Excitement over the euro zone's mammoth $1 trillion rescue package gave way on Tuesday to doubts whether its weakest economies can meet their end of the bargain and deliver drastic debt cuts, driving the euro and stocks lower. The emergency plan — the biggest since G20 leaders threw money at the global economy following the
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There was a large fall in national road transport in 2009, according to the Statistical Service, which presumably reflects weaker economic activity in 2009. In January – December national road transport fell by 31.5% in 2009. In terms of tonnage, the main carriage was “Metal ores and other mining and quarrying products”, at 9.5 mln
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Exports of goods from Cyprus to the rest of the world leapt by 16.3% over the year earlier in the first quarter based on provisional figures for March, according to our analysis. Exports in January-March reached EUR 261.2 mln, compared with EUR 224.6 mln in the same period of 2009. Imports in the same period
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The Greek government approved on Monday a pension reform bill aimed at saving its ailing social security system as the country struggles to reduce its debt mountain. The bill, drawn up after consultations with the European Union and the International Monetary Fund, raises the retirement age for women and discourages workers from taking their pension
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A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits. Asian stocks fell 0.8 percent in morning trade and European shares were expected to follow, with
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Euro zone central banks started buying up government bonds on Monday, in a reversal of the European Central Bank's resistance to full-scale asset purchases as it fights to contain Greece's debt crisis. ECB President Jean-Claude Trichet gave no indication of how much central banks were prepared to spend on their unprecedented bond-buying program but said
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A $1 trillion rescue package to stabilise the euro could bolster European banks' negotiating power as they attempt to fight stricter regulatory capital requirements they expect will hurt economic growth. Europe's lenders are already significant holders of sovereign euro debt and will be relied upon to buy more state-guaranteed debt as part of the rescue
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U.S. oil prices rallied to above $77 per barrel on Monday after policymakers agreed a $1 trillion rescue package to stabilise world financial markets and try to resolve the euro zone debt crisis. The size of the package surprised dealers and boosted confidence that oil demand will recover this year. The package consists of 440
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U.S. stock index futures pointed to a more than 4 percent gain at the open on Monday after a $1 trillion global emergency rescue package was launched, quelling contagion fears and sending European stocks surging. The package of standby funds and loan guarantees was aimed at preventing Greece's debt crisis from spreading and would be
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Financial markets climbed away from a potential abyss on Monday after the European Union and International Monetary Fund agreed a bumper rescue package to prevent a sovereign debt crisis spreading. World stocks rose nearly 3 percent, the euro gained nearly 2 percent on the dollar and corporate and peripheral debt yields narrowed sharply against benchmarks.
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