Finance Minister Kikis Kazamias has said that by supporting the bank system, the real economy of Cyprus and all other European Union countries is reinforced. In statements at Larnaca Airport, after returning from Brussels, and invited to comment on concerns regarding consequences of the financial crisis on Cypriot banks, Kazamias noted that “the obvious concerns
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Nicolas Sarkozy is in one of the most critical weeks of his presidency as he battles to mend his differences with Germany over a euro zone crisis that threatens both France's economic wellbeing and his own political future. A spike in French bond spreads over German Bunds mirrors the rising pressure Sarkozy is under as
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Nicolas Sarkozy is in one of the most critical weeks of his presidency as he battles to mend his differences with Germany over a euro zone crisis that threatens both France's economic wellbeing and his own political future. A spike in French bond spreads over German Bunds mirrors the rising pressure Sarkozy is under as
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Asian shares rose and the euro steadied on Tuesday, keeping gains from the previous day as investors grew more confident about European leaders coming to a broad agreement to contain the region's debt crisis. European policymakers neared a deal over the weekend on bank recapitalization, and France and Germany appeared close to agreement on how
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Bulgaria's ruling party candidate Rosen Plevneliev won 40% of the votes in the first round of a presidential election, according to results on Monday, suggesting he will win a run-off and cement Prime Minister Boiko Borisov's grip on power. Support for Plevneliev's centre-right GERB party was barely changed from the 2009 parliamentary election, despite its
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Greece is keen to grow trade with China and attract more investment, its development minister told a Chinese delegation headed by Beijing's number four-ranked leader on Monday as Greek firms closed half a billion euros of export deals. Debt-choked Greece is counting on exports to help its economy recover from a deep recession and a
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Bulgaria aims to bring down its budget deficit to 1.35 percent of gross domestic product next year to protect its economy from the impact of the European debt crisis, Finance Minister Simeon Djankov said on Monday. The Balkan country is the European Union's poorest member but its public finances are in much better shape than
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Libyan government officials said on Monday the body of Muammar Gaddafi would no longer be kept on public view and guards shut the gates at the cold storage container where it had been displayed since the fallen leader was killed four days ago. "From 3 p.m. (1300 GMT), the public will no longer be able
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Global temperature rise could exceed "safe" levels of two degrees Celsius in some parts of the world in many of our lifetimes if greenhouse gas emissions continue to increase, two research papers published in the journal Nature warned. "Certain levels of climate change are very likely within the lifetimes of many people living now …
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First the good news: European leaders are nearing a strategy to counter the euro zone's sovereign debt crisis. Now, the less good news: it has some apparent flaws and may fall apart. Under an emerging deal likely to be struck on Wednesday, Greece's debt will be reduced, European banks will be recapitalised, the euro zone's
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