Unemployment across the nations which make up the eurozone moved up during February, going from January’s figure of 10.7%, to 10.8%. The rate is now at its highest point since the euro was introduced in 1999. Spain had the highest rate of unemployment during the month, with 23.6% of people being unemployed. Portugal (15% unemployed), [...]
Spain is cutting 27bn euros from its budget in 2012 as part of one of its harshest austerity initiatives in history, the country’s government has announced. Changes are to include freezing salaries for public sector workers, and lowering departmental budgets by 16.9%. Spain’s Deputy Prime Minister, Soraya Saenz de Santamaria, said the country was in [...]
During today’s general strike in Spain, which was organised to protest against the Spanish government’s labour market reforms, demonstrators have clashed with members of the police. The nation’s government is set to reveal measures tomorrow which have the aim of both saving billions of euros, and making it simpler for businesses to sack their workers. [...]
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Tags: air travel services, Clash, Economy, eurozone, eurozone debt crisis, global economy, protest, rubbish bins, spain, spanish economy, Strike, workers unions 
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The EU (European Union) is “on the right track” to resolve its ongoing debt crisis, according to Wolfgang Schaeuble, the German Finance Minister. His comments came following talks last week with the Prime Minister of Italy Mario Monti. Schaeuble also stated that Berlin and Rome were “working together”, while he praised the reforms introduced so [...]
Posted in Economy, Featured Post Tags: debt, Economy, EU news, eurozone, eurozone debt crisis, Finance, german finance minister, greek economy, Italian economy, leader, mario monti, mr monti No Comments »
The IMF (International Monetary Fund) has agreed to contribute 28bn euros towards the 130bn euro bailout for Greece – the second for the debt-ridden nation. The organisation’s approval is the last step in finishing the long-awaited rescue fund for Greece. The IMF has also stated that it would give 1.65bn euros, of the promised 28bn [...]
The eurozone group has backed a second Greek bailout of 130bn euros, pending contribution from the IMF (International Monetary Fund). Finance ministers from the euro bloc had met in Brussels on Monday in order to approve the new package. The meeting came after Greece swapped the majority of its privately-held bonds with new ones with [...]
Posted in Economy, Featured Post Tags: Bailout, Economy, eurozone, Finance, gdp, greece, greek economy, imf, imf international monetary fund, jean claude juncker, mr juncker No Comments »
All except two of the European Union’s (EU) 27 leaders have signed a new fiscal treaty to impose budgetary discipline within the area. The “fiscal compact” has the target of helping eurozone states to avoid racking up massive debts, such as those which led to the financial bailouts in Greece, Portugal and Ireland. The treaty [...]
Posted in Economy, Featured Post Tags: angela merkel, Economy, eurozone, jose manuel barroso, pact, political gesture, sign No Comments »
MPs in Greece have approved a controversial austerity plan, demanded by the IMF (International Monetary Fund) and eurozone in exchange for a 130bn euro (£110bn, $170bn) bailout. 199 voted in favour of the package while 74 voted against. Tens of thousands of members of the Greek public protested in Athens after the approval. During the [...]
A recession in the eurozone could reduce Chinese growth by nearly half of forecasted figures for this year, according to the IMF (International Monetary Fund). It estimates that the Chinese economy will grow by 8.2% in 2012. However, it cautions that a eurozone downturn could cause growth for this year to fall to 4.2%. The [...]
The Greek government has rejected outright proposals by Germany for the European Union (EU) to hold power over the country’s budget. Greece’s Culture Minister Pavlos Yeroulanos told the BBC in an interview that it would be “impossible” for his nation to give up control of its tax and spending powers. There are worries that the [...]
Posted in Economy, Featured Post Tags: budget veto, Deal, Economy, eurozone, Growth, jean lemierre, private creditors, Veto No Comments »
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