Bundesbank President Jens Weidmann welcomed an agreement by euro zone finance ministers to lend Spain up to 100 billion euros to shore up its teetering banks but said the Spanish government must pursue economic reforms further. After Greece, Ireland and Portugal, Spain became the fourth euro zone country to seek international aid in the three-year-old
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Leaders of Greece's two traditional ruling parties warned on Sunday of political stalemate after parliamentary elections next week and called for a government of national unity to prevent a repeat of the confusion that followed the last vote in May. The June 17 election could decide Greece's future in the euro with voters split over
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Malta shares the goal that Cyprus has set, “Towards a Better Europe”, based on the fundamental principle of solidarity and contributing to the enhancement of social cohesion and growth and has agreed to work together in that direction. The statement was made by President of the Republic Demetris Christofias during a joint press conference in
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GDP growth rate in Cyprus during the first quarter of 2012 is negative and estimated at -1.6% over the corresponding quarter of 2011, according to data released today by the Statistical Service of Cyprus. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -1.5%. Negative growth rates
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The Statistical Service revised down its estimate for real GDP growth, showing that real GDP declined over the year earlier by 1.6% in the first quarter, compared with an initial “flash” estimate of 1.5% published last month. On a seasonally and working day adjusted basis, real GDP growth fell by 1.5% over the year earlier,
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Greece's economy shrank further in the first three months of 2012, shrivelling at a yearly rate of 6.5 percent against a backdrop of painful wage cuts, tax hikes and record unemployment. The data, released on Friday, will add fodder to politicians campaigning against terms of an international bailout ahead of a June 17 parliamentary election.
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Spain is expected to ask Europe for help at the weekend with recapitalising its stricken banks, EU and German sources said on Friday, becoming the fourth country to seek assistance since the euro zone's debt crisis began. Five officials in Brussels and Berlin said finance ministers of the single currency area would hold a conference
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Fresh fears over the global economy could unravel the benefit of cheaper oil prices and keep a lid on financial forecasts for the airline industry when its chiefs gather in China this weekend for their annual summit. An eight percent drop in oil prices this year has delivered a quick fix to an industry severely
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Germany's players will need steel helmets for protection when Portugal's Cristiano Ronaldo lines up to take free kicks in their Euro 2012 Group B match in Lviv on Saturday, Germany assistant coach Hansi Flick said. Ronaldo packs a powerful strike from dead-ball situations and the Germans have been told to minimise the risk of commiting
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Spain is expected to make a request over the weekend for a financial package to prop up its troubled banks, two senior EU officials and one German source said on Friday. The request would follow a conference call of euro zone finance ministers on Saturday, the two EU officials said. A Eurogroup statement would also
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