European Union

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Iran: Hey, Wanna See Oil Hit $150 a Barrel?

Tehran says EU's embargo will spike global prices

(Newser) - Iran is getting ready to vote today on banning oil sales to the EU —you know, before the EU can enact an embargo on aforementioned oil —and Tehran is engaging in some typical sabre-rattling, with the head of Iran's state oil company predicting global crude prices will...

Portugal May Need a 2nd Bailout

Country's troubles likened to Greek crisis

(Newser) - In order to pay back $11.6 billion in debt, Portugal needs to re-enter capital markets next year—and as it stands, that's looking like a tall order. The deadline isn't until September 2013, but the International Monetary Fund could call on the country to release a financial...

EU Rolls Out Embargo on Iran Oil

May also freeze central bank's assets

(Newser) - The European Union today rolled out its embargo of Iranian oil, adopting the measure as what Britain's foreign secretary called "an unprecedented set of sanctions" designed to crack down on the country's nascent nuclear program. Existing contracts for crude oil and petroleum will be honored until July,...

Greece Hires Out Ancient Ruins to Raise Cash

The Acropolis, the temple of Delphi, and Parthenon going for $2,070 a day

(Newser) - Debt-stricken Greece is taking an unprecedented step and exploiting its own magnificent history to raise cash and help its crippled economy. The Guardian reports that Greece is offering up its architectural masterpieces, including the Acropolis, the temple of Delphi, and the Parthenon, as backdrops for movies, commercials, and photo shoots—...

EU Sues &#39;Authoritarian&#39; Hungary
 EU Sues 'Authoritarian' Hungary 
Jan 18, 2012 4:17 AM CST

EU Sues 'Authoritarian' Hungary

Legal action challenges 'Viktator's' effort to consolidate power

(Newser) - The European Union has given Hungary a legal slap in the face over what it sees as moves toward authoritarianism. The EU's executive body has launched legal action over the country's new laws governing its central bank, judiciary and data protection authority, reports the Wall Street Journal . Hungarian...

Iran to Kill Internet Within Weeks

Will launch a 'halal' domestic intranet in its place

(Newser) - As fresh sanctions and economic turmoil loom, Iran has launched its harshest crackdown on the Internet yet, the Wall Street Journal finds. Internet cafes have been told they have 15 days to install security cameras and begin collecting information on users. Many sites have been blocked and Iranians may soon...

EU Calls for Iran Oil Ban
 EU Readies Iran Oil Ban 
Jan 5, 2012 7:14 AM CST

EU Readies Iran Oil Ban

France calls for deal by end of month

(Newser) - Europe is continuing to get serious about Iran's nuclear ambitions, with EU member states agreeing in principle to ban the import of Iranian crude oil, reports the BBC . And while nuances must be hammered out—including whether and how long to exempt existing oil contracts with Iran, as well...

German Unemployment at Record Low
German Unemployment
at Record Low
Jan 4, 2012 12:56 AM CST

German Unemployment at Record Low

Nation hiring as rest of eurozone firing

(Newser) - While much of the rest of the eurozone struggles with soaring unemployment, Germany's unemployment rate has fallen to its lowest level since it reunified more than 20 years ago. The rate fell to 6.8% in December, helped by strong exports to China and unseasonably warm weather, which allowed...

Collapse of Eurozone Begins in 2012: European Think Tank

 Euro Breakdown Starts Now 
think tank says
Jan 2, 2012 4:50 PM CST

Euro Breakdown Starts Now

CEBR gives Eurozone 99% failure rate over 10 years

(Newser) - Welcome to the year that the Eurozone begins its breakup and slides into certain doom—or so says one economic think tank in Europe. There is a 60% chance that "at least one country (and probably more) will leave" the euro in 2012, the head of the Centre for...

EU to Halt Export of Lethal Injection Drug

US struggling to find thiopental supplier

(Newser) - By week's end, it will become even more difficult for the US to get its hands on a key drug used in lethal injections. Early this year, an Illinois firm stopped making thiopental. Now, the European Union is poised to ban the export of the drug without a permit,...

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...

Cameron&#39;s Veto May Isolate Britain From Europe
Cameron's Veto May Isolate Britain From Europe
analysis
Dec 9, 2011 12:21 PM CST

Cameron's Veto May Isolate Britain From Europe

His EU veto could have major ramifications

(Newser) - David Cameron's decision to exercise Britain's veto and sit out negotiations on a new EU treaty is being seen as a momentous move, even if the ramifications aren't quite clear yet:
  • New York Times : The decision "has left Britain as isolated as it has ever been
...

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...

Sarkozy, Merkel Announce Plan to Save Euro

Meanwhile, Italy announces austerity measures

(Newser) - Nicolas Sarkozy and Angela Merkel sat down for a working lunch in Paris today, and emerged with a joint statement calling for big changes to the euro zone’s governing treaties aimed at preventing future crises. Their vision includes a new European monetary fund, zone-wide deficit limits, and automatic penalties...

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...

Get Ready for &#39;Eurogeddon&#39;
 Get Ready for 'Eurogeddon' 
OPINION
Nov 27, 2011 7:23 AM CST

Get Ready for 'Eurogeddon'

Jeremy Wagner warns of riots, 'biggest mass default in history'

(Newser) - With the euro crisis spreading even to mighty Germany last week—when investors ignored a bund auction and sovereign debt yields grew more expensive than the UK's—it is clear now that the euro crisis is not just about the debts of the poorer, peripheral countries like Greece and...

Want to Earn $400K? Fix the Euro Zone

UK prize will reward best solution

(Newser) - Econ majors, dust off those textbooks. If you can come up with the best way to help the euro zone through its current mess by the end of January, you earn $400,000. That's the reward being offered by British CEO Simon Wolfson as part of the Wolfson Economics...

Europe Airports Ban US-Style Body Scanners

Radiation concerns prompt decision on X-ray devices

(Newser) - The full-body airport scanners that have prompted controversy on these shores have now been banned throughout the European Union, reports ProPublica . The fracas in the US has largely been over privacy , but the EU’s decision was a matter of “health and safety,” it says. The X-ray scanners...

Mighty Germany Leans on Troubled Neighbors

With unemployment at record lows, Berlin needs workers

(Newser) - Greece may be threatening to destroy the euro and the European Union, but mighty Germany still could really use a hand from the beleaguered country, reports the AP . With just a 6.6% unemployment rate—Germany's lowest in 20 years—and an aging population, Germany needs at least 12,...

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