eurozone

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Slovakia Blocks Euro Zone Bailout (for Now)

It's expected to pass later this week

(Newser) - Slovakian lawmakers today rejected the expansion of the euro currency zone's bailout fund. But parliament is expected to pass the measure later this week, notes MarketWatch . Slovakia remains the only country in the 17-member euro zone that has not approved expanding the bailout fund, which requires unanimous support. Today'...

New EU Rule: Kids Can't Blow Up Balloons

One sociologist calls it hot air

(Newser) - Blowing up balloons is now a bust for kids in the European Union. The popular activity is too dangerous for children under the age of 8 to do unsupervised because they may swallow and choke on the balloons, according to a new toy safety directive for the entire eurozone. Also...

Belgium Bails Out Failing Dexia
 Belgium Bails Out Failing Dexia 
Oct 10, 2011 9:01 AM CDT

Belgium Bails Out Failing Dexia

Belgian division to be nationalized; Belgium, France offer guarantees

(Newser) - Leading Franco-Belgian bank Dexia has agreed to a government rescue plan—making it "the biggest euro zone bank failure in quite some time," one analyst tells the New York Times . The plan will nationalize Dexia's Belgian banking division in a $5.4 billion government buyout; meanwhile, Belgium,...

Angela Merkel, Nicolas Sarkozy Hammer Out Deal to Recapitalize Banks
 Merkel, Sarko Reach Bank Deal 
Oct 9, 2011 11:50 AM CDT

Merkel, Sarko Reach Bank Deal

Mum on details, will pitch to EU leaders this month

(Newser) - The leaders of Germany and France, the eurozone's two biggest economies, say they have reached agreement on strengthening Europe's shaky banking sector. German Chancellor Angela Merkel says she and French President Nicolas Sarkozy "are determined to do the necessary to ensure the recapitalization of Europe's banks....

Moody's Also Drops Italy's Credit Rating

Cites woes with the euro, not Italy itself

(Newser) - Moody’s followed Standard & Poor’s lead and downgraded Italy’s credit rating yesterday, slashing it from Aa2 to A2 and setting its outlook to “negative,” meaning it envisions more cuts to come. Moody’s said its decision wasn’t based on Italy’s government finances, but...

As Default Looms, Strike Paralyzes Greece

'We've lost everything,' says striker as thousands protest austerity measures

(Newser) - The biggest strike in months has brought Greece to a standstill and tens of thousands of workers are taking to the streets of Athens. The strike, organized by the country's two biggest unions, is in response to the tough austerity measures unveiled earlier this week , reports the Los Angeles ...

Germany OKs Expanded Bailout
 Germany OKs Expanded Bailout 
Sep 29, 2011 7:40 AM CDT

Germany OKs Expanded Bailout

Merkel gets her win; move designed to shore up euro zone

(Newser) - German lawmakers have cleared the way for an expansion of the size and powers of the euro zone bailout fund, in a major step toward tackling the bloc's sprawling sovereign debt crisis. A clear majority of lawmakers in Germany's lower house of parliament voted today in favor of...

IMF May Need Billions More
 IMF May Need 
 Billions More 
Sep 26, 2011 4:09 AM CDT

IMF May Need Billions More

But Paul Krugman's caveat: expansion, not austerity is needed

(Newser) - The International Monetary Fund needs to expand its $400 billion war chest to more effectively fight the latest round of euro zone crises, which could demand some $2.6 trillion to solve, reports the Telegraph . “The fund’s credibility, and effectiveness, rests on its perceived capacity to cope with...

S&amp;P Downgrades Italy

 S&P Downgrades Italy 
Sep 19, 2011 8:21 PM CDT

S&P Downgrades Italy

Euro falls on the news

(Newser) - The US isn’t singing the downgrade blues alone; S&P knocked Italy down a peg today, citing concerns about its economic growth and its fragile governing coalition. The agency slashed Italy’s rating to “A,” or five ranks above junk status, and maintained its negative outlook, according...

Geithner to Europe: We're Not Lecturing

Treasury secretary in Poland to offer advice on debt crisis

(Newser) - As Europe continues to battle its debt crisis, Timothy Geithner has a suggestion. The Treasury secretary today called on euro zone officials to leverage the region’s roughly $600 billion bailout fund, an insider tells Reuters . Geithner didn’t provide details on how Europe should go about the move, nor...

Moody's Downgrades French Banks

Greek debt crisis hits SocGen, Credit Agricole

(Newser) - The Greek debt crisis has hit the credit rating of two of France's biggest banks. Moody's has downgraded Societe Generale and Credit Agricole by a notch, and warned the country's biggest bank, BNP Paribas, that it may be next in line. The banks have seen their share...

Investors: Merkel, Sarkozy Plan a Letdown

Investors want big moves, not baby steps

(Newser) - Yesterday's meeting of French President Nicolas Sarkozy and German Chancellor Angela Merkel underwhelmed markets, which had been hoping for more radical steps to help the euro zone, reports the Wall Street Journal . It seems investors want more than what the two proposed—among other things, an elected euro-zone president—...

As Merkel, Sarkozy Meet, More Sour Financial News

German GDP was expected to grow 0.5% in Q2 ... and it didn't

(Newser) - Today's financial word of the day: Germany. All eyes are on Angela Merkel's 10am ET talks with Nicolas Sarkozy, as the pair meets to weigh additional moves that could bolster investor confidence in the euro zone. That task will no doubt be a bit tougher following today's...

European Central Bank Mulls Vast Bond Buys to Bail Out Italy, Spain
Eurozone Agrees to Huge Spain, Italy Bailouts
UPDATED
Aug 7, 2011 4:18 PM CDT

Eurozone Agrees to Huge Spain, Italy Bailouts

Massive action would dwarf those in Greece, Ireland, Portugal

(Newser) - Europe's central banking system has agreed to buy huge quantities of Spanish and Italian government bonds in an attempt to stem the debt crisis overwhelming the eurozone, a source told Reuters after an ECB conference call today. “The Euro system will intervene very significantly,” the source said....

Next Up: Italy's Cratering Economy

Spreads on 10-year bonds between Germany, Italy hit 14-year high

(Newser) - With the US debt ceiling crisis finally sort of resolved, the markets are turning their attentions to Europe, and they don't like what they see, reports Reuters . Italy is being hit especially hard, with the yield gap between Italian and relatively stable German 10-year bonds reaching 3.7 percentage...

US Debt Spooking World Markets

British MP calls American default 'next big iceberg' for economy

(Newser) - With America's $14.3 billion potential default just nine days away, markets are growing increasingly spooked by the rising danger, reports the Telegraph . “We may have a few stressful days coming up—stressful for the markets of the world and the American people,” says White House chief...

Greece Gets Bailout Deal
 Greece Gets 
 Bailout Deal 
Jul 21, 2011 5:42 PM CDT

Greece Gets Bailout Deal

Eurozone nations, IMF agree to $155B deal

(Newser) - Eurozone leaders today agreed to a sweeping deal that will grant Greece a massive new bailout and radically reshape the currency union's rescue fund, allowing it to act pre-emptively when crises build up. The deal resolves a political deadlock between Europe's top economic authorities over how to save...

Debt Crisis Could Slam Italy Next: Officials

European council calls emergency meeting

(Newser) - Top European officials scheduled a last-minute meeting today amid fears Italy would be the next country hit hard by the euro zone debt crisis. Though a rep for the European Council president says Italy isn’t on the agenda, other officials privately contradict him. Last Friday saw a 2.45%...

Youths Hurl Rocks as Greeks Begin 2-Day Strike

20,000 march on Parliament

(Newser) - Greek workers launched a 48-hour general strike today to protest government austerity measures as 20,000 demonstrators headed to Parliament and another 7,000 marched in the country’s second-biggest city. Some 5,000 police guarded Athens, and while the initial protests were peaceful, things are heating up. Young people...

Soros: Euro on Verge of Major Collapse

'Inevitable' a country will leave euro, he warns

(Newser) - Billionaire investor George Soros had harsh words for the euro zone yesterday, saying it had "fundamental flaws," "no plan B," and that the system is "on the verge of an economic collapse," reports Reuters . The core flaw, says Soros, is that the euro is...

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