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U.S. welcomes Spain’s bank recapitalization action
US Treasury Secretary Timothy Geithner on Saturday said he welcomed Spain’s Spain’s appeal to the eurozone for a 100-billion-euro ($125 billion) lifeline for its banks. “We welcome Spain’s action to recapitalize its banking system and the commitment by its European partners to provide support,” Geithner said in a brief statement. “These are important for the…
Obama urges Europe to stabilize banks, ease austerity
US President Barack Obama urged European leaders to stabilize banks and to ease up on extreme austerity prgrammes. Speaking as European Union officials worked over the weekend on a huge rescue plan for Spain’s feeble banks, Obama said the ongoing weakness in the eurozone was a concern for the US…
EU vows to keep Greece in the fold but plans for exit
European Union leaders pledged support for Greece on Thursday, vowing to keep the debt-wracked country in the eurozone as officials prepared behind the scenes for a possible doomsday scenario of exit. After a growth-oriented EU summit dominated by fears of a “Grexit” that went into the early hours of the…
Greece races against time to form government
Greece tries again on Tuesday to form a government, hoping a technocrat solution to disputes over a tough EU-IMF bailout deal will avoid new polls and keep it in the eurozone as time runs down fast. Leaders from all bar the far-right parties that won seats in inconclusive May 6 polls will meet at 1100…
Oil prices drop further amid eurozone tensions
Oil prices fell further on Wednesday in line with shares amid tensions over the eurozone’s political and economic problems, although bargain-hunting provided support, analysts said. Crude futures also faced downside pressure following indications by the world’s key oil producers that they may boost output to bring prices down to sustainable levels. New York’s…
Italy PM blames Germany, France for Euro debt crisis
Italian Prime Minister Mario Monti on Wednesday said the root of the eurozone’s debt woes lay partly in the irresponsible parenting ofGermany and France during the bloc’s infancy. Monti told reporters in Tokyo that because the eurozone’s two largest players had not abided by fiscal rules, they had set a bad example…
Greece receives first 7.5 bn euros in new bailout
ATHENS — Greece received on Tuesday a first payout of 7.5 billion euros ($9.9 billion) under its second international bailout, a finance ministry official said. Greece received 5.9 billion euros from the eurozone and 1.6 billion euros from the International Monetary Fund, said the official. Following a debt swap with…
Greece clinches landmark debt swap
Greece said on Friday it had clinched a “historic” debt swap, opening the way for an urgent second bailout to save the country from bankruptcy and the eurozone from a new crisis. Private creditors tendered bonds amounting to 83.5 percent of debt covered by a deal to cancel half the…
Europe urges Greece to do more, delays bailout cash
Europe delayed the release of bailout funds to Greece on Tuesday, demanding Athens make more sacrifices and warning banks may have to share more of the pain in the crisis threatening theeurozone. Stock markets tumbled after European finance ministers said Greece could wait until early November to receive 8.0 billion euros, the next…
IMF urges euro action as Merkel tempers summit expectations
German Chancellor Angel Merkel talked down the chances Tuesday that a eurozone summit will deliver the silver bullet to resolve the debt crisis as the IMF pressed leaders to take urgent action. While senior eurozone finance officials met in Brussels to craft a second Greek bailout for Thursday’s summit, Merkel…
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