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 »

EU Budget Talks Collapse Without Deal

But officials cite 'constructive' discussions

(Newser) - 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 »

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 »

Greece Reaches 'Basic Agreement' on Austerity

Decision follows yesterday's giant protests

(Newser) - The heads of the three parties in Greece's governing coalition have reached a "basic agreement" on an austerity package for 2013-2014, the country's finance minister says. The cuts are essential if Greece is to continue receiving funds from international emergency loans. The meeting between Prime Minister Antonis... More »

German Court Backs Euro Rescue Fund

Decision boosts euro, global markets

(Newser) - Germany's high court has rejected calls to block the European Union's permanent rescue fund. The much-anticipated ruling, which boosted global markets, paves the way for the fund's ratification by Germany's president. Germany's ratification of the European Stability Mechanism, a bailout fund created to prevent the... 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 »

Eurozone OKs Terms of Spanish Bank Bailout

Loan will be up to $122.9B

(Newser) - Finance ministers from the 17 countries that use the euro unanimously approved today the terms for a bailout loan for Spanish banks of up to $122.9 billion. The document, signed off by the "eurogroup" of finance ministers following a teleconference today, calls for strict monitoring of the banks... 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 »

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