It is time for Europe to adopt measures that will give hope to the disillusioned European citizen, struggling with the consequences of austerity-centric policies, that led to deeper economic recession, Cyprus President Demetris Christofias said today. Speaking during an official dinner, in honor of the Conference of the Presidents of the European Parliament, in Nicosia,
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The Cyprus government will announce soon a new package of financial measures, Government Spokesman Stephanos Stephanou said today. Speaking to the Press, Stephanou noted that the announcement should not be expected today or on Friday and added that the main issue at stake right now was not the consolidation of public finances but the recapitalization
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European Parliament President Martin Schulz has expressed certainty that the Cypriot presidency of the European Council starting in July will be a very good presidency. He also praised Cyprus for the high level of preparation, noting that it is facing huge challenges ahead and has an excellent level of knowledge of the issues. The EP
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Asian shares and the euro extended losses on Friday, with Japan's Nikkei poised to log its longest weekly losing streak in two decades, as weak Chinese factory data highlighted concerns that the euro zone debt crisis will further undermine global growth. The data came amid escalating worries about Spain's banking system and the fate of
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How far is Germany prepared to go to save the euro zone? With Greece's future in the single currency bloc in doubt, Spain scrambling to get a grip on its ailing banks and the euro itself in freefall, the question that has preoccupied crisis watchers for over two years is back in focus like never
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Europe's leaders must clarify their vision for the euro quickly to dispel doubts about the currency's future, ECB President Mario Draghi said on Thursday, warning that the Central Bank could not fill the policy vacuum. Adding to growing pressure for dramatic policy action at next month's EU leaders' summit, Draghi said the bloc should break
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Working conditions at Foxconn's gargantuan Chinese factories that assemble Apple Inc's slick gadgets have barely improved despite pledges this year to halt labor violations, workers' rights activists and employees said on Thursday. Foxconn Technology Group, Apple's main global contract manufacturer run by Taiwanese tycoon Terry Gou and employing 1.2 million workers in China, has
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Greece's pro-bailout conservatives have a 1.8 percentage point lead over their leftist rivals, a poll showed on Thursday ahead of a repeat national election next month that could determine the country's future in the euro zone. The MARC/Alpha TV poll put support for the conservative New Democracy party at 28.8% while SYRIZA, which opposes the
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A credible mechanism is needed for recapitalising euro zone banks and improving oversight in order to address the economic challenges facing the region, European Central Bank President Mario Draghi said on Thursday. A key challenge is finding a way to limit contagion, Draghi told the European Parliament. Draghi gave testimony to the parliament as the
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Demand for safe-haven assets kept German bond futures near record highs on Thursday, while European shares and the euro regained some stability although worries over Spain and its troubled banks are weighing on market sentiment. The single currency and world shares are poised for their biggest monthly drops since September while the fall in oil
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