Euro

Antonis Samaras Sworn In As New Prime Minister Of Greece Following Vote

Submitted by News Desk 2 on Wed, 06/20/2012 - 12:05

Following a national vote this past Sunday, the new Greek Prime Minister, Antonis Samaras, was sworn in earlier today. Samaras belongs to the New Democracy party which narrowly won in the national elections to form a new government and decide whether Greece will stay in the Euro-zone or leave.

Samaras graduated from Harvard and studied additional economics in the U.S. as well. He was sworn in during a short candlelight ceremony at the presidential palace in Athens in front of Greek Orthodox clergy members.

E.U. Finance Ministers Consider Harsh Protection Measurers If Greece Decides To Leave Euro

Submitted by News Desk 2 on Mon, 06/11/2012 - 14:08

European finance ministers are considering strict and shocking measures to take if Greece decides to leave the Euro-zone. Among some of the ideas being seriously considered are limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls for the remaining 16 nations.

As Greece nears its June 17th vote to pick a new leader and government or something else, the stability and credibility of the Euro has been dropping over fears of a currency collapse continent wide.

German And EU Officials Looking For Ways To Rescue Spain's Banks From Collapse; Greece Votes Soon

Submitted by News Desk 2 on Wed, 06/06/2012 - 10:36

German and European Union officials have begun exploring ways to rescue Spain's crippled banking industry from its overburdening debts, though Spain itself has not directly asked for help as it tries to resist political change demanded by the EU.

Spain's banking industry has over-leveraged itself, and can no longer sell bonds at realistic rates which effectively close Spain off from the bond market. This effect creates a situation in which the fourth largest economy in the EU can no longer borrow to pay its bills, setting the stage for a collapse.

Germans React With Anger At Britain For Refusing To Join EU Fiscal Treaty

Submitted by News Desk 2 on Fri, 12/09/2011 - 22:33

London, U.K. -

Germans have reacted with visible anger as Britain decided not to join the new EU Fiscal Treaty, dubbed the "Merkozy" plan by pundits.

Alexander Graf Lambsdorff, head of Germany's FDP group, part of the European Liberals, goes as far as to say it was "a mistake to let the British into the EU. Britain must now renegotiate its relationship with the EU," he said. "Either [the British] do it on their own initiative, or the EU refounds itself - without Great Britain. Switzerland is a model towards which Britain can turn itself."

23 of 27 EU Nations Agree to New Fiscal Treaty To Save Euro; Britain, Sweden Say No

Submitted by News Desk 2 on Fri, 12/09/2011 - 10:46

Paris, France -

France and Germany led the charge to get a new fiscal treaty in an effort to save the Euro currency from disaster, and all but four countries have agreed to the treaty in principle.

Britain, Sweden, Hungary and the Czech Republic said no and none of them use the Euro, instead using their own currency.

The new fiscal treaty spells out more details of how each country must budget itself, and penalties if they fail, and the treaty does force each to give up some of their sovereignty.

Euro-Zone Service Sector Contracting, Sparking New Fears of Another Recession, Dollar is up in Value

Submitted by News Desk 2 on Wed, 10/05/2011 - 12:42

Paris, France -

Europe's service sector contracted again as a whole, though some of the 17 nation member block report minimal growth or stagnant, it was offset as a whole by others leading the downturn such as Italy and Spain.

Growth in the U.S. has been tepid at best, and better characterized as "treading water" according to a Reuters report. The private sector added 91,000 jobs last month, higher than expected but not nearly enough to push the country forward yet.