Greece moved to end its protracted political impasse Wednesday, swearing in a new prime minister to lead a largely pro-bailout coalition tasked with saving the country's place in the eurozone and easing a European financial crisis with global repercussions.
The euro-area economy grew faster than analysts forecast in the third quarter as Germany and France rebounded and Greece showed some signs of revival.
Gross domestic product increased 0.2% from the previous period, when it rose 0.1%, Eurostat, the European Union’s statistics office in Luxembourg, said Friday. That’s more than the median of 39 estimates in a Bloomberg News survey for 0.1%.
Athens (AFP) - Greece votes Sunday in a snap general election that could bring the radical left Syriza party to power and pose the most severe challenge yet to austerity policies in struggling eurozone countries.
Those looking for a bit of humor in the European debacle can find it in statements from Jean-Claude Juncker, head of the eurozone finance ministers.
Juncker says "I don’t envisage, not even for one second, Greece leaving the euro area. This is nonsense. This is propaganda. We have to respect Greek democracy."
Bear in mind this statement comes from the same man who said "When it becomes serious, you have to lie."
World markets are open again and in the wake of radical left wing party Syriza's landslide victory in Greece's parliamentary elections, the euro is getting slammed. Near 7:00 pm ET on Sunday night in New York, the euro was down to as low as 1.1112 against the US dollar, a new 11-year low for the currency which was slammed last week after the European Central Bank announced a new quantitative easing program.
Since the beginning of September, yield on the Greek 10-Year bond has gone from 5.53% to 8.05% with a spike high of 9.28%.Inquiring minds may be wondering what's going on. More than likely yields are up for a number of factors.
Brussels (AFP) - The eurozone slipped into deflationary territory in December for the first time since the height of the financial crisis in 2009, EU figures showed Wednesday, challenging the ECB to take action to avert a new economic crisis in Europe.