European Union debt crisis

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Wall Street Freaks Over Portuguese Bank's Crisis

Banco Espirito Santo missis payment to creditors

(Newser) - The Dow plunged 153 points at the open this morning, reports the Wall Street Journal , as investors cast a worried eye toward Portugal and its second-largest lender. Banco Espirito Santo's shares plunged more than 17% before trading was halted on them, after its parent company revealed that it had... More »

Protestors Try to Bar Access to Europe's Central Bank

Police say 2.5K attend largely peaceful 'Blockupy' protest

(Newser) - Protesters swarmed the European Central Bank in Frankfurt today, with a police-estimated crowd of 2,500 gathering in an effort to to block access to the institution. The "Blockupy" demonstration comes in response to officials' approach to the region's debt crisis, Reuters reports. Anti-capitalist protesters—holding signs reading... 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 »

How a Comedian's Party Stormed Italy's Election

Beppe Grillo's 5-Star Movement shakes up the political scene

(Newser) - How topsy turvy was last night's deadlocked Italian election ? So topsy-turvy that an upstart party headed by a comedian got the most votes. Beppo Grillo's anti-establishment 5-Star Movement got 25% of the vote, more than any other single party, and only slightly less than either of the... More »

Pope: It's Time to Fix the Wealth Gap

Also calls for end to Syria violence in New Year's address

(Newser) - Pope Benedict XVI used his New Year's speech today to urge world leaders to address the growing wealth gap between rich and poor, the AP reports. And he got quite technical in his calling for that. As reported by Bloomberg :
  • "If the differential index between financial rates represents
... 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 »

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 »

Mass Strikes Sweep Europe

700 flights grounded, minor scuffles break out in Spain

(Newser) - Anti-austerity protests in Europe have usually been relatively localized affairs, confined to one country or another—until now. Labor leaders in Spain, Portugal, Italy, and Greece all called for strikes and demonstrations today, the New York Times reports, and people in France, Belgium, and elsewhere took to the streets as... More »

Dow Plunges 200 on Bad Earnings

Stocks suffer biggest drop since June

(Newser) - Stocks plunged at the open today, with the Dow falling more than 200 points, sending it to its lowest level in seven weeks. As of 10:22am the Dow was down 206, while the Nasdaq and S&P were down 30 and 20 points respectively. The major cause for the... More »

IMF to Italy, Spain: Get Help from Eurozone

But Rome says no ahead of EU summit

(Newser) - With a two-day EU summit beginning in Brussels tomorrow, the International Monetary Fund is calling on Italy and Spain to apply for eurozone assistance, hoping to cut losses in Europe's debt crisis. The eurozone is on the verge of establishing an environment that would ensure both countries can continue... More »

Eurozone Unemployment Hits Record 11.4%

June, July, and August all at depressing level

(Newser) - Europe had a very cruel summer: Unemployment in the eurozone a record high of 11.4% in June, July, and August, the European Union's statistics office announced today. "An end to the horror is not in sight," says one economist. "Unemployment rates are still increasing and... More »

Moody's Cuts EU Outlook to Negative

Triple-A rating in danger, agency says

(Newser) - The European Union has somehow kept a triple-A credit rating throughout a years-long debt crisis—but maybe not for much longer. Moody's has lowered the bloc's outlook from stable to negative and warned that a downgrade could be on the way, reports the BBC . The ratings agency earlier... More »

German Economy Up Despite Europe Woes

Flatlining France also beats predictions

(Newser) - Europe's largest economy is weathering the eurozone storm better than forecasters had expected. The German economy grew 0.3% in the second quarter, slightly more than predicted, thanks to strong consumer spending and a rise in exports beyond the eurozone, BusinessWeek reports. The French economy recorded zero growth for... More »

France's 75% Tax Could Push Rich Into Mass Exodus

Rich thinking of leaving if 75% tax rate is passed

(Newser) - France's new Socialist president wants to tax any income above €1 million ($1.24 million) per year at 75%—but if the plan is passed, France could see a mass exodus of its wealthiest residents. Rich residents are calling lawyers, asking if they should consider leaving the country... More »

Spain Panic Sends Dow Down 200+

Spanish bonds hit dizzying high

(Newser) - The Dow took a nosedive this morning, as did markets the world over, after Spanish media reported that up to six regions may need assistance from the federal government, sending the yields on Spanish 10-year bonds to a new high of more than 7.5%. The Dow plunged 237 points... More »

More US Firms Not Hiring— Thanks to Europe?

Just 23% of firms plan hiring in next 6 months, down from 39% in April

(Newser) - US firms are getting nervous about the transatlantic effects of Europe's debt crisis—and fewer of them foresee hiring anytime soon. In early April, 39% of US companies polled planned to hire sometime within the next six months; by June that figure was down to 23%, the National Association... More »

Spain Rolls Out Painful New Austerity Measures

Taxes raised, benefits cut

(Newser) - Spanish Prime Minister Mariano Rajoy today announced tough new austerity measures that will reduce the country's budget deficit by $80 billion over the next two and a half years. Spain has been having a tough time meeting agreed-upon deficit targets, the New York Times reports, but yesterday eurozone finance... More »

ECB Cuts Key Rate to Historic Low

Move was widely expected, but a 2nd rate cut was more surprising

(Newser) - The European Central Bank today cut its key interest rate by a quarter-point to .75%, its lowest level yet, in a move the New York Times describes as the ECB's "most aggressive" since the eurozone crisis hit. Though the move was widely expected, it does bring the benchmark... More »

Cameron: Time for Brits to Figure Out EU Relationship

With euro project affecting sovereignty, PM wants popular mandate

(Newser) - With the eurozone crisis forcing European countries ever closer together—think eurobonds , stimulus transfer payments between countries, and more treaties— Britain's Prime Minister David Cameron is broaching the word "referendum," saying Britons might have to go to the polls again to determine what they want. "As... More »

Investors Rejoice as Europe Strikes Bank Deal

At summit, leaders agree to single supervisor, direct recapitalization

(Newser) - Credit markets breathed a sigh of relief today, after European Union leaders agreed to a plan allowing its bailout funds to directly recapitalize troubled banks. After a 14-hour debate at a summit in Brussels, leaders emerged with the outline of a plan to more swiftly create a single supervisory body... More »

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