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In About-Face, Greece Offers Austerity Measures

Expect a frantic weekend of negotiations

(Newser) - Greece finally met a deadline that counted today, delivering a series of sweeping proposals to its creditors before midnight to set off a mad rush toward a weekend deal to stave off a financial collapse of the nation. The package of reforms raised hopes that Greece can get a rescue... More »

Greece's Next Crucial Step: a 6pm Meeting in Brussels

Greek PM Alexis Tsipras will present proposal to EU leaders

(Newser) - The referendum was a "no," Finance Minister Yanis Varoufakis is out , Euclid Tsakalotos is in ... so where does Greece find itself today? Walking into an emergency summit of EU leaders. The latest:
  • So what is that summit all about? It was arranged following Sunday's vote and will
... More »

Greece Is Dealt 2 More Blows

It won't make its payment, and Standard & Poor's cut its rating

(Newser) - As predicted , Greece doesn't have the funds to pay back a $1.8 billion euro loan installment by tomorrow's International Monetary Fund deadline, a government official there confirmed today—meaning the country may now be one step "closer to an exit from the euro zone currency,... More »

Another Country Adopts Euro

Lithuania says goodbye to the lita

(Newser) - Lithuania's lita is about to join the drachma, guilder, and Deutschmark in the pages of history: The country has become the 19th to adopt the euro, despite polls showing around half the population against membership, and the old national currency will no longer be accepted by mid-January, reports Reuters... More »

Ireland to Be 1st in Eurozone to Exit Bailout

By end of year as the country passes its latest EU/IMF test

(Newser) - In "a much-needed success story" for the EU, Ireland looks on course to become the first eurozone country to exit its bailout program —a $114 billion aid deal to be complete by the end of 2013, Reuters reports. The European Union and International Monetary Fund said the country... More »

US Picks New Fight With Germany— on Economics

Merkel's camp fires back at Treasury report

(Newser) - As if US-German relations weren't fraught enough already, the US Treasury savaged the eurozone powerhouse in its semiannual currency report yesterday, complaining that "Germany's anemic pace of domestic demand growth and dependence on exports" have hurt the EU's struggling members, and created "a deflationary bias... More »

Greece Gets 3-Day Ultimatum

IMF, Europe might suspend site visit

(Newser) - Greece has until this weekend to convince the IMF and Europe that it can meet its bailout conditions, before they call off their current site visit and yank the next tranche of aid, sources tell Reuters . Eurozone finance ministers are meeting on Monday and "all agreed that Greece has... More »

Eurozone Joblessness Hits New High

Zone may not exit recession this quarter

(Newser) - Unemployment across the 17 European Union countries that use the euro hit another all-time high in May, official data showed today. Eurostat, the EU's statistics office, said the eurozone's unemployment rate rose 0.1 percentage point in May to 12.1%. April's unemployment rate was initially estimated... More »

Croatia Joins EU

Former Yugoslav country is 28th member

(Newser) - Croatia held a midnight celebration as it officially joined the European Union this morning, 10 years after the country applied. It's "a great and joyful day for our homeland," said President Ivo Josipovic. The first deputy prime minister offered a bit more detail: "It's important... More »

Eurozone Jobless Rate Hits Grim Record

...of 12.2% , with nearly 20M unemployed

(Newser) - Unemployment across the 17 European Union countries that use the euro has hit another record high, the latest in a series of ignominious landmarks for the ailing single currency zone. Eurostat, the EU's statistics office, said today that unemployment rose to 12.2% in April from the previous record... More »

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

(Newser) - 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 »

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