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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…

‘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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