eurozone

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EU Speeds Up Spanish Bank Bailout
EU Speeds Up Spanish Bank Bailout
Jul 10, 2012 5:50 AM CDT

EU Speeds Up Spanish Bank Bailout

$100B rescue deal will be tied to 'ruthless' pace of reforms

(Newser) - With yet another euro bailout agreement failing to calm markets, causing Spain's borrowing costs to soar back into the danger zone, European Union nations have accelerated their latest rescue plan for Spain's shaky banks, reports the New York Times . Finance ministers from 17 eurozone nations agreed late last...

ECB Cuts Key Rate to Historic Low

Move was widely expected, but a 2nd rate cut was more surprising

(Newser) - The European Central Bank today cut its key interest rate by a quarter-point to .75%, its lowest level yet, in a move the New York Times describes as the ECB's "most aggressive" since the eurozone crisis hit. Though the move was widely expected, it does bring the benchmark...

Cameron: Time for Brits to Figure Out EU Relationship

With euro project affecting sovereignty, PM wants popular mandate

(Newser) - With the eurozone crisis forcing European countries ever closer together—think eurobonds , stimulus transfer payments between countries, and more treaties— Britain's Prime Minister David Cameron is broaching the word "referendum," saying Britons might have to go to the polls again to determine what they want. "As...

German Lawmakers OK Eurozone Rescue Fund

New fiscal compact still needs Constitutional Court approval

(Newser) - Fresh off of making some big concessions at the European Union summit in Brussels, Angela Merkel rushed back to Germany yesterday to ensure the EU fiscal pact and the permanent eurozone bailout fund were passed by parliament, reports Reuters . But with Germany's opposition parties agreeing to the "fiscal...

Moody's Cuts Debt Ratings of 28 Spanish Banks

Country's busted real estate bubble leaves banks vulnerable, agency says

(Newser) - Moody's Investor Service is cutting its credit ratings on 28 Spanish banks by one to four notches, saying the weakening finances of Spain's government is making it more difficult for that country to support its lenders. Moody's also said the banks are vulnerable to losses from Spain'...

Europe Stocks Slump Ahead of EU Summit

Plenty of gloom and doom continuing for euro and eurozone

(Newser) - European stocks and the euro all fell this morning, as investors remain skeptical that this week's EU summit is going to accomplish much of anything, reports the Wall Street Journal . The euro fell to $1.2490 from $1.2574 last Friday, while indexes were down across the continent, with...

Greece Dying to Sell $166M Luxury Resort

Astir Palace sale could help country stick with euro

(Newser) - In a desperate bid for cash, Greece is trying to sell off a famed seaside resort and meet requirements of its bailout package, Bloomberg reports. For sale is the 3.3-million-square-foot Astir Palace complex, which has housed guests such as Frank Sinatra and Jane Fonda since opening in 1960. Asking...

Merkel Softens Her Opposition to Stimulus

Germany, France, others agree to push for $163B growth package

(Newser) - The leaders of France, Germany, Italy, and Spain agreed to push for a growth package worth up to $163 billion at a European Union summit next week aimed at kickstarting the economy and safeguarding the currency bloc. French President Francois Hollande, German Chancellor Angela Merkel, Spanish Prime Minister Mariano Rajoy,...

Spain's Bonds Shoot to Scary Heights

But markets overall calmer amidst hopes of further rescue

(Newser) - The Spanish Treasury sold $3 billion in 12-month bonds today, but the price was, in the words of one economist, "brutal." The government was forced to pay a whopping 5.074% yield, up from 2.985% just last month, the New York Times reports. "The market is...

Greeks Close In on Deal, But Germany May Not Like It

Parties intent on renegotiating bailout

(Newser) - The leaders of Greece's political parties emerged from meetings today saying they were determined to form a government—though from the sound of things, that may be a government at odds with Germany. The conservative New Democracy party is hoping to form a unity government with Socialist Pasok and...

Relieved Germany May Throw Greece a Bone
Relieved Germany
May Throw Greece a Bone
g20 begins
Jun 18, 2012 7:40 AM CDT

Relieved Germany May Throw Greece a Bone

Leaders applaud results as financial woes continue

(Newser) - Germany signaled that it may give Greece some much-needed breathing room in its bailout timetable today, as European leaders cheered the victory of Greece's pro-bailout leaders this weekend. "We're ready to talk about the time frame as we can't ignore the lost weeks and we don'...

Markets Rise, Euro Up After Greek Elections

But investors still fretting about eurozone

(Newser) - Financial markets around Asia seem to be breathing easier after Greece's pro-bailout coalition narrowly won yesterday's election , reports the Wall Street Journal . The euro was up to $1.2714 from its $1.2640 close on Friday, with Tokyo's Nikkei up 1.8%, Hong Kong's Hang Seng...

Pro-Bailout Party Wins Greek Election

New Democracy leader Antonis Samaras: Greeks chose 'European path'

(Newser) - Fears of an imminent Greek exit from Europe's joint currency receded today after the conservative New Democracy came first in critical elections and pro-bailout parties won enough Parliamentary seats to form a joint government. As central banks stood ready to intervene in case of financial turmoil, Greece held its...

Stakes Critical as Greeks Vote
Stakes Critical as Greeks Vote 
Jun 17, 2012 8:25 AM CDT

Stakes Critical as Greeks Vote

Europe watches, worries about exit from eurozone

(Newser) - Greece is voting today amid global fears that victory by parties that have vowed to ditch bailouts and austerity measures could undermine the eurozone and send the world's major economies reeling. For Greeks, it is the second national election in six weeks, reflecting political turmoil sparked by a two-year...

Central Banks Steel for Greek Vote

G20 ready for 'coordinated action'

(Newser) - Central banks across the world are preparing to take decisive action if needed after Greece's election on Sunday, which could rattle financial markets. "The central banks are preparing for coordinated action to provide liquidity," a G20 aide tells Reuters . Britain says it will inject its economy with...

What Bailout? Spain's Debt Costs Skyrocket

Investors not reassured

(Newser) - Spain's bank bailout hasn't exactly put the markets at ease—indeed, it may have done the opposite. Spain's 10-year borrowing costs closed at a euro-era high of 6.72% yesterday, the Wall Street Journal reports. Indeed, bond yields rose across Europe, with Italy's hitting 6.26%,...

Eurozone's Next Wobbling Domino: Italy

Italian stock performance suffers over investors' contagion fears

(Newser) - If it's not one eurozone country, it's another. Relief over Spain's bank bailout has swiftly dissipated into worry over Italy, which may not have the economic juice to pay its massive national debt and simultaneously fund its part of the various euro bailouts, the New York Times...

EU: We May Limit ATM Withdrawals if Greece Bails

Visa-free Euro travel could end too, officials warn

(Newser) - Europe is readying a to-do list in case Greece tries to leave the euro—like limiting the size of Greek ATM withdrawals, ending visa-free EU travel, and clamping down on eurozone capital. Finance officials say they don't expect Greece to bail, but anything is possible with the radical-left SYRIZA...

Spanish Protesters Hit Streets Over Bailout

A handout for rich, nothing for poor, they say

(Newser) - Banks and euro backers are relieved about the up-to-$125 billion Spanish bailout , but not everyone is so thrilled. A throng of protesters hit the streets in Madrid yesterday to protest billions going to prop up Spanish banks instead of helping people suffering because of the mad risks taken by financial...

Spain Wants a &#39;Bailout Lite&#39;
 Spain Wants a 'Bailout Lite' 
Jun 8, 2012 7:01 AM CDT

Spain Wants a 'Bailout Lite'

It would only request rescue funds for its banks, not the government

(Newser) - Spain is about to become the latest European nation to ask for a bailout, but only for its struggling banks, not for the government itself, sources tell Reuters . Reuters is calling the approach a "bailout lite," one would put less strain on European rescue funds that may still...

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