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Eurozone crisis ‘drying up credit to households’
Bank lending to private households in the euro area contracted again in December as the region’s crippling debt crisis continues to put a freeze on demand for credit, data showed on Monday. Eurozone bank loans to the private sector declined by 0.7 percent in December compared with the same month…
Finance ministers meets to launch 500-billion-euro rescue fund
The eurozone launches its much-awaited 500-billion-euro rescue fund on Monday, a positive backdrop for finance ministers trying to settle Greece’s tortuous debt bailout and as Spain agonises over seeking a rescue. Finance ministers of the 17-nation euro bloc gather just 10 days before the EU’s 27 leaders meet in Brussels,…
Euro losing ground against most major currencies: ECB
The euro has fallen in value against most major currencies in recent months as volatility on the foreign exchange markets has increased in the debt crisis, the European Central Bank said Thursday. “Between the end of April and early August 2012, the effective exchange rate of the euro depreciated overall…
Geithner visit stirs hope for Eurozone
The top US finance official meets his German counterpart and the head of the European Central Bank Monday, fueling hopes Europe is about to take decisive action to save the crisis-wracked Eurozone. US Treasury Secretary Timothy Geithner was to meet Wolfgang Schaeuble to raise the pressure on Berlin and push…
Current eurozone set-up is ‘unsustainable’: Draghi
The president of the European Central Bank, Mario Draghi, called on Thursday for eurozone leaders to lay out a vision for the future of the embattled bloc, as its current set-up is “unsustainable.” “The next step … is basically for our leaders to clarify what is the vision for a…
‘Worst is over’ in eurozone debt crisis says ECB chief
The worst is over in the eurozone debt crisis, but risks remain and it is up to governments to resolve them, European Central Bank chief Mario Draghi said in a newspaper interview Thursday. “The worst is over, but risks remain,” Draghi told the daily Bild, Germany’s most widely-read newspaper. “Key…
Greece faces hour of decision on austerity, rescue
Greece reached the hour of decision on Wednesday over more budget cuts demanded by the EU and IMF and a debt deal to obtain a second rescue and close a key chapter in the eurozone crisis. A finalised plan on new Greek aid that was hammered out with theEuropean Union and International Monetary…
Sarkozy, Merkel to thrash out euro crisis plan
French President Nicolas Sarkozy hosts German Chancellor Angela Merkel on Monday to thrash out details of a plan to save the euro at the start of a pivotal week for the single currency. The meeting comes as Italy kicked off the crucial week with a draconian austerity package of cuts, taxes and pension reforms to…
Merkel, Cameron struggle to stress unity on Europe
German Chancellor Angela Merkel and British Prime Minister David Cameron strained Friday to stress their unity on tacklingEurope’s spiralling debt crisis but differed sharply on key points. After tensions flared in the run up to their talks in Berlin, the two conservative leaders put a brave face on their differences but failed to…
Greek default must be avoided, says ECB chief
The responsibility to prevent Greece from defaulting lies with eurozone governments, European Central Bank chief Jean-Claude Trichet told a Slovak newspaper in an interview published on Tuesday. “A credit event, selective default or default must be avoided,” Trichet told the daily Hospodarske Noviny, repeating the central bank’s line two days…
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