The European Union on Monday suspended its sanctions against Myanmar for a year following a wave of widely praised political reforms in the country, but will retain an embargo on arms sales, officials said.
European Union nations are set to reward Myanmar for its "remarkable" reforms by suspending most sanctions Monday, a move opening the way to a potential trade and investment bonanza for Europe.EU foreign ministers meeting in Luxembourg are set to approve a one-year suspension of sanctions against almost 500 individuals and more than 800 firms, but keep an arms embargo in place.
YANGON (Reuters) - European firms seeking to invest in Myanmar are unlikely to rush into business deals until more concrete reforms are put in place, despite a suspension of economic sanctions by the EU, its foreign policy chief Catherine Ashton said on Saturday. The European Union and other powers have moved in recent weeks to ease sanctions on Myanmar, as the once pariah nation embarks on landmark reforms and seeks engagement with the world. ...
EU countries have agreed in principle to suspend all sanctions against Myanmar, with the exception of an arms embargo, for a 12-month period, European Union diplomats said Thursday.The 12-month extension "gives us time to assess the sustainability of reform", said a diplomat close to the talks.A formal announcement, which would include the possibility of reviewing the decision in six months, is expected at a meeting of European Union foreign ministers on Monday in Luxembourg.
Europe has been on the "verge" of a deal for two weeks. However, a deal is meaningless if Germany insists on budget controls. Actually a deal now is meaningless even if Germany does back down because at some point Greek politicians will have had enough. Here are the latest stories.
Yahoo! Finance reports Greece, creditors on verge of clinching debt deal
Over the last few months, Europe seemed to be proving its doubters wrong. Thanks to a timely intervention by European Central Bank President Mario Draghi in mid-2012, yields on Spanish and Italian bonds, which had been spiking towards levels that threatened to topple them into costly bailouts, had receded to more tolerable levels and calm was restored to jittery financial markets. The European Union crept towards the greater integration that is the only true route out of the debt crisis by agreeing to form a banking union in December.
YANGON, Myanmar (AP) -- The United States is unwinding two decades of sanctions against Myanmar, as the country's reformist leadership oversees rapid-fire economic and political change. President Barack Obama's visit this week, the first by a serving U.S. president, is a sign of how far relations have come. But Washington continues to take a calibrated approach to easing sanctions, keen to retain leverage should Myanmar's reform momentum stall....