17/05/2012

Greeks have withdrawn billions of euros from their banks in recent days, with the country's president warning of "panic" at the prospect of the country leaving the eurozone. "My family already sent some €20,000 of our savings to my sister, who lives in Switzerland," says M.S., a Greek citizen who lives in Brussels and works in the financial sector, EU Observer wrote.

16/05/2012

Leaders of Germany and France Tuesday held talks on boosting economic growth amid the ongoing European debt crisis and keeping Greece within the eurozone. "We share the responsibility for a good development in Europe and I think we will find solutions for individual problems in this spirit," German Chancellor Angela Merkel said at a joint press conference with French President Francois Hollande, who just took office hours before his first diplomatic trip. The newly sworn-in French president said he is willing to build a "balanced" and "respectful" relationship with Germany.

15/05/2012

Socialist Francois Hollande was to be sworn in as France's president on Tuesday before naming a prime minister and dashing to Germany to battle with Berlin over how to tackle Europe's debt crisis. Nine days after he defeated right-winger Nicolas Sarkozy in a fierce campaign, Hollande, 57, was to be inaugurated at the Elysee Palace and only hours later head to Germany for his first foreign visit as president, The Times of India reported.

14/05/2012

The negotiations to form a new Greek cabinet have failed with the leader of far-left party Syriza declaring he will not attend coalition talks on Monday. Alexis Tsipras' move takes the country a step closer to elections. Current polls show the party, which opposes the austerity measures and the bailout loan, as favorite, BBC reports. Greek President Karolos Papoulias had invited four parties, including Syriza, to further talks, after the next round of negotiation fell through, but Tsipras has already ruled out any deal with pro-bailout parties.

11/05/2012

JPMorgan Chase, the largest bank in the U.S., said Thursday that it lost $2 billion in a trading portfolio designed to hedge against risks the company takes with its own money. The company's stock plunged more than 5% in late electronic trading after the loss was announced. Other bank stocks, including Citigroup and Bank of America, suffered heavy losses as well.

09/05/2012

The European Commission has indicated it is prepared to give struggling countries some leeway to bring their debt back in line with EU rules but continues to insist that member state cannot spend their way out their problems. The issue is central to the EU's dance with the markets as the commission tries to find a balance between being credible with nervous investors by enforcing the rules underpinning the euro, while not pushing countries into a downward spiral of debt-reduction measures, EU Observer wrote.

07/05/2012

Francois Hollande is to be the next president of France after initial results showed that around 52 percent of voters cast their ballot for the socialist and self-styled Monsieur Normal. Speaking after his win, Hollande said that the French had vote for "change", EU Observer wrote.

04/05/2012

European Central Bank (ECB) chief Mario Draghi has urged eurozone leaders to come up with a 10-year target for the common currency, saying they should accept more transfer of powers if they truly want a fiscal union, EU Observer wrote.

03/05/2012

Unemployment in the eurozone reached a record high again in March as spending cuts continued to hit the working population. For all 17 nations in the eurozone, the jobless rate rose again to 10.9%, the highest since the euro was formed in 1999, Eurostat said. For the eurozone, 17.4 million are now looking for work and more than 3 million of those are under 25, BBC wrote.

02/05/2012

German Chancellor Angela Merkel is backing calls by the EU commission to boost the funds of the European Investment Bank (EIB), a move meant to show that leaders are putting their money where their mouth is in terms of growth. As leaders are increasingly shifting their focus from austerity to growth-boosting measures, older plans tabled by the EU commission in the past few years are being revived, EU Observer wrote.

27/04/2012

The Standard & Poors agency has cut Spain's credit rating Thursday two notches, saying the outlook is negative. In reducing the country's sovereign debt rating from "A" to "BBB+," S&P cited what is calls the risk that Spain's debt could expand while the economy shrinks, The Sofia Echo wrote.

26/04/2012

Eurozone leaders have urged governments to focus on growth amid fears about the negative impact of austerity measures. European Central Bank President Mario Draghi called for a "growth compact", to go with the balanced-budget pact agreed last year. German Chancellor Angela Merkel and French presidential candidate Francois Hollande echoed that Europe needs more economic growth, BBC wrote.

25/04/2012

Officials from the European Commission are due to outline proposals on Wednesday for a 6.8% rise in the EU's budget for 2013. The proposals are expected to be a starting point for talks with the EU's 27 member states. But some EU governments have consistently urged the Commission to scale down its spending plans, BBC wrote.

24/04/2012

French President Nicolas Sarkozy is wooing far-right voters after losing narrowly to his Socialist rival in the presidential election's first round. Francois Hollande came top with 28.6% and Mr Sarkozy got 27.1% - the first time a sitting president has lost in the first round. Third-place Marine Le Pen took the largest share of the vote her far-right National Front has ever won, with 18%, BBC wrote.

20/04/2012

International Monetary Fund chief Christine Lagarde on Thursday (19 April) warned of "dark clouds" hanging over the global recovery, with the eurozone at the heart of the problem. "We are seeing light recovery, blowing on the spring wind. But we are also seeing very dark clouds on the horizon," Lagarde said in a press conference in Washington. "The eurozone is the epicentre of potential risk," she warned. Her comments come ahead of the IMF's spring meeting, which is to decide on increasing its own resources - part of which could also be used to fund further eurozone bail-outs, EU Observer wrote.

19/04/2012

The European Commission published an ideas paper to get Europe's record number of unemployed into jobs and boost growth, including setting an appropriate minimum wage and shaming member states into improving work rates. The step represents the first formal policy response dedicated to jobs and growth since EU leaders recently recognised that their focus on debt reduction through harsh budget cuts risks worsening the Union's struggling economy, EU Observer wrote.

18/04/2012

The International Monetary Fund says in a new report that the global economic outlook is improving. Despite a marked slowdown in Europe, the global lending institution projects the world economy will grow 3.5 percent this year, a slight improvement from its earlier forecast in January. Growth in developing countries remains brisk, but significant risks remain, The Sofia Echo wrote.

17/04/2012

A new regulation that would extend and strengthen the European Union's retail price controls on mobile phone roaming charges and caps on Internet fees for traveling smart-phone users could just mean consumers will take the hit with other mobile services, industry insiders say, The Sofia Echo wrote.

09/04/2012

Pope Benedict XVI implored the Syrian regime Sunday to heed international demands to end the bloodshed and expressed hope that the joy of Easter will comfort Christian communities suffering because of their faith. Benedict, struggling with hoarseness and looking tired, celebrated Mass on Christianity's most holy day on the flower-adorned steps of St. Peter's Basilica, before a crowd that swelled to far more than 100,000 by the end of the two-hour ceremony, The Southeast Missourian wrote.

06/04/2012

Serbia's pro-Western president Boris Tadic has resigned, paving the way for early presidential elections May 6. Tadic made clear he wants to be re-elected the same day that his allies hope to win parliamentary and local elections and lead the Balkan nation towards European Union membership. Tadic is facing a strong challenge from a nationalist candidate who has the support of Russia, The Sofia Echo wrote.