European Union

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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...

Europe Stocks Slump Ahead of EU Summit

Plenty of gloom and doom continuing for euro and eurozone

(Newser) - European stocks and the euro all fell this morning, as investors remain skeptical that this week's EU summit is going to accomplish much of anything, reports the Wall Street Journal . The euro fell to $1.2490 from $1.2574 last Friday, while indexes were down across the continent, with...

Greek PM Bails on EU Summit After Eye Surgery

Antonis Samaras underwent 4-hour operation for detached retina

(Newser) - Greece's new prime minister will not be well enough to travel to a critical EU summit in Brussels after undergoing an eye operation, the government said today. Antonis Samaras, 61, underwent surgery for a detached retina for nearly four hours yesterday, just three days after being sworn in at...

Merkel Softens Her Opposition to Stimulus

Germany, France, others agree to push for $163B growth package

(Newser) - The leaders of France, Germany, Italy, and Spain agreed to push for a growth package worth up to $163 billion at a European Union summit next week aimed at kickstarting the economy and safeguarding the currency bloc. French President Francois Hollande, German Chancellor Angela Merkel, Spanish Prime Minister Mariano Rajoy,...

Failed Nuke Talks Mean Tough Iran Sanctions a Go

EU's potentially crippling oil embargo to start July 1

(Newser) - Little progress was made in the West's latest round of nuclear talks with Iran—and in the absence of a new agreement, new sanctions are due to take hold in less than two weeks. On June 28, the US will instate sanctions on companies working with Iran's central...

Spain's Bonds Shoot to Scary Heights

But markets overall calmer amidst hopes of further rescue

(Newser) - The Spanish Treasury sold $3 billion in 12-month bonds today, but the price was, in the words of one economist, "brutal." The government was forced to pay a whopping 5.074% yield, up from 2.985% just last month, the New York Times reports. "The market is...

Relieved Germany May Throw Greece a Bone
Relieved Germany
May Throw Greece a Bone
g20 begins
Jun 18, 2012 7:40 AM CDT

Relieved Germany May Throw Greece a Bone

Leaders applaud results as financial woes continue

(Newser) - Germany signaled that it may give Greece some much-needed breathing room in its bailout timetable today, as European leaders cheered the victory of Greece's pro-bailout leaders this weekend. "We're ready to talk about the time frame as we can't ignore the lost weeks and we don'...

Pro-Bailout Party Wins Greek Election

New Democracy leader Antonis Samaras: Greeks chose 'European path'

(Newser) - Fears of an imminent Greek exit from Europe's joint currency receded today after the conservative New Democracy came first in critical elections and pro-bailout parties won enough Parliamentary seats to form a joint government. As central banks stood ready to intervene in case of financial turmoil, Greece held its...

Stakes Critical as Greeks Vote
Stakes Critical as Greeks Vote 
Jun 17, 2012 8:25 AM CDT

Stakes Critical as Greeks Vote

Europe watches, worries about exit from eurozone

(Newser) - Greece is voting today amid global fears that victory by parties that have vowed to ditch bailouts and austerity measures could undermine the eurozone and send the world's major economies reeling. For Greeks, it is the second national election in six weeks, reflecting political turmoil sparked by a two-year...

Central Banks Steel for Greek Vote

G20 ready for 'coordinated action'

(Newser) - Central banks across the world are preparing to take decisive action if needed after Greece's election on Sunday, which could rattle financial markets. "The central banks are preparing for coordinated action to provide liquidity," a G20 aide tells Reuters . Britain says it will inject its economy with...

What Bailout? Spain's Debt Costs Skyrocket

Investors not reassured

(Newser) - Spain's bank bailout hasn't exactly put the markets at ease—indeed, it may have done the opposite. Spain's 10-year borrowing costs closed at a euro-era high of 6.72% yesterday, the Wall Street Journal reports. Indeed, bond yields rose across Europe, with Italy's hitting 6.26%,...

EU: We May Limit ATM Withdrawals if Greece Bails

Visa-free Euro travel could end too, officials warn

(Newser) - Europe is readying a to-do list in case Greece tries to leave the euro—like limiting the size of Greek ATM withdrawals, ending visa-free EU travel, and clamping down on eurozone capital. Finance officials say they don't expect Greece to bail, but anything is possible with the radical-left SYRIZA...

Spanish Protesters Hit Streets Over Bailout

A handout for rich, nothing for poor, they say

(Newser) - Banks and euro backers are relieved about the up-to-$125 billion Spanish bailout , but not everyone is so thrilled. A throng of protesters hit the streets in Madrid yesterday to protest billions going to prop up Spanish banks instead of helping people suffering because of the mad risks taken by financial...

Spain: Yep, We Need a Bailout

Eurozone minsters offer up to $125B for 'bailout lite'

(Newser) - Spain made it official today: The nation's beleaguered banking system needs a cash infusion from the European Union, the Wall Street Journal reports. Finance Minister Luis de Guindos named no price, saying two independent firms will dig through the country's banks and formulate a number. But in a...

Spain Wants a &#39;Bailout Lite&#39;
 Spain Wants a 'Bailout Lite' 
Jun 8, 2012 7:01 AM CDT

Spain Wants a 'Bailout Lite'

It would only request rescue funds for its banks, not the government

(Newser) - Spain is about to become the latest European nation to ask for a bailout, but only for its struggling banks, not for the government itself, sources tell Reuters . Reuters is calling the approach a "bailout lite," one would put less strain on European rescue funds that may still...

Germany at Center of G7 Crisis Huddle

Debt may be pooled in exchange for more central controls

(Newser) - G7 members are holding a conference call today to discuss solutions for the mounting economic crisis in Europe, with German the likely key. The emergency huddle of the finance chiefs of the US, UK, German, Italy, France, Japan, and Canada underscores a mounting panic about the crushing debt of the...

Ireland Approves EU Treaty
 Ireland Approves EU Treaty 
Jun 1, 2012 10:25 AM CDT

Ireland Approves EU Treaty

'Yes' vote seen as symbolic boost to eurozone

(Newser) - Ireland's voters have offered a decisive "yes" in a referendum to the European Union's closely watched deficit-fighting treaty, says an official. Final results declared today for Ireland's referendum gave the pro-treaty side 60.3% of all votes cast, better than most opinion polls during the month-long...

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