Fri, 06/29/2012 - 04:00 EDT - NPR - National Public Radio (Business News)
European leaders worked through the night at a summit in Brussels aimed at tackling the eurozone's worsening debt crisis. There's been growing concern Italy will soon become the sixth eurozone nation to request a bailout.» E-Mail This» Add to Del.icio.us
Brussels (AFP) - Greece's Prime Minister Alexis Tsipras will plead with European counterparts at a summit in Brussels Thursday to release vital funds to help his debt-laden country stave off a looming cash crunch.
Portugal became the third debt-stressed European country to need a bailout as the prime minister announced his country will request international assistance to ease its rapidly worsening financial crisis. Analysts expect Portugal will need up to $114 billion.» E-Mail This » Add to Del.icio.us
European leaders meet Sunday for a crunch summit aimed at tackling the eurozone's spiralling debt crisis after warning lenders a day earlier to accept 50% losses on Greek debt and agreeing to a bank recapitalisation plan worth more than $100 billion.
ATHENS/BRUSSELS — Greece formally requested a six-month extension to its euro zone loan agreement on Thursday, offering major concessions as it raced to avoid running out of cash within weeks and overcome resistance from skeptical partners led by Germany.
With its EU/IMF bailout program due to expire in little more than a week, the government of leftist Prime Minister Alexis Tsipras urgently needs to secure a financial lifeline to keep the country afloat beyond late March.
BRUSSELS — Confidence in the eurozone’s economy fell further in April, data showed, strengthening the case for a cut in interest rates this week by the European Central Bank.
The eurozone is facing a difficult road out of recession and has seen a souring of the mood among companies and consumers since March, after an optimistic start to the year was disrupted by turmoil in Cyprus and Italy.
It's not so much that the European debt relief turned out to be inadequate — it was the politics that proved unrealistic. When leaders don't seem to know what to do, panic sets in. The same inability in Washington to tackle big, systemic problems may cause long-term harm to the American economy.» E-Mail This » Add to Del.icio.us
Germany and France broke their deadlock over a new bailout for Greece ahead of an emergency eurozone summit on Thursday aimed at saving the euro from the worst crisis in its 12-year history.German Chancellor Angela Merkel and French President Nicolas Sarkozy, the eurozone's key players, agreed on a "common position" after late-night talks in Berlin just hours before the summit in Brussels, the French president's office said.European Central Bank president Jean-Claude Trichet took part in the meeting.
Martin Sanbu of the Financial Times talks to Steve Inskeep about Greece's latest economic problems. They discuss detractors who are calling for Greece to leave the eurozone, and also look at other European nation's with weakening economies.» E-Mail This » Add to Del.icio.us