eurozone

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Want to Earn $400K? Fix the Euro Zone

UK prize will reward best solution

(Newser) - Econ majors, dust off those textbooks. If you can come up with the best way to help the euro zone through its current mess by the end of January, you earn $400,000. That's the reward being offered by British CEO Simon Wolfson as part of the Wolfson Economics...

Berlusconi's Party Backs Economist as New PM

Mario Monti faces gargantuan task

(Newser) - Silvio Berlusconi's conservative party is backing economist Mario Monti to put together a new coalition, leaving the man they call "professor" some outlandish shoes to fill and Italy's towering financial crisis to dig out of. And there's a catch: Monti's got to do it all...

France, Germany Discussing Pared Down Euro Zone

Controversial plan means some countries would be out

(Newser) - German and French officials have had “intense consultation” at “all levels” in recent months about the possibility of slimming down the euro zone to its strongest members, and then more closely integrating the fiscal policies of those countries, sources tell Reuters . “You’ll still call it the...

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,...

Greek PM Scrambling to Form Coalition

That may require his resignation soon

(Newser) - Greek Prime Minister George Papandreou has been busy shuttling around all day in a bid to put together a coalition government—so it can ratify the nation's European bailout and ease world markets—but the results so far are just more "political uncertainty," according to the New ...

Greece PM Survives Confidence Vote

George Papandreou remains in office after tumultuous week

(Newser) - Greece's prime minister survived a confidence vote early Saturday, calming a revolt in his Socialist party with an emotional pledge to step aside if need be and seek a cross-party government lasting four months to safeguard Europe's new debt agreement. George Papandreou won the critical confidence motion with...

Tonight's the Night: Greek PM Braces for Vote

Prospects uncertain; adviser eyed as interim leader

(Newser) - Tonight's the night for George Papandreou, and things still look pretty dismal . Though lawmakers yesterday managed to arrive at an agreement on Europe’s bailout plan, the Greek PM's chances of emerging on top after this evening's confidence vote are slim, the Washington Post notes. His Socialist...

Papandreou to Resign: Sources
 Greek PM Resigning? Or Not?
UPDATED
Nov 3, 2011 8:46 AM CDT

Greek PM Resigning? Or Not?

Announcement will come in just minutes, according to BBC

(Newser) - George Papandreou will offer to resign within minutes, sources tell the BBC —which in a live blog also reports that he insists he is not resigning. The Greek PM scheduled an emergency Cabinet meeting after Finance Minister Evangelos Venizelos broke with him today, shrinking his majority to one ; the...

Chance of Greek PM Losing Confidence Vote: High

Meanwhile, the G20 wrestles with Greece mess

(Newser) - Things aren’t looking good for George Papandreou ahead of tomorrow’s confidence vote: The Greek prime minister has lost several key supporters over his shocking plan to put the EU bailout to a vote on Dec. 4—and now has a majority of just one, Reuters reports. Greece's...

Greece Leader Faces Revolt on Bailout Mess

George Papandreou struggling to hold his own party together

(Newser) - After Greece’s prime minister shocked the world —and his own finance minister—by announcing a public referendum on the EU bailout, the government has entered crisis mode. As leaders hold emergency talks, six members of George Papandreou’s party have called for his resignation, and one has quit,...

Greek PM Shocks Europe, Puts Bailout Up for Vote
 Greek PM Shocks Europe, 
 Puts Bailout Up for Vote 
STOCKS PLUMMET
Nov 1, 2011 7:59 AM CDT

Greek PM Shocks Europe, Puts Bailout Up for Vote

Papandreou calls public referendum, Germany furious

(Newser) - Greek Prime Minister George Papandreou threw a major monkey wrench into Europe’s plan to bail out his country yesterday, announcing that he’d be putting the plan negotiated last week up for a referendum, letting all of Greece have its say. That terrified investors—who sent the Athens benchmark...

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...

Europe Asks China for Bailout Help

But China wants guarantees first

(Newser) - The head of the eurozone bailout fund met with Chinese leaders yesterday to urge them to invest in its rescue scheme. No agreement has been reached yet—indeed, Klaus Regling said that there weren’t even formal negotiations—but the expectation is that China will toss about $100 billion into...

Sarkozy: Letting Greece Join Euro Was a Mistake

Country wasn't ready to be part of eurozone, he says

(Newser) - Nicolas Sarkzoy has made it clear that tensions remain in the eurozone despite agreement on a debt crisis deal . The French president says that while he backs reforms intended to allow Greece to remain in the euro, it was a mistake to let the country join the single currency a...

Eurozone Deal Boosts World Markets
 Dow Crosses 12K 
 on Eurozone Deal 
MARKETS
Oct 27, 2011 9:02 AM CDT

Dow Crosses 12K on Eurozone Deal

Investors optimistic after Greek debt cut, rescue fund expanded

(Newser) - Will the debt crisis deal reached by European Union leaders help get the world economy back on track? Investors around the globe seem to think so. The Dow jumped 247 points at the open, to 12,116. The S&P 500 and Nasdaq rose 32 and 68 points, respectively, reports...

EU Leaders Forge Emergency Debt Deal

Banks taking 50% haircut on Greek debt

(Newser) - European Union leaders have hammered out a deal they say will help resolve the eurozone's debt crisis. After talking late into the night, a "three-pronged deal" was reached that will see banks taking a 50% loss on Greek debt, AP reports. The eurozone and the International Monetary Fund...

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...

Berlin-Paris Flap Delays Euro Bailout

Agreement impossible until next week, Merkel and Sarkozy say

(Newser) - This weekend's European summit was supposed to produce an agreement that would avert financial doom for the eurozone, but it has failed before it even began. Nicolas Sarkozy and Angela Merkel have issued a joint statement admitting that it will be impossible to reach a deal this weekend and...

As Vote Looms, Strike Shutters Greece 2nd Day

Austerity measures likely to pass despite enraged public

(Newser) - A general strike paralyzed Greece a second day as outraged protesters gathered by the tens of thousands outside parliament today, where lawmakers prepared to vote on intensely unpopular austerity measures needed to secure the next $11 billion installment from the international rescue loans that have so far prevented the country...

Moody's Downgrades Spain, Warns France

Sarkozy vows to take bold action at debt summit

(Newser) - Credit ratings in Europe are continuing to slide downward: Moody's has followed Standard & Poor’s lead and cut Spain's rating by two notches, warning that France could be next, reports the Washington Post . "Spain continues to be vulnerable to market stress and event risk," said...

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