European Union

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Portugal Reaches Bailout Deal
 Portugal Reaches Bailout Deal 
May 4, 2011 5:54 AM CDT

Portugal Reaches Bailout Deal

Will be worth about $116 billion over three years

(Newser) - Portugal pleaded for a bailout , and now it's got one. The hard-up nation has negotiated a bailout from the EU and IMF worth about $116 billion. The three-year loan is a "good agreement that defends Portugal," according to caretaker PM Jose Socrates, who added that Portugal would...

Portugal Pleads for Bailout
 Portugal Pleads for Bailout 
Apr 7, 2011 1:19 AM CDT

Portugal Pleads for Bailout

Country is third EU victim of debt crisis

(Newser) - Portugal is biting the bullet and admitting that it desperately needs a massive bailout from its European Union partners to stay afloat. Caretaker prime minister Jose Socrates told the nation that the decision to seek a bailout was "a last resort" as interest rates on its short-term debt skyrocket,...

'Serious' Hack Strikes EU on Eve of Summit

It's 'a big one,' but officials mum on details

(Newser) - The EU government was hit with a “serious” cyberattack the day before a summit in Brussels. “We're often hit by cyberattacks, but this is a big one,” said an insider. Officials didn’t provide details of the attack, which targeted the European Commission and the EU’s...

Portugal Gov't Verges on Collapse

Country could soon go the way of Greece, Ireland

(Newser) - Today promises to be a tumultuous day in Portugal, with all signs pointing to the resignation of Prime Minister Jose Socrates and the collapse of his minority Socialist administration. The country’s parliament is expected to vote down Socrates’ austerity plan, a move the prime minister contends will force the...

EU Demands Better Privacy for Facebook Users

New rules will call for improvements on social networking sites

(Newser) - The EU is demanding enhanced privacy on Facebook and other social networking sites, calling for a “right to be forgotten." The justice commissioner will unveil rules before summer demanding, among other things, that strict privacy settings be the default for users. Sites like Facebook “can't think they're...

Germany Shuts Down 7 Nuclear Reactors

Older reactors will cease operations for at least 3 months

(Newser) - Japan’s growing nuclear crisis has led Germany to shut down seven of its nuclear power plants for at least three months, the New York Times reports. Plants that began operating before the close of 1980 will temporarily close while officials complete a safety review for all 17 of the...

EU Chiefs: Gadhafi Must Go

But they don't agree on how to make that happen

(Newser) - It’s time for Moammar Gadhafi to go, the leaders of the EU have declared following an emergency meeting in Brussels. The leaders will “examine all necessary options” to protect civilians in Libya, they say. But amid reluctance from German Chancellor Angela Merkel, the officials haven’t come to...

EU to Women: Sorry, No More Cheaper Car Insurance

Insurance firms ordered to stop sex discrimination

(Newser) - European women will no longer enjoy cheaper car insurance because of their sex's safer driving habits. A European Union court has made it illegal for insurance companies to base premiums on gender-based risk assessment, CNN reports. Millions of women drivers, who previously enjoyed car insurance up to 50% cheaper than...

Why the Euro Was a Horrible Mistake
Why the Euro Was
a Horrible Mistake
paul krugman
Jan 13, 2011 12:34 PM CST

Why the Euro Was a Horrible Mistake

And how Europe can rectify it

(Newser) - Europe is a little like a classic Greek tragic hero, brought low by a singular act of hubris: the creation of the euro. In a lengthy piece in the New York Times , Paul Krugman argues that the euro was always a dubious idea, but European leaders “engaged in magical...

Irish Lawmakers OK $90B Bailout—Barely

Despite cries from opposition, motion passes 81-75

(Newser) - Irish lawmakers have voted to take the $90 billion international bailout fund, an emergency measure designed to keep Europe's debt crisis from getting worse. Prime Minister Brian Cowen won today's motion on an 81-75 vote. He argued that Ireland had no choice but to take loans from the European Union...

As Crises Spread, Europe Scrambles for an Answer
As Crises Spread, Europe Scrambles for an Answer
analysis
Dec 1, 2010 10:04 AM CST

As Crises Spread, Europe Scrambles for an Answer

Even healthier countries now feeling pinch

(Newser) - Financial crises in Greece, Ireland, and Portugal have stoked fears for Italy, Belgium, and the more robust Germany as Europe struggles to find a solution, the New York Times reports. Worry that Germany may have to pay the brunt of bailout costs have prompted the sale of its debt; investor...

Gadhafi Demands $6B to Keep Europe White

Libyan leader warns that flood of migrants will change Europe

(Newser) - "Christian, white" countries will end up being flooded with African migrants unless the European Union gives Libya another $6 billion to fight illegal immigration, Moammar Gadhafi warns. "We should stop this illegal immigration. If we don't, Europe will become black, it will be overcome by people with different...

EU Antitrust Regulators Target Google

They say it discriminated against rivals in search results

(Newser) - Google is in hot water with EU antitrust authorities over allegations that it discriminated against rivals in its search results, and barred some websites from using rival ad services with its AdSense contracts. The European Commission will also investigate allegations that Google makes it difficult for advertisers to move data...

EU Agrees to $113B Ireland Bailout

New rules for future emergencies also sketched out

(Newser) - European Union nations agreed today to give $113 billion in bailout loans to Ireland to help it weather the cost of its massive banking crisis, and sketched out new rules for future emergencies in an effort to restore faith in the euro currency. The rescue deal, approved by finance ministers...

Europe Markets in Turmoil Over Debt Worries

New concerns (and rumors) center on Portugal, Spain

(Newser) - Authorities across Europe rejected a report that a Portuguese bailout would cut the risk of Spain needing similar action, the Wall Street Journal reports. A German paper had cited German finance ministers in the matter, but the ministry, Portugal, Spain, and the European Commission all said Portugal wasn’t being...

Europe's Bailouts Aren't Working
 Europe's Bailouts 
 Aren't Working 
OPINION
Nov 24, 2010 1:52 PM CST

Europe's Bailouts Aren't Working

Europe needs to do more than force Ireland and Co. to slash budgets

(Newser) - First there was Greece. Then Ireland. And now it looks like Portugal and Spain are next. “Let’s just be blunt: The Eurozone bailout program has failed,” writes Michael Schuman in Time . Europe has so far hoped that throwing money at troubled countries and ordering them to cut...

Europe Works Out $135B Irish Rescue Deal

...Even though Ireland insists it doesn't want to be rescued

(Newser) - Senior European financial officials emerged from a meeting in Brussels yesterday saying they were “intensifying preparations” for an Irish bailout of up to $135 billion. IMF experts will head to Dublin this week to examine the country’s finances and work out the details, the Wall Street Journal reports....

Euro in 'Survival Crisis' as Portugal Heads for Bailout

Finance ministers meet to discuss new stability plan

(Newser) - The euro, and the European Union, may be in serious trouble. Portugal suggested yesterday that there was a “high risk” it would need the same bailout treatment as Ireland and Greece. European finance ministers will meet in Brussels tomorrow to discuss a European stability plan that would lend billions...

Bailout of Ireland Looks Likely
 Bailout of Ireland Looks Likely 
Nov 13, 2010 4:36 PM CST

Bailout of Ireland Looks Likely

EU fears a delay will bring another Greece-like crisis

(Newser) - Ireland is under heavy pressure to take a bailout before its financial troubles spread to other members of the European Union, reports the Wall Street Journal . Dublin is balking because of the handcuffs and political embarrassment that would come with it, but EU authorities don't want to a repeat of...

Iran: Let's Restart Nuclear Talks

Letter to EU indicates willingness to talk, but hints at conditions

(Newser) - Iran notified the European Union today that it is willing to restart international negotiations over its nuclear program after Nov. 10, potentially reviving talks that foundered a year ago. Iran's Supreme National Security Council said in a letter to the EU's foreign policy chief that Iran is ready to hold...

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