Europe, Country Bailout | featured news

Euro Watch: More Signs of Aid to Spain From Euro Partners

Euro Support

At the start of another critical week for the euro, the head of the finance ministers that use the currency, Jean-Claude Juncker, reinforced expectations Monday of an initiative to lower Spain’s borrowing costs, which had hit alarming heights.

 

Greek leaders agree most cuts, lenders stay on: source

Greece Bailout

Political leaders in Greece have agreed on most of the austerity measures demanded by its creditors and are now eyeing pension and wage cuts to find the final 1.5 billion euros of savings still needed, a source close to the talks said on Sunday.

 

Spain discussed $366 billion bailout with Germany - source

Spain Bailout

Spain has for the first time conceded it might need a full EU/IMF bailout worth 300 billion euros ($366 billion) if its borrowing costs remain unsustainably high, a euro zone official said.

 

How Spain's regions got into trouble

Eurozone Crisis

Spain's 17 regional governments are a big part of the country's financial problems. Like the regional savings banks, they are victims of the country's property boom and bust. During the boom years, regional government tax revenues were swelled by stamp duties on property sales, and by income taxes paid by immigrants that came to work on the country's construction sites... Then the bust came...

Senh: Europe is finally feeling the effects of the housing bubble and financial crisis of 2008 that affected the U.S.

 

Global Stocks Sink as Spanish Bond Yields Soar

Eurozone

Spain’s borrowing costs rose to record levels for a third consecutive trading day on Monday on concerns that a deepening recession and the financing problems of its regions would force the government to seek a full-fledged bailout.

 

Greece in hard spot as debt payment looms and European doubts grow

BERLIN —Greece’s new leaders have had only a month to confront their country’s dismal tangle of economic problems, but some in Europe think the troubled Mediterranean country is up against a hopeless task.

 

Spain reforms to raise $69 billion

The Spanish government's most recent reforms will slash 56.4 billion euros ($69 billion) from the public deficit in the next two and a half years, an official document showed on Saturday, leaving a gap to be filled by taxes on energy.

 

Italy eyes euro zone aid to ease debt pain

Euro Zone

Italy said on Tuesday it may want to tap euro zone aid to ease its borrowing costs as finance ministers struggled to convince markets they are getting a grip on the bloc's debt crisis, which a top European Central Banker said could escalate.

 

Cyprus, Seeking Aid, Says Greek Bailout Damaged Banking Sector

The finance minister of the island nation, Vassos Shiarly, criticized international lenders on Friday for imposing losses on banks with exposure to Greece.

 

Battle over Spain, Italy rescue erupts at EU summit

Italy and Spain, battling searing market pressure in the euro zone's widening debt crisis, blocked agreement on measures to promote growth at a European Union summit on Thursday to demand urgent action to bring down their borrowing costs.

 

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