European Union

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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...

New 'Flame' Virus Found; EU Boosts Iran Sanctions

'Mini-flame' could steal data, control systems: experts

(Newser) - Cyber-security experts have spotted a small but precise "mini-virus" riding on the heels of Flame, the espionage tool designed by Israel and the US to undermine Iran's nuclear facilities , reports YNet News . Dubbed "mini-Flame," the new virus appears "designed to steal data and control infected...

Did the Nobel &#39;Jump the Shark&#39; With EU Prize?

 Did the Nobel 
 'Jump the Shark' 
 With EU Prize?
Reaction Roundup
Oct 12, 2012 9:46 AM CDT

Did the Nobel 'Jump the Shark' With EU Prize?

Reactions range from approval to derision

(Newser) - The Nobel committee has made some strange choices over the years, but awarding its peace prize to the European Union "may be the most bizarre decision in the history of the award," writes Dashiell Bennett at the Atlantic . So naturally, it's got people talking. Here's what...

Nobel Peace Prize Goes to ... European Union

It's another surprise pick

(Newser) - As it struggles with internal divisions and an ongoing debt crisis, the European Union has been given a surprise morale boost by the Nobel Committee—plus a $1.2 million prize a few of its members could certainly use. The committee awarded the 2012 peace prize to the 27-member bloc,...

S&amp;P Downgrades Spanish Debt
 S&P Downgrades 
 Spanish Debt 
Oct 11, 2012 8:15 AM CDT

S&P Downgrades Spanish Debt

Nears junk status amid bailout debate

(Newser) - The Spanish government's dilemma over whether to request a European bailout has become more acute following a downgrade of the cash-strapped country's credit rating. Standard & Poor's late yesterday cut its rating on Spain's debt by two notches to BBB-, just a step above junk status,...

Russia: Al-Qaeda Behind Europe's Forest Fires

And they may soon try it in the US, too

(Newser) - The forest fires that have been raging through the EU lately aren't random catastrophes—they're terrorist attacks. That's what Russian security service chief Alexander Bortnikov told a meeting of security and law enforcement chiefs earlier this week, RIA Novosti reports. The fires, he said, are "one...

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...

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...

Strapped Europe's New Idea: Tax the Vatican

Church's long-held government breaks might be in danger

(Newser) - As Europe continues to seek a way out of its financial straits, some countries are eyeing the wealth of the Catholic Church. Italy's prime minister wants a tax on church properties. British city councils have cut funds for transportation to religious schools, while Ireland considers similar moves. And a...

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...

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...

Greece Caves, Agrees to Full Austerity

Under creditor threats, Athens to find $1.8B more in cuts

(Newser) - Greece blinked today: In a showdown with creditors, the crisis-wracked country agreed to find the final $1.85 billion needed to reach the $14.2 billion in cuts required to get desperately needed aid money in September, reports Reuters . Greece had been asking for more time, but fed-up German and...

Euro Crisis Rocking Global Corporations

Weak economy plus austerity equals 'vicious circle,' says economist

(Newser) - As the EU economic crisis spirals ever downward , corporations are in fact looking increasingly like people, blaming the continent's troubles for their plummeting earnings, reports the Wall Street Journal . And with increasing austerity programs kicking in across Europe in 2013, analysts think money is just getting tighter. "We...

German Credit Rating Downgraded to Negative

Move may indicate threat to Germany's AAA rating

(Newser) - Germany, the Netherlands, and Luxembourg may have strong credit ratings, but that didn't stop Moody's from downgrading all three to "negative" yesterday, as the never-ending euro crisis continues to deepen, reports Reuters . The rating agency specifically warned about yesterday's threat by Germany to kick Greece out...

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...

Manufacturing Orders Slump in Asia, Plunge in Europe

Leading indicator reveals Western economies may be worse than thought

(Newser) - Purchasing Managers' Index reports from Asia and Europe—a critical economic indicator—showed big drops in June, in a strong sign that the economies of Europe and the US could be weaker than thought, the Guardian . Despite European leaders agreeing on a bank bailout scheme last week, Europe's PMI...

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...

German Lawmakers OK Eurozone Rescue Fund

New fiscal compact still needs Constitutional Court approval

(Newser) - Fresh off of making some big concessions at the European Union summit in Brussels, Angela Merkel rushed back to Germany yesterday to ensure the EU fiscal pact and the permanent eurozone bailout fund were passed by parliament, reports Reuters . But with Germany's opposition parties agreeing to the "fiscal...

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...

Dozens Defect Syrian Army as Rebels Cry Genocide

Europe calls for measured response to downed Turkish plane

(Newser) - The Syrian military has been hit with a raft of new defections: Six officers and 33 soldiers today quit the country for Turkey. Reports suggest they brought their families along, bringing the total number to 224 people. Accounts differ as to whether the defectors included an army general. They add...

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