eurozone

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Ireland Approves EU Treaty
 Ireland Approves EU Treaty 
Jun 1, 2012 10:25 AM CDT

Ireland Approves EU Treaty

'Yes' vote seen as symbolic boost to eurozone

(Newser) - Ireland's voters have offered a decisive "yes" in a referendum to the European Union's closely watched deficit-fighting treaty, says an official. Final results declared today for Ireland's referendum gave the pro-treaty side 60.3% of all votes cast, better than most opinion polls during the month-long...

Central Bank Chief Issues Dire Euro Warning

Mario Draghi tells leaders they need to move fast to save currency union

(Newser) - If alarm bells weren't already ringing in Europe, this would set them off: The chief of the European Central Bank has warned that the current structure of the eurozone is "unsustainable" and the 17 member states are going to have to move swiftly to rescue the currency union,...

Spanish Bank on the Brink as Run Fears Grow

Government will pour in billions more to prevent collapse

(Newser) - Spain's banking crisis grew sharply worse yesterday, as officials at Bankia, the country's leading mortgage lender, said it would need an additional $24 billion, reports the New York Times . The move effectively nationalizes the troubled bank, just two weeks after the government took over 45% of Bankia , and...

As Greeks Pull Money From Banks, Burglars Move In

Police see spike in home robberies

(Newser) - See those stories about panicked residents of Greece pulling their money out of banks ? Yeah, criminals did, too, and now police are warning people about a wave of break-ins and home invasions, reports Reuters . In fact, police broke up two crime networks from the former Soviet republic of Georgia...

Europe Braces for Greek Exit
 Europe Braces for Greek Exit 
May 24, 2012 1:51 AM CDT

Europe Braces for Greek Exit

Hollande backs eurobonds at inconclusive summit

(Newser) - New kid on the European block François Hollande made an audacious debut at his first EU summit, but the crisis meeting ended without a clear solution to the eurozone's woes. The French president, backed by most EU leaders, supports issuing "eurobonds" to shore up troubled EU economies,...

Hollande, Merkel Set for Eurobond Showdown

New EU dynamic expected to cause friction at crisis summit

(Newser) - Yet another European Union crisis meeting will be held today, but the dynamic has changed since the days when Angela Merkel and Nicolas Sarkozy met ahead of time to fix a strategy. Unlike his predecessor, François Hollande has sided with European leaders calling for growth instead of austerity and...

Euro Crisis Has New Buzzword: 'Grexit'

That's slang for 'Greek Exit'

(Newser) - Want to strike fear into the hearts of European bankers? Throw around the term "grexit." It's slang invented by Citigroup referring to Greece's euro exit, and it's part of a growing lexicon of weird terms surrounding the eurozone crisis, the Wall Street Journal reports. Other...

Angela Merkel Answers Obama With a Shrug

'Well, you have a few things on your mind,' he responds

(Newser) - President Obama is huddling with other G-8 leaders today at Camp David, with Europe's financial crisis expected to be the main topic of conversation. More precisely: Whether Obama can persuade Germany's Angela Merkel to ease up on her austerity strategy and mix in some stimulus, reports AP . If...

Rumors of Spanish Bank Run Trigger Stock Plunge
Rumors of Bank Run in
Spain Trigger Stock Plunge
Moody's downgrades 16
May 18, 2012 3:09 AM CDT

Rumors of Bank Run in Spain Trigger Stock Plunge

More bad news today drives market down again

(Newser) - These are nervous times in Europe. Shares in Bankia, a Spanish bank partly nationalized by the government last week , plunged 30% at one point yesterday following reports that customers had withdrawn more than $1.3 billion over the last week, reports Reuters . Bankia shares recovered some ground after the government...

Greek Euro Exit May Cost $1T
 Greek Euro Exit May Cost $1T 
May 17, 2012 7:44 AM CDT

Greek Euro Exit May Cost $1T

Tsipras tells Germany to stop demanding austerity

(Newser) - Europe has hundreds of billions of reasons to try to keep Greece from unceremoniously ditching the eurozone. If Greece leaves, the rest of Europe would face catastrophic losses, Reuters reports. Greece would default on the roughly $250 billion in debt held by the ECB, IMF, and other eurozone nations, and...

Jittery Greeks Withdrew $898M on Monday

Panic could cause collapse of country's banking system

(Newser) - As fresh elections loom in Greece following the failure of coalition talks, Greeks are starting to get their money out of the country's banks while the getting is good. Some $898 million was withdrawn from the country's banks on Monday alone, and economists warn that the country's...

As Thousands Protest, Spanish PM Backs Austerity

'This is about solving the situation once and for all,' says Mariano Rajoy

(Newser) - Prime Minister Mariano Rajoy today defended his government's harsh austerity measures aimed at correcting Spain's grim economic forecast, one day after tens of thousands of Spaniards took to the streets in protest of his handling of the country's worst crisis in decades. Rajoy said the measures were...

Spain Takes Over 'Poster Child' Bank

Part-nationalization to cause huge losses for Bankia investors

(Newser) - Merging seven struggling banks in Spain appears to have created a big, struggling bank instead of the healthy institution authorities were hoping for. The Spanish government is now grabbing a controlling 45% stake in Bankia, the nation's fourth-largest lender and the one with the most exposure to the country'...

Eurozone Considers Stiffing Greece on Bailout

Officials trying to hold back $6.7B payout amid political upheaval

(Newser) - Eurozone officials are considering holding back a $6.7 billion bailout payment to Greece—a payment it dearly needs to pay the $4.3 billion in bonds coming due next week, sources tell the Wall Street Journal . The chatter comes in response to Greece's recent elections, which swept the...

World Markets Tumble on French-Greek Elections

Investors fear fresh crisis in eurozone

(Newser) - Markets worldwide have been seriously rattled by the rejection of pro-austerity governments by voters in France and Greece . Asian markets plunged, the euro dropped to a 3-month low against the dollar in early trading, and oil slipped to $97 a barrel. European shares also tumbled and yields rose on the...

EU Signs New Fiscal Treaty
EU Signs New Fiscal Treaty 
Mar 2, 2012 3:14 AM CST

EU Signs New Fiscal Treaty

It's an attempt to prevent euro countries from running up huge debts

(Newser) - The leaders of 25 European states today signed a new treaty designed to prevent the 17 euro countries from living beyond their means and prevent a repeat of the currency union's crippling debt crisis. The leaders hope the accord, known as the fiscal compact, will also lead the way...

Greek Bailout Deal Sealed, But...

...experts say the outlook is still pretty bleak

(Newser) - Greece has been awarded a second massive bailout in a deal likely to cause anger on the streets of Athens, but tempered relief in eurozone finance ministries. To avoid a chaotic Greek default, European finance ministers have agreed to a $172 billion loan package. In return, the Greek government has...

Eurozone Set to Finalize Greece Bailout

Finance ministers inching closer to a $171B deal

(Newser) - Eurozone finance ministers met in Brussels today, in a meeting that they believe will finalize a $171 billion second bailout for Greece, in exchange for roughly $264 billion in Greek government bonds. "I'd like to assume that we will come to a final and definitive agreement tonight,"...

Eurozone Economy Shrinks
 Eurozone Economy Shrinks 
Feb 15, 2012 9:11 AM CST

Eurozone Economy Shrinks

Nine of 17 member states post a fall

(Newser) - For the first time since 2009, the eurozone economy contracted last quarter. The fourth quarter of 2011 saw the GDP shrink 0.3% compared to the third quarter; the last quarterly contraction occurred during the second quarter of 2009 when the GDP dropped 0.2%. Meanwhile, the GDP grew just...

Iran Cuts Off Oil Exports to 6 EU Countries

Move comes in response to sanctions

(Newser) - Iran is having quite the day: In addition to trumpeting its recent nuclear achievements, it also thumbed its nose at EU sanctions "against Iran's energy and banking sectors" by cutting off oil exports to six European countries. The Netherlands, Spain, Italy, France, Greece, and Portugal are the affected...

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