Europe will need at least another €500 billion from European Union institutions to finance its economic recovery after the coronavirus pandemic, on top of the agreed half-a-trillion package, the head of the euro zone bailout fund said.
EU finance ministers failed to reach an agreement on Wednesday (4 December) on the reform of the EU's bailout fund and move to political discussions on the European Deposit Insurance Scheme ahead of the Euro summit next week.
The European Stability Mechanism, the euro area’s rescue fund, would have enough firepower to save large economies if necessary, including Italy, the fund’s chief Klaus Regling said on Tuesday (29 October).
The French government is bending over backwards with promises of tax cuts, in order to present Paris and the eurozone as a safe haven from the uncertainty of Brexit, and the risk of economic depression in the United Kingdom. EURACTIV France reports.
Greece runs the risk of having to withdraw from the eurozone if it does not comply with its payment and reform obligations, says the European Stability Mechanism's Managing Director, Klaus Regling. EURACTIV Germany reports.
Investor enthusiasm for euro zone debt could be abruptly reversed and governments should not bank on borrowing costs remaining super-low, one of the bloc's senior economic officials warned on Thursday.
Eurogroup ministers congratulated Greece on Monday for its signs of economic recovery, as Athens is expected to return to growth in 2014. Euro zone governments hold more than 80% of Greece’s €319 billion public debt.
The euro zone's bailout fund, the European Stability Mechanism, could directly invest in a troubled bank next year, after 8% of the bank's total liabilities are written off, the chairman of eurozone finance ministers said on Monday (5 May).
Cyprus clinched a last-ditch deal with international lenders early today (25 March) to shut down its second largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a €10-billion bailout.
Eurozone's new permanent rescue fund was launched on Monday at a meeting of finance ministers in Luxembourg. Funded by taxpayers' money, the so-called European Stability Mechanism will have a 500 bn euro budget to help finance debt-ridden countries.
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