Facing renewed calls by US President Barack Obama for swift action to tackle its debt crisis, eurozone leaders raced Friday to stave off a credit crunch with talks in Berlin and Athens. Efforts now seem focused on reassuring investors that Europe’s banks are safe, to dispel fears of a possible…
Rebels from German Chancellor Angela Merkel’s coalition partners, the Free Democrats, have collected enough signatures to force a party vote on the EU’s permanent bailout fund, they announced Tuesday. FDP member Frank Schaeffler, one of the most prominent rebels, said on his website that 3,650 signatures had been gathered, or…
German Chancellor Angela Merkel Thursday won a crucial vote on boosting the EU’s rescue fund that was seen as a perilous test of her authority as debt-mired Greece braced for an international audit. The news came as a relief to Merkel, but jittery markets took the result in their stride,…
ATHENS (Reuters) – Greece’s lenders are sending a team to Athensto inspect a government austerity plan they want implemented in exchange for aid, while Germany suggested a new bailout may have to be renegotiated. Facing a wave of strikes and protests, Greece’s Socialist governmentis accelerating its debt strategy to meet the terms of an International…
World oil prices soared on Tuesday, mirroring the performance of global equities, as markets followed eurozone debt developments closely. Brent North Sea crude for delivery in November jumped $1.59 to $105.53 a barrel in London midday deals. New York’s main contract, West Texas Intermediate (WTI) for November, rallied $2.18 to…
Global stocks rallied for a second day with a strong advance in Europe and Asia on Tuesday on signs that EU and world leaders are preparing a blockbuster response to the eurozone debt crisis. The euro steadied against the dollar as Greek Prime Minister George Papandreou headed for talks with…
Greece is making a “superhuman effort” to slash debt, Prime Minister George Papandreou said Tuesday as he prepared to meet German Chancellor Angela Merkel for crunch talks on tackling the eurozone crisis. Papandreou hit out at Greece’s critics, saying that to single out Athens for “punishment and scorn” was anything…
The eurozone debt crisis now threatening banks could destroy six decades of post-war European integration, top EU officials warned on Wednesday. The dire warning that post World War II Europe risks disaster came shortly after Moody’s credit rating agency downgraded two French banks and as financial markets increasingly calculate the…
German Chancellor Angela Merkel tried on Tuesday to reassure volatile markets that the eurozone will stay intact after US President Barack Obama urged greater efforts to solve the EU debt crisis. But the euro dropped against the dollar and European stock markets fell as concerns over Greece outweighed news that…
German Chancellor Angela Merkel called on her compatriots to be patient with Greece in its current struggle to overcome a severe debt crisis. “What hasn’t been done in years cannot be done overnight,” Merkel told the Sunday edition of Berlin’s Tagesspiegel newspaper, pointing to Germany’s bid to spruce up infrastructure…