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EU says eurozone needs ‘permanent’ austerity

The EU warned Tuesday that the eurozone requires permanent tough austerity measures if it is to cope with public debt set to crash through the 100-percent-of-GDP barrier and keep rising for many years. With an ageing population piling up social security and pension costs, the European Commission says a radical long-term correction is required to put public debt throughout the…

Merkel tells Europe to prop up its banks

Germany urged Europe Wednesday to recapitalise its banks where necessary to prevent the eurozone debt crisis from spreading as the IMF warned the EU to get its act together and head off recession. As Greek police tear-gassed protesters in the latest strike over ever-deeper austerity measures, Chancellor Angela Merkel said…

Anger in Greece over deeper austerity cuts

Greeks on Thursday reacted with anger and disbelief at a new wave of austerity cuts enacted to keep the country in the eurozone as a public transport strike caused road chaos in Athens. The embattled socialist government announced pension and tax break cuts and put 30,000 state employees on temporary…

European stocks fall on Greek crisis

European equities and the euro fell on Wednesday on fresh concerns over banks’ exposure to indebted Greece, but losses were capped by expectations of more stimulus measures from the US Federal Reserve. London’s FTSE 100 index of leading shares slid 0.34 percent to 5,345.76 points in morning deals, Frankfurt’s DAX…

Ongoing Greek debt problems spark talk of euro exit

BERLIN (Reuters) – Anger at Greece’s failure to meet fiscal targets that are a condition for its international bailout is nearing breaking point in Berlin and other European capitals, with senior politicians now talking openly about the possibility of Athens exiting the euro zone. Horst Seehofer, the head of the…

Iceland charges European states with ‘bullying’

REYKJAVIK (Reuters) – Iceland’s president accused European countries on Sunday of having bullied it into agreeing to guarantee repayment of the debts of a failed bank, reviving a dispute with Britain and the Netherlands whose citizens are owed billions. When Iceland’s banking sector collapsed in the 2008 global financial crisis,…

Strauss-Kahn flying home to France from New York

Former IMF chief Dominique Strauss-Kahn cleared security at a New York airport Saturday before boarding a flight headed to France, after sensational sexual assault charges against him were dropped. Strauss-Kahn and his wife Anne Sinclair made their way through a crowd of journalists at John F. Kennedy International Airport before…

Chinese tycoon to buy part of Iceland: report

A Chinese tycoon is trying to buy a huge tract of land in Iceland for a $100 million eco-tourism project that will include a golf course, the Financial Times said Tuesday. Huang Nubo, a real estate investor and former government official, has sealed a provisional deal to acquire 300 square…

Economic leaders fear policy paralysis

JACKSON HOLE, Wyoming (Reuters) – The heads of the U.S. Federal Reserve, IMF and OECD stepped up pressure on political leaders on both sides of the Atlantic to shake off their inertia and tackle urgent economic problems. If politicians ignore their pleas — including a blunt call from International Monetary…

Fitch Ratings sees risk of Greek, U.S. debt defaults

SINGAPORE (Reuters) – Fitch Ratings warned it would treat a voluntary rollover of Greece’s sovereign bonds in any rescue package as a default and would cut the credit rating, keeping pressure on European policymakers who intend to outline a new plan by mid July. Fractious euro zone finance ministers are…

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