Greece pledged on Thursday to take further fiscal measures to cut its budget gap to 7.4% of GDP next year in its latest attempt to comply with the terms of a EU/IMF bailout. The deficit will shrink by 5.1 bln euros next year compared with 2010, according to the final 2011 budget draft submitted to
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The risk of leaving interest rates too low has grown, European Central Bank policymaker Yves Mersch said on Wednesday, adding that the euro would survive the current crisis engulfing Ireland, Greece and Portugal. "The euro will certainly survive the crisis, on that there is no doubt," Mersch said in an interview with German newspaper Die
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Jumbo, Greece's largest toy retailer, said that net profit for the quarter to end-September fell 5.2%, hit by tax hikes and lower consumption as Greeks felt the effects of economic austerity. Jumbo said net profit fell to 16.6 mln euros from 17.5 mln euros in the same period last year. Greece cut wages and pensions
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. Bulgaria is still interested in joining the euro zone as quickly as possible despite tensions in the bloc over the fiscal troubles of Ireland and Greece, Bulgarian Finance Minister Simeon Djankov said on Wednesday. Djankov said Bulgaria was likely to apply to join the pre-euro currency grid, the ERM-2, in the second half of
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Greece's parliament charged three former ministers with fraud on Wednesday in a scandal over land swaps between the state and a wealthy monastery which helped bring down the former conservative government. All three, members of the conservative government which ruled in 2004-2009, have denied any wrongdoing. Lawmakers also decided against the socialist party's proposal to
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The observations of Standard and Poor's regarding the economy of Cyprus, despite the downgrading of the economy, contain positive and hopeful assessments, Deputy Government Spokesman Christos Christophides said on Wednesday. He pointed out that now was the time for a new package of measures, which would decisively contribute towards fiscal consolidation and strengthening the prospects
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Ireland committed itself on Wednesday to working with a European Union-IMF mission on urgent steps to help its stricken banking sector, a process that could lead to a bailout despite Dublin's deep reluctance. A team from the European Commission, the International Monetary Fund and European Central Bank will travel to Ireland on Thursday to examine
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A low-budget movie about a lesbian couple raising two children might have once seemed a long shot for packing theaters and claiming Oscar glory. But "The Kids Are All Right," a modern take on the comic family drama starring Annette Bening and Julianne Moore, has sparked a lot of talk heading into Hollywood's awards season
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It's been and long winding road, but the Beatles are finally available on Apple’s iTunes. The legendary pop group's 13 albums can now be downloaded through the world's No. 1 digital music retailer. "I am particularly glad to no longer be asked when Beatles are coming to iTunes," Ringo Starr said in a statement. "At
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France's Louvre museum is making an unprecedented appeal to the general public to help it raise the cash to buy a 16th century painting deemed a national treasure by art experts. The Louvre has already scraped together 3 mln euros for "The Three Graces", an oil painting of three nudes by German artist Lucas Cranach
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