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.
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.
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.
BRUSSELS – The European Union reached a landmark deal on Thursday to make the European Central Bank the bloc’s top banking supervisor, giving EU leaders greater confidence that they are gaining the upper hand over the eurozone’s debt crisis.
EU finance ministers forged a deal on the single supervisor in the early hours of Thursday after marathon talks. Leaders will give their stamp of approval at a summit starting later in the day, their last of 2012, and also discuss closer fiscal ties for their troubled currency area.