European markets bounced back from early losses on news that the 17-country eurozone has narrowly dodged recession, thanks mainly to strong growth in Germany, though concerns persisted that Greece's political impasse could eventually force it to leave the currency bloc.
Hong Kong (AFP) - Oil prices continued their downward spiral to fresh five-and-a-half-year lows Wednesday, leaving equity markets struggling to recover after a recent sell-off, while Greek political turmoil sent the euro skidding.
LONDON: The 19-country eurozone economy weathered the second quarter's troubles, notably the escalating crisis in Greece, with only a small drop in growth, but disparities between nations remain that could cause problems. Economic growth was 0.3 per cent in the March-June period on a quarterly basis, down slightly from 0.4 per cent in the first three months of the year and just half the rate recorded in the United States, the European Union's statistics agency said Friday.
LONDON (AP) — The 19-country eurozone economy weathered the second quarter's troubles — notably the escalating crisis in Greece — with only a small drop in growth, but disparities between nations remain that could cause problems.
We’re engaged in a race against time, and in too many countries, too many people without a job — in particular young people — remind us that the battle is not yet won
BRUSSELS — Unemployment has reached a new high in the eurozone and inflation remains well below the European Central Bank’s target, underscoring just how severe a challenge EU leaders face to revive the bloc’s sickly economy.
ATHENS/GARMISCH-PARTENKIRCHEN: Greek Prime Minister Alexis Tsipras will resume talks with euro zone lenders in Brussels next week after telling parliament he rejected the creditors' "absurd" terms for a cash-for-reform deal to keep his country from default. The unresolved Greek debt impasse, which is weighing on financial markets and could hit global economic recovery, will hang over a Group of Seven leaders' summit in Germany starting on Sunday. A German spokesman said Tsipras was not invited to the G7 talks.
ATHENS: Greece threatened to miss a loan repayment to the IMF this week, opening the way for possible default, just hours before creditors were expected to present an ultimatum offering Athens funds in return for economic reform. Prime Minister Alexis Tsipras visits Brussels later today to see senior European officials, where he is expected to hear the terms of the plan drawn up this week at a meeting of top leaders, including German Chancellor Angela Merkel.
ATHENS: Greece's main debt negotiator called on the European Union and the International Monetary Fund to show their willingness to break an impasse in debt talks, ahead of a crucial meeting of euro zone finance ministers on Monday. Prime Minister Alexis Tsipras' leftist-led government, which came to power promising to end the austerity terms under Greece's existing 240 billion euro debt deal, has been locked for months in talks with its foreign lenders over reforms that could unlock much needed bailout funds.
The euro-area economy picked up momentum at the end of last year, with Germany reasserting itself as the driver of growth, offsetting weakness in Greece and Italy.
Gross domestic product rose 0.3% in the fourth quarter after expanding 0.2% in the previous three months, the European Union’s statistics office in Luxembourg said Friday. Analysts surveyed by Bloomberg News predicted growth of 0.2%. The Greek economy unexpectedly shrank 0.2%.
FRANKFURT — The eurozone crisis is not over, France’s reforms are slipping and the Bundesbank has set aside billions in new provisions against what it sees as risky European Central Bank moves, Germany’s central bank said on Tuesday.
Presenting Bundesbank 2012 results that showed a sharp increase in its risk provisions, the German central bank’s chief, Jens Weidmann, urged governments to tackle the roots of their troubles with reforms.