Tag: eurozone

The number of people without a job increased at the end of last year, highlighting a deteriorating situation in the eurozone, according to figures released by Eurostat yesterday (31 January).

Eurozone finance ministers rejected as insufficient an offer made by private bondholders to help restructure Greece's debts, sending negotiators back to the drawing board and raising the threat of Greek default.

France and Austria lost their top AAA credit ratings on Friday (13 January) as seven other eurozone countries were also downgraded by US-based ratings agency Standard & Poor's (S&P).

US congressional Republicans backed by right-wing pressure groups are fighting to bar American funds from being used to rescue troubled European countries as unease mounts over whether EU leaders did enough to stabilise the euro.

EU leaders are meeting in Brussels on 1-2 March to officially put their signature on a new fiscal treaty to enforce stricter budgetary discipline in the euro zone. Britain and the Czech Republic will be the only two countries abstaining while attention turns to ratification and the referendum announced in Ireland.

The European Commission tabled a raft of new proposals yesterday (23 November) aimed at drawing a line under the eurozone debt crisis by granting Brussels sweeping new powers to scrutinise national budgets and, in extreme cases, "administer" countries struggling with uncontrollable debt levels.

Italy’s caretaker government led by Mario Monti is expected to outline new austerity measures aimed at restoring confidence in Italy's strained public finances today when the newly appointed prime minister goes before the Senate to seek a vote of confidence.

Greek Prime Minister George Papandreou's decision for a referendum on the bailout package that shook-up the EU and the international community was based on the ignorance of the effects of their political actions that most dynasty leaders have, argues Florian Pantazi.

A surprise announcement by Greek Prime Minister George Papandreou that his government agreed to hold a referendum on the hard-fought deal to save his country from bankruptcy sent a wave of panic across Europe and the world.

Chancellor Angela Merkel warned Europe not to be complacent about its peace and prosperity today (26 October) as German lawmakers approved plans to boost the firepower of the euro zone rescue fund ahead of an emergency EU summit. EU SUMMIT LIVE!

France and Belgium will "step in" if needed to save the Brussels-based Dexia bank, which called for an emergency meeting yesterday evening (3 October) amid concerns of the bank's exposure to Greek sovereign debt and its impact on Europe's ailing banking system.

Seven EU members which joined the European Union between 2004 and 2007 are concerned about an obligation to adopt the euro under the terms of their accession and could stage referenda to change their accession treaties, AFP reported, quoting diplomatic sources.

Contradictory statements made by eurozone politicians to domestic audiences have underlined the fragility of last week's deal to rescue Greece and unsettled financial markets already on edge due to the US debt impasse.

Greece has become the lowest-rated country in the world, according to Standard & Poor's, which downgraded the country yesterday (13 June) and warned that any attempt to restructure its debt would be considered a default. The burning issue will be discussed at an emergency meeting of EU finance ministers on 14 June.

The Greek crisis could be resolved if EU leaders were to allow a longer repayment period and lower the interest rate under a bond swap, using a genuine European guarantee mechanism at no cost to Greece's European partners, Party of European Socialists (PES) leader Poul Nyrup Rasmussen told EurActiv in an exclusive interview.

Portugal's caretaker government said yesterday (6 April) it had decided to seek financing from the European Union, in an abrupt turnaround after resisting a bailout for months despite sharply deteriorating financial conditions.

Controversial pension reform adopted by the Polish parliament last Friday (25 March) has met with criticism from employers' federations and business circles. EurActiv Poland reports.

The UK prime minister has led a nine-country coalition of member states seeking assurances that single market and enterprise reform will not be sidelined by eurozone issues at a Brussels summit later this week.

Portugal saw its credit ranking downgraded by two notches yesterday (16 March), after the country's Prime Minister José Sócrates warned earlier this week that if his cabinet were to fall over proposed austerity measures, the country would have to seek a bailout from the EU.

Swedish Prime Minister Fredrik Reinfeldt said yesterday (28 February) that the European Union should avoid separate summits for members of the euro zone, such as the 11 March meeting to discuss crisis measures. Sweden is currently not part of the single currency.

Poland supports the 'Community method' of EU-decision-making, recently defended by European Commission President José Manuel Barroso against attempts by France and Germany to revert to intergovernmental methods, Polish State Secretary for European Affairs Mikołaj Dowgielewicz told EurActiv in an exclusive interview.

Polish President Bronisław Komorowski said yesterday (7 February) that he would welcome Russia to meetings of the Weimar Triangle countries – comprising Poland, Germany and France – as a way of strengthening Moscow's ties with the EU. EurActiv Poland reports.

Europe signalled increased urgency on the eurozone crisis on Friday (28 January) with the possibility of a special summit sooner than expected, while Germany aired the reforms it might want in exchange for more emergency support.

The European Central Bank threw Portugal a temporary lifeline yesterday (10 January) by buying up its bonds, as market and peer pressure mounted on Lisbon to seek an international bailout soon. But analysts said that in the euro zone's simmering debt crisis, the Battle of Spain would likely prove decisive in 2011.