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Blair warns of ‘catastrophe’ if euro collapses
LONDON — Former prime minister Tony Blair warned on Sunday that the collapse of the euro would be “catastrophic” and urged Europe to move fast to support the currency. Blair said European leaders faced “very difficult and painful” choices and a “long-term framework of credibility” was needed to see off…
New Greek government in race against time
Greece’s new prime minister Lucas Papademos has held urgent talks with French President Nicolas Sarkozy and German Chancellor Angela Merkel on the bail-out for his debt-hit country. Both Sarkozy and Merkel underlined the need for Greece to implement the measures it had agreed to in return for the next instalment…
French, Germans explore idea of core euro zone
BRUSSELS (Reuters) – German and French officials have discussed plans for a radical overhaul of the European Union that would involve establishing a more integrated and potentially smaller euro zone, EU sources say. French President Nicolas Sarkozy gave some flavor of his thinking during an address to students in the eastern French city of Strasbourg…
Merkel calls for ‘new Europe’ as Italy hits breaking point
ROME/BERLIN (Reuters) – Italian borrowing costs reached breaking point Wednesday after Prime Minister Silvio Berlusconi’s insistence on elections instead of an interim government opened the way to prolonged instability and delays to long-promised economic reforms. In a dramatic escalation of the euro zone debt crisis, Italian 10-year bond yields shot above the…
Bookmaker bets Greece will exit euro by end of 2012
Bookmaker William Hill offered odds of 4/6 Thursday that Greece will cease to use the euro by the end of 2012, the first time it has bet odds-on that Athens will exit the currency. It came after Greek Prime Minister George Papandreou’s shock decision earlier this week to offer a…
Greek referendum ignites German anger
ATHENS (Reuters) – Prime Minister George Papandreou’s shock decision to call a referendum on Greece’s bailout drew veiled threats from Germany on Tuesday and hammered markets edgy over the euro zone crisis. European politicians complained that Athens was trying to wriggle out of the rescue deal agreed only last week, concerned not so much about…
Europe seals deal to contain debt crisis
Europe sealed a last-ditch deal Thursday to fix its festering debt crisis, shoring up its bailout fund, pledging new funds for Greece and pushing banks to share the pain at a summit vital to the health of the global economy. After days of talks and two successive summits that dragged…
Eurozone might ask China, Brazil for debt bailout help
BRUSSELS — Eurozone leaders are toying with the idea of asking China and other emerging powers to help them out of the debt crisis by taking part in a bailout fund, but some are reluctant to call in Beijing. The possibility of asking for China, Brazil and others to come…
Euro zone rescue plans shrouded in doubt
BRUSSELS (Reuters) – A split between the International Monetary Fund and the European Union is threatening to delay Greece’s next aid payment in another blow to European efforts to stem the debt crisis. An admission by French President Nicolas Sarkozy on Wednesday that Berlin and Paris were divided over how…
European stocks rally on hopes of Slovakia vote switch
European stocks rose and the euro hit a three-week dollar high on Wednesday as markets expected Slovakia to eventually back expansion of a eurozone bailout fund despite lawmakers voting against it. Traders shrugged off disappointing results from aluminium producer Alcoa, which kicked off the US earnings season overnight. After falling at the start of trading…
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