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NEWS ABOUT: eurozone

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EU: Economy Worse Than We Thought

Commission revises forecast downward

(Newser) - The European Union's economic near-future is looking bleaker than expected: Its economy is poised to shrink 0.1% this year, the European Commission forecasts, instead of growing 0.1% as February predictions held. Things look even tougher for the eurozone, for which the commission foresees an 0.4% contraction... More »

Cyprus Banks Finally Reopen —for 6 Hours

Customers face heavy restrictions on transactions

(Newser) - After nearly two weeks shut amid a bailout scramble , Cyprus has just cautiously reopened its banks for six hours today—but it's not exactly business as usual. Trucks full of cash arrived at the central bank last night as rifle-bearing police and a helicopter stood guard. Private security guards... More »

Cyprus Keeping Banks Closed Until Thursday

Transaction limits staying in place after bailout

(Newser) - Cypriots hoping to get their hands on what is still technically their money are going to have to wait at least another couple of days. The government has ordered the country's banks, which have been closed since March 15, to stay closed until Thursday to prevent a run on... More »

Cyprus Deal Wallops Rich Russians

World markets rise after last-minute deal

(Newser) - The last-minute rescue deal to prevent a complete collapse of the Cypriot economy has saved the eurozone from its first exit and boosted world markets—but at a heavy cost to those who stashed their cash in the country's banks. The deal, which shuts down the country's second-biggest... More »

As Deadline Looms, Cyprus Prez Threatens to Quit

Fraught negotiations under way in Brussels with European finance ministers

(Newser) - Things are getting testy in Brussels, where Europe's financial powers that be are hunkered down in furious negotiations to determine Cyprus' fate ahead of tomorrow's deadline to finalize a $10 billion bailout. Cyprus President Nicos Anastasiades has threatened to quit, reports Reuters , in a fraught meeting with Eurogroup... More »

Cyprus OKs Bailout Fund, Still $4B Short

Parliament passes last-minute measures

(Newser) - Facing a Monday deadline, lawmakers in Cyprus approved two crisis maneuvers to quell its banking crisis and renew confidence across the eurozone, the BBC reports. The moves: passing a "national solidarity fund," and approving capital controls to protect the island's banks from a catastrophic run. This should... More »

Cyprus Given Monday Deadline

European Central Bank says its emergency funding will expire then

(Newser) - As Cyprus works on a "plan B" today to fund a bailout , the European Central Bank says its emergency assistance will expire Monday, so there had better be a deal in place, the Wall Street Journal notes. That could be possible: The head of the country's central bank... More »

Cyprus' New Gambit: Spare Smallest Savers

Government rep says the levy will still likely die

(Newser) - The proposed bank deposit tax that has enraged Cypriots and spooked bank customers across Europe looks likely to die today, even with a last-minute tweak that would spare the smallest savers, Reuters reports. Draft legislation sent to parliament amends the previous plan by exempting accounts containing less than about $26,... More »

Panicked Cyprus Stalls, Braces for Bank Run

Country considers levy of up to 15%

(Newser) - Things are getting crazy in Cyprus, which has again postponed a vote that could levy a tax on bank depositors to fund the nation's bailout, the BBC reports, this time until tomorrow. Its effects, however, are already rippling through Europe, where stock markets and the euro have plummeted, and... More »

Cyprus Stalls Vote on Bailout Tax

Lawmakers bitterly decrying terms of $13B IMF deal

(AP) - Cyprus' parliament today postponed until tomorrow a vote on a controversial levy on all bank deposits that the cash-strapped country's creditors had demanded in exchange for a $13 billion bailout. The announcement set off an immediate scramble among top European officials, with reports that the European Central Bank was... More »

Eurozone Industrial Output Down for 3rd Month

Points to continuing recession in 4th quarter

(AP) - Industrial output across the 17 European Union countries that use the euro fell in November for the third straight month, official figures showed today, in a further sign that the region likely remained mired in recession for the fourth quarter of 2012. The 0.3% monthly decline reported by Eurostat,... More »

EU Unemployment Hits All-Time High

Greece, Spain hit especially hard

(Newser) - Eurozone unemployment hit 11.8% in November, leaving a record 18.8 million out of work, according to data released today by the EU's official statistics agency. The figure, the highest recorded since the currency union formed in 1999, is only a touch higher than October, but a full... More »

Greece to Buy Back Bonds at Big Discounts

Country hopes plan will cut $26B from debt

(AP) - Greece will spend up to $13 billion in a heavily-discounted bond buyback program that it hopes will help stabilize its debts, officials said today. Private holders of Greek bonds, such as banks and pension funds, have until Friday to register their interest in participating in the buyback program. It will... More »

EU: New Greek Deal Will Work

Markets rise after fresh deal to keep country afloat

(Newser) - European Union finance ministers and the IMF have hammered out yet another deal on Greek debt and they say this one is going to work. The euro and Asian markets rose after the announcement of the latest deal on the three-year-old crisis, which will cut the rates on bailout loans,... More »

EU Budget Talks Collapse Without Deal

But officials cite 'constructive' discussions

(AP) - A European Union summit charged with agreeing on a long-term budget for the 27-nation bloc has broken up without a deal. European Council President Herman Van Rompuy, who presides over the summits, said that the national leaders had told him and European Commission President Jose Manuel Barroso to continue working... More »

Eurozone Falls Back Into Recession

GDP falls for the second quarter in a row

(Newser) - The eurozone officially has a double-dip recession on its hands. The 17-nation euro bloc fell into that second dip in the third quarter, with GDP falling 0.1%, the European Union's statistics office announced today. Since that marks its second straight quarter of decline—it was down 0.2%... More »

Greek Parliament OKs Austerity Budget

But Europe still hasn't settled on aid package

(Newser) - Following the tight passage of an austerity package last week, Greece's parliament has approved a 2013 austerity budget. The budget, part of a plan to receive further foreign financing, passed by a margin of 167 to 128, the New York Times reports. It cuts salaries, pensions, and benefits by... More »

Austerity Ekes Out Victory in Greece

Eurozone decision follows huge protests

(Newser) - In a 153 to 128 vote, Greek's three-party coalition government barely passed some $22 billion worth of new austerity measures in an effort to remain in the eurozone. Eighteen MPs voted "present" on the plan, with another abstaining. The vote on the measures, which include pension cuts and... More »

Greeks Launch 48-Hour Strike Over New Cuts

Parliament votes tomorrow on bailout-linked austerity measures

(Newser) - Greeks today launched a 48-hour general strike in protest of new spending cuts, with an estimated 2 million people—from lawyers to hospital employees—taking part. The union-organized strike has shut down banks, schools, and public transportation as Parliament prepares vote on the cuts tomorrow. It must support the austerity... More »

Eurozone Unemployment Hits Record 11.6%

Greece and Spain see the worst of it

(AP) - Unemployment in the 17-country eurozone hit a record high of 11.6% in September, official figures showed today, a sign the economy is deteriorating as governments struggle to get a grip on their three-year debt crisis. The rate reported by Eurostat, the EU's statistics office, was up from an... More »

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