euro

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EU: We May Limit ATM Withdrawals if Greece Bails

Visa-free Euro travel could end too, officials warn

(Newser) - Europe is readying a to-do list in case Greece tries to leave the euro—like limiting the size of Greek ATM withdrawals, ending visa-free EU travel, and clamping down on eurozone capital. Finance officials say they don't expect Greece to bail, but anything is possible with the radical-left SYRIZA...

Spain Wants a &#39;Bailout Lite&#39;
 Spain Wants a 'Bailout Lite' 
Jun 8, 2012 7:01 AM CDT

Spain Wants a 'Bailout Lite'

It would only request rescue funds for its banks, not the government

(Newser) - Spain is about to become the latest European nation to ask for a bailout, but only for its struggling banks, not for the government itself, sources tell Reuters . Reuters is calling the approach a "bailout lite," one would put less strain on European rescue funds that may still...

Central Bank Chief Issues Dire Euro Warning

Mario Draghi tells leaders they need to move fast to save currency union

(Newser) - If alarm bells weren't already ringing in Europe, this would set them off: The chief of the European Central Bank has warned that the current structure of the eurozone is "unsustainable" and the 17 member states are going to have to move swiftly to rescue the currency union,...

Greek Euro Exit May Cost $1T
 Greek Euro Exit May Cost $1T 
May 17, 2012 7:44 AM CDT

Greek Euro Exit May Cost $1T

Tsipras tells Germany to stop demanding austerity

(Newser) - Europe has hundreds of billions of reasons to try to keep Greece from unceremoniously ditching the eurozone. If Greece leaves, the rest of Europe would face catastrophic losses, Reuters reports. Greece would default on the roughly $250 billion in debt held by the ECB, IMF, and other eurozone nations, and...

Jittery Greeks Withdrew $898M on Monday

Panic could cause collapse of country's banking system

(Newser) - As fresh elections loom in Greece following the failure of coalition talks, Greeks are starting to get their money out of the country's banks while the getting is good. Some $898 million was withdrawn from the country's banks on Monday alone, and economists warn that the country's...

World Markets Tumble on French-Greek Elections

Investors fear fresh crisis in eurozone

(Newser) - Markets worldwide have been seriously rattled by the rejection of pro-austerity governments by voters in France and Greece . Asian markets plunged, the euro dropped to a 3-month low against the dollar in early trading, and oil slipped to $97 a barrel. European shares also tumbled and yields rose on the...

EU Signs New Fiscal Treaty
EU Signs New Fiscal Treaty 
Mar 2, 2012 3:14 AM CST

EU Signs New Fiscal Treaty

It's an attempt to prevent euro countries from running up huge debts

(Newser) - The leaders of 25 European states today signed a new treaty designed to prevent the 17 euro countries from living beyond their means and prevent a repeat of the currency union's crippling debt crisis. The leaders hope the accord, known as the fiscal compact, will also lead the way...

Eurozone Set to Finalize Greece Bailout

Finance ministers inching closer to a $171B deal

(Newser) - Eurozone finance ministers met in Brussels today, in a meeting that they believe will finalize a $171 billion second bailout for Greece, in exchange for roughly $264 billion in Greek government bonds. "I'd like to assume that we will come to a final and definitive agreement tonight,"...

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...

Euro Dives Below $1.30
 Euro Dives Below $1.30 
Last time: Jan. 12
Dec 14, 2011 7:52 AM CST

Euro Dives Below $1.30

Italian bond sale drives price south

(Newser) - The euro has dropped below the $1.30 mark for the first time since January, after a less-than-ideal Italian bond offering stoked fears over the Europe's ongoing debt woes. The currency at times sagged as low as $1.2994 in European trading, after swinging between $1.2989 and $1....

The Big World Events You Missed in 2011

Foreign Policy lists 10 quiet but essential world events

(Newser) - What events and trends flew under the radar in 2011 but could erupt into massive headline-grabbers in 2012? Foreign Policy rounds up the top 10 "stories you missed" this year.
  1. India grows its military: India is now the globe's leading weapons importer, accounting for nearly 1 in 10
...

Brits Refuse to Back New Europe Pact

But 23 nations agree to austerity measures in new accord

(Newser) - After strenuous negotiations, 23 of the 27 nations of Europe agreed to government spending and borrowing caps to be outlined in a new pact—but a unified treaty was blocked by Britain. Negotiations broke down largely over London's demands for future protection from financial regulations forged by France and...

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...

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...

Clutching at Straws
Clutching
at Straws
OPINION
Dec 5, 2011 3:55 AM CST

Clutching at Straws

Euro leaders must embrace real fiscal union before it's too late

(Newser) - With the survival of the eurozone at stake, European leaders are aiming to complete a plan this week that will transform the region and save the euro, reports the New York Times . Despite major differences that remain between Angela Merkel and Nicolas Sarkozy, a four-point deal is taking shape, including...

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...

Paul Krugman: Failing Euro Proves Little
 Hey Ideologues: 
 Failing Euro 
 Proves Little 
paul krugman
Nov 11, 2011 12:34 PM CST

Hey Ideologues: Failing Euro Proves Little

No call for austerity measures in US: Krugman

(Newser) - As the euro struggles to survive, “ideologues” are using the failing currency as political ammunition. They say it proves welfare states don’t work, and that the US needs “immediate fiscal austerity.” But they’re jumping to false conclusions, writes Paul Krugman in the New York Times...

France, Germany Discussing Pared Down Euro Zone

Controversial plan means some countries would be out

(Newser) - German and French officials have had “intense consultation” at “all levels” in recent months about the possibility of slimming down the euro zone to its strongest members, and then more closely integrating the fiscal policies of those countries, sources tell Reuters . “You’ll still call it the...

Greece Leader Faces Revolt on Bailout Mess

George Papandreou struggling to hold his own party together

(Newser) - After Greece’s prime minister shocked the world —and his own finance minister—by announcing a public referendum on the EU bailout, the government has entered crisis mode. As leaders hold emergency talks, six members of George Papandreou’s party have called for his resignation, and one has quit,...

Greek PM Shocks Europe, Puts Bailout Up for Vote
 Greek PM Shocks Europe, 
 Puts Bailout Up for Vote 
STOCKS PLUMMET
Nov 1, 2011 7:59 AM CDT

Greek PM Shocks Europe, Puts Bailout Up for Vote

Papandreou calls public referendum, Germany furious

(Newser) - Greek Prime Minister George Papandreou threw a major monkey wrench into Europe’s plan to bail out his country yesterday, announcing that he’d be putting the plan negotiated last week up for a referendum, letting all of Greece have its say. That terrified investors—who sent the Athens benchmark...

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