European Union debt crisis

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Hollande, Merkel Set for Eurobond Showdown

New EU dynamic expected to cause friction at crisis summit

(Newser) - Yet another European Union crisis meeting will be held today, but the dynamic has changed since the days when Angela Merkel and Nicolas Sarkozy met ahead of time to fix a strategy. Unlike his predecessor, François Hollande has sided with European leaders calling for growth instead of austerity and...

To Protest Budget Cuts, Museum Torches Art

It calls burnings 'political, necessary, and compelling'

(Newser) - An Italian art museum is so mad about the budget cuts coming its way that it has begun burning art works in protest. The Casoria Contemporary Art Museum's eccentric director, Antonio Manfredi, set fire to a painting by French Artist Severine Bourguignon yesterday, the BBC reports, and let it...

EU Signs New Fiscal Treaty
EU Signs New Fiscal Treaty 
Mar 2, 2012 3:14 AM CST

EU Signs New Fiscal Treaty

It's an attempt to prevent euro countries from running up huge debts

(Newser) - The leaders of 25 European states today signed a new treaty designed to prevent the 17 euro countries from living beyond their means and prevent a repeat of the currency union's crippling debt crisis. The leaders hope the accord, known as the fiscal compact, will also lead the way...

Greek Bailout Deal Sealed, But...

...experts say the outlook is still pretty bleak

(Newser) - Greece has been awarded a second massive bailout in a deal likely to cause anger on the streets of Athens, but tempered relief in eurozone finance ministries. To avoid a chaotic Greek default, European finance ministers have agreed to a $172 billion loan package. In return, the Greek government has...

Eurozone Economy Shrinks
 Eurozone Economy Shrinks 
Feb 15, 2012 9:11 AM CST

Eurozone Economy Shrinks

Nine of 17 member states post a fall

(Newser) - For the first time since 2009, the eurozone economy contracted last quarter. The fourth quarter of 2011 saw the GDP shrink 0.3% compared to the third quarter; the last quarterly contraction occurred during the second quarter of 2009 when the GDP dropped 0.2%. Meanwhile, the GDP grew just...

Moody's Cuts Rating of 6 European Nations

Britain, France warned that triple-A is in danger

(Newser) - Moody's has followed fellow ratings agency Standard & Poor's lead with a mass downgrading of European credit ratings. Spain, Italy, Portugal, Malta, Slovakia, and Slovenia—all of whose ratings were cut by S&P last month —were downgraded a notch. The agency also revised its outlook on...

Czechs, Brits Reject Deal to Save EU Economy

Critics attack European Union's fiscal belt-tightening deal

(Newser) - The Czechs thought about it, and they said no. All other 27 EU member states except Britain agreed today to join a compact to impose budget discipline on fellow nations, the BBC reports. British Prime Minister David Cameron had already refused to take part, saying that ceding control of his...

Critical Greek Debt Talks Hit Impasse

Creditors, rescuers clash over rates, write-downs, and sweeteners

(Newser) - Greece is trying to cut about $129 billion from its gargantuan $350 billion debt, but as creditors and rescuers face off, the complex deal appears stuck and time is running out, reports the Wall Street Journal . With $19 billion in Greek debt coming due March 20, European authorities had hoped...

Mafia Is Italy&#39;s &#39;No. 1 Bank&#39;
 Mafia Is Italy's 'No. 1 Bank' 
Jan 11, 2012 9:01 AM CST

Mafia Is Italy's 'No. 1 Bank'

New report says crime pays, and has cleaned up its act

(Newser) - How bad is Italy's debt crisis? So bad that the Mafia is now collectively "Italy's No. 1 bank," with roughly $83 billion in liquidity and about $127 billion in annual profits, according to a new report from a prominent Italian business group. Crime organizations such as...

Italy Passes Austerity Measures Amid Strikes

Furious unions protest with transport shutdown

(Newser) - The Italian government today easily won a confidence vote on its package of austerity measures in the lower chamber of Parliament as more protest strikes hit the country. Premier Mario Monti had called the vote in the Chamber of Deputies to speed passage of the $39 billion in extra taxes...

Euro Dives Below $1.30
 Euro Dives Below $1.30 
Last time: Jan. 12
Dec 14, 2011 7:52 AM CST

Euro Dives Below $1.30

Italian bond sale drives price south

(Newser) - The euro has dropped below the $1.30 mark for the first time since January, after a less-than-ideal Italian bond offering stoked fears over the Europe's ongoing debt woes. The currency at times sagged as low as $1.2994 in European trading, after swinging between $1.2989 and $1....

Moody's Scoffs at Europe Deal, Threatens Downgrades

Warning stems from concerns over widening growth gap

(Newser) - Despite the deal reached by European leaders to strengthen the euro zone, Moody's warned today that the crisis is still at a "critical and volatile stage" and that some European Union countries could still find their sovereign ratings downgraded. It expressed specific concern about the expanding growth gap...

Europe Leaders Begin Critical Euro Summit

Tomorrow could be volatile day for world markets

(Newser) - European leaders began wrestling this evening over how much of their sovereignty they are willing to give up in a desperate attempt to save the euro. At stake in the two-day summit in Brussels is not only the future of the currency, but also the stability of the global financial...

As Summit Looms, ECB Slashes Rate Again

Meanwhile, Merkel and Sarkozy try to drum up support for plan

(Newser) - The European Central Bank slashed rates for the second time in as many months today, ahead of a crucial EU summit that could determine the fate of the euro. Analysts had expected the cut, which brings the key rate from 1.25% down to 1%, but sources tell Bloomberg that...

Jon Corzine Blew Off MF Global Risk Executive Michael Roseman on European Bond Dangers
 Corzine Blew Off Risk Officer 
Dec 6, 2011 8:31 AM CST

Corzine Blew Off Risk Officer

CRO Michael Roseman went to board of directors with fears

(Newser) - Jon Corzine can’t say that nobody warned him that his bets on European debt might ruin MF Global, because his chief risk officer did just that—repeatedly. Michael Roseman told Corzine that the company didn’t have the cash to handle the risk it was taking on, and that...

Sarkozy: Change—or Kiss Eurozone Goodbye

At odds with Germany over ECB, deflation, budget enforcement

(Newser) - French President Nicolas Sarkozy yesterday called for changing the eurozone treaty to make a tighter, stronger union, and demanded more budget discipline, increased help for foundering economies, and replacing countries' veto rights with qualified majorities, reports Reuters . He also called for the European Central Bank to be more interventionist and...

As Euro Zone Fractures, It Eyes Closer Ties

Countries seek deal that would forge tighter economic bond

(Newser) - Amid fears of dissolution, euro zone leaders are considering going the opposite way: tying member states’ economies closer together. As the debt crisis continues, European leaders are considering a fiscal union that would have been a political impossibility mere months ago, the Wall Street Journal notes. A pact on the...

Buffet: Eurozone Not Working
 Buffet: Eurozone Not Working 
Nov 22, 2011 1:15 AM CST

Buffet: Eurozone Not Working

Billionaire investor hails Japanese business during Fukushima visit

(Newser) - The European debt crisis has exposed serious problems in the 17-country Eurozone that will require radical changes to fix, warns Warren Buffett. There is a "major flaw in the euro system," the billionaire investor said yesterday while on his first visit to Japan. "That flaw won't...

Berlusconi's Party Backs Economist as New PM

Mario Monti faces gargantuan task

(Newser) - Silvio Berlusconi's conservative party is backing economist Mario Monti to put together a new coalition, leaving the man they call "professor" some outlandish shoes to fill and Italy's towering financial crisis to dig out of. And there's a catch: Monti's got to do it all...

Paul Krugman: Failing Euro Proves Little
 Hey Ideologues: 
 Failing Euro 
 Proves Little 
paul krugman
Nov 11, 2011 12:34 PM CST

Hey Ideologues: Failing Euro Proves Little

No call for austerity measures in US: Krugman

(Newser) - As the euro struggles to survive, “ideologues” are using the failing currency as political ammunition. They say it proves welfare states don’t work, and that the US needs “immediate fiscal austerity.” But they’re jumping to false conclusions, writes Paul Krugman in the New York Times...

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