The head of the European Commission has warned governments to grasp the gravity of the eurozone crisis now threatening Italy and urged greater EU integration, after a rescue for Spanish banks fell flat.
Brussels (AFP) - The new European Commission led by EU veteran Jean-Claude Juncker formally took office Saturday, promising to "get down to work" as Europe faces a host of political and economic challenges.
London (AFP) - European Commission president Jose Manuel Barroso will argue that Britain is better in the European Union on Monday, as pressure mounts from British eurosceptics seven months out from a general election.
EU Throws Spain Two Deathlines; Spanish 10-Year Yield Tops 6.7%;
ECB Rejects Madrid Ponzi Refinancing Scheme
The markets are reeling in the wake of rejection of Spain's Ponzi Recapitalization Scheme by the ECB according to the Financial Times.
A string of leading European figures on Monday denied persistent press reports that Spain is preparing a request for bailout aid.Such funding "is not even a working hypothesis," said Luxembourg prime minister and euro chief Jean-Claude Juncker after talks with European Commission head Jose Manuel Barroso."Not for the commission either," Barroso said at a joint press conference. "The commission has no intention of preparing a specific plan for Spain."
European Commission President Jose Manuel Barroso on Wednesday defended the measures taken to tame the debt crisis, putting eurosceptics on notice ahead of EU elections next year.Barroso said the European Union "fought back" as member states realised they had to act together to get through the 2008 global financial crisis and then the debt crisis and economic slump which followed."What matters now is what we make of what we have achieved," he told the European Parliament in the last "state of the union" address of his term as head of the EU's executive arm.
STRASBOURG, France (Reuters) - The president of the European Commission called on Wednesday for the European Union to be turned into a 'federation of nation states' in a sweeping demand for countries to surrender more sovereignty and move towards full integration. In a speech to the European Parliament, the head of the bloc's executive, President Jose Manuel Barroso, said he was not calling for a European "superstate", but said the EU would always be less than the sum of its parts unless the union was deepened. ...
Portugal will not be granted a bridging loan by the European Union, EU Commission head Jose Manuel Barroso said Wednesday as negotiations on tackling the nation's debt crisis unfold in Lisbon."In conformity with existing rules... it is not possible to provide bridging loans," the former Portuguese prime minister told a press conference in Brussels, underlining that Lisbon signed up to the presently agreed scope of European rescue funding.