 2011 00:00:00 -0700

Aljazeera - Jun. 17 (News) - Anti-government protests have begun in several towns and cities across Syria, with the army reportedly entering a town in the rebellious northwest. Rallies started in Homs, Hama, Deraa, Jableh and other cities after Friday prayers.

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Greece Reshuffles Cabinet

Fri, 17 Jun 2011 00:00:00 -0700

Wall Street Journal - By Charles Forelle - Jun. 17 (Breaking News) - Greece's embattled Socialist government announced a sweeping cabinet reshuffle, replacing the country's finance minister in an effort to shore up support for unpopular economic reforms.

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Death wish: Routine use of vital antibiotics on farms threatens human health

Thu, 16 Jun 2011 00:00:00 -0700

The Independent - By Jeremy Laurance - Jun. 16 (Investigative Report) - The use of modern antibiotics on British farms has risen dramatically in the past decade, fuelling the development of resistant organisms and weakening the power of human medicine to cure disease.

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Euro Pares Drop Against Dollar as EU Officials Work on Greece Debt Crisis

Thu, 16 Jun 2011 00:00:00 -0700

Bloomberg - By Catarina Saraiva, Garth Theunissen - Jun. 16 (News) - The euro pared its decline against the dollar after reaching a three-week low amid speculation an agreement between the European Union and the International Monetary Fund may allow Greece to avoid a debt default.

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A hollow victory for Turkey's Erdogan?

Tue, 14 Jun 2011 00:00:00 -0700

Aljazeera - Jun. 14 (News Report) - Turkish Prime Minister Recep Tayyip Erdogan's ruling AK party won a third term in Sunday's parliamentary elections. It secured just under 50 per cent of the vote, with 326 of the 550 seats in parliament. But the AKP will not be able to make unilateral constitutional changes as it is 40 seats short of the two-thirds majority needed to re-write the constitution without the co-operation of other parties.

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EU presses Syria to allow aid agencies in

Sun, 12 Jun 2011 00:00:00 -0700

Aljazeera - Jun. 12 (News Report) - The European Union foreign policy chief has called on Syria to allow international aid agencies in to help civilians caught up in the increasing violence. In a statement denouncing Syria's crackdown on pro-democracy protesters, Catherine Ashton echoed US concerns about the humanitarian crisis the conflict had created and repeated her calls for the regime to change course. "I deplore the escalating use of brutal force against protestors in Syria in recent days," Ashton said on Saturday. "I reiterate my repeated calls on the Syrian authorities to change course. "This includes releasing all those arrested in connection with protests, as well as other political prisoners who remain under detention despite the recent amnesty announced by President Assad. "Those responsible for the violence and killings must be held accountable," said Ashton, calling for Damascus to comply with UN requests to cooperate with its human rights officials. Ashton also called for Syria to lift its siege of cities where protests had taken place.

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