A fully fledged federal Europe may seem like “political science fiction” today but will soon become reality for all European Union countries whether inside or outside the euro, Jose Manuel Barroso has said.
The president of the European Commission has fanned the flames of British debate over EU membership by insisting that fiscal union in the eurozone will lead to “intensified political union” for all 27 member states.
“This is about the economic and [...]
EUROZONE JOBLESS HITS ANOTHER RECORD
BRUSSELS – Unemployment across the 17 European Union countries that use the euro has risen to a record 11.9 percent but inflation has fallen to its lowest level in two and a half years, official figures showed Friday.
Eurostat, the EU’s statistics office, said nearly 19 million people are unemployed in the eurozone following an increase of around 200,000 in January. That took the rate up from [...]
Suddenly, There Are Reasons To Worry About Europe Again…
Thanks to the ECB’s promise that it will backstop the government bond market, if necessary, the acute financial crisis from the past couple of years is basically over.
But there have always been risks.
For one thing, the economy is horrible, and people can only accept that before so long before society starts to tear apart.
And then there’s always been politics, and the worry [...]
October 2, 2012
An analyst says people across the European Union countries must fight against the global banking cartel, which is controlling economies all over the world, Press TV reports.
“The competitiveness is they control the system and the people in these nations they fight over the scraps. It’s ridiculous,” said Chris Dorsey, an economist and banking analyst, in a Monday interview with Press TV.
“I would say that that’s a ridiculous statement [...]
U.S. farm exports will drop 2.1 percent from a record in the year that began Oct. 1 as slower economic growth erodes sales of grain, oilseeds and cotton to European Union countries, the government said.
Shipments worldwide will slide to $134.5 billion, the second-highest on record, from $137.4 billion in fiscal year 2011, the U.S. Department of Agriculture said today in a quarterly report. Estimated exports to the EU will fall 17 percent to [...]
Spanish exports declined in April for the first time in more than two years, deepening a recession in the euro area’s fourth-largest economy.
The value of Spanish goods and services sold abroad dropped 0.8 percent in April from a year earlier, after rising 1.2 percent in March, the Economy Ministry in Madrid said in an e- mailed statement. That’s the first drop since November 2009.
“This is very bad news for Spain as [...]
European Union countries could be obliged to bail out one another’s struggling banks, according to a draft EU law that marks a big step towards greater EU financial integration likely to upset some members, particularly Germany.
Spain’s banking troubles and the risk that a bank run in a country such asGreece could spread have given new impetus to delayed EU proposals for a law to deal with failing banks.
The European Commission, the EU’s [...]
AFP – Spain takes pride in its universal health care but Europe’s debt crisis has spurred tough budget cuts that will bring sometimes life-saving treatment for illegal immigrants to an abrupt end.
Carmen Maria, a 33-year-old woman from Nicaragua who arrived in the country in 2010, has no legal ID in Spain but has benefitted from free health coverage for her illness nonetheless.
She has been working as a cleaner and despite [...]
Shares on Wall Street reached a post financial crisis high on Tuesday night amid growing optimism about the state of the eurozone and the US economy.
As Greece finally had the terms of its second bailout agreed by its European partners and the country was upgraded by ratings agency Fitch, the Dow Jones industrial average soared through the 13,000 point barrier to hit its highest point since June 2008. In [...]
An “element of fear” is playing into the price of oil despite higher supply and decreasing demand, Saudi Prince Alwaleed bin Talal al Saud told CNBC Monday.
Bin Talal, the billionaire member of the Saudi Arabian royal family who runs the Kingdom Holding Co., said the fear comes from “what may happen with Iran and the possibility of closing the Hormuz Strait.”
But Saudi Arabia has already said it will not let theprice [...]
Abdalla el-Badri, Opec secretary-general, on Tuesday warned of volatile crude prices as the oil market adjusted to Europe’s embargo on Iranian oil imports.
In an interview in London, Mr El Badri said it would take time for European Union countries to find a replacement for the 500,000 barrels a day of oil it normally imported from Iran. “During this period, there will be volatility … and price swings,” he said.
But he [...]
BRUSSELS (AP) — All European Union countries except Britain and the Czech Republic agreed Monday to sign a new treaty designed to stop overspending in the eurozone and put an end to the bloc’s crippling debt crisis, while EU leaders also pledged to stimulate growth and employment.
The new treaty, known as the fiscal compact, was agreed at a summit of European leaders in Brussels on Monday. It includes strict debt [...]
European leaders braced for a six- day battle over how to save Greecefrom default, shield banks from the fallout, and build more powerful defenses against the debt crisis rocking the 17-nation euro economy.
With President Barack Obama stressing the “urgency” of a fix, divisions between Germany and France festered as finance ministers arrived in Brussels for the start of the anti-crisis marathon. As a first step, they are set to approve releasing the [...]
Eurozone finance ministers have agreed to set up a permanent bail-out fund for the region of 500bn euros (Â£420bn; $673.2bn).
The fund, which will be called the European Stability Mechanism (ESM) will replace the current 440bn euro European Financial Stability Facility (EFSF).
The EFSF was set up last year to provide support to eurozone countries.
The agreement comes a month ahead of expectations, and is one of many decisions to [...]
Rick Santelli just mentioned this on CNBC, so here it is:
China reviews eurozone bond holdings
“China, which boasts the worldÃ¢â‚¬â„¢s largest foreign exchange reserves, is reviewing its holdings of eurozone debt in the wake of the crisis that has swept through the regionÃ¢â‚¬â„¢s bond markets.
Representatives of ChinaÃ¢â‚¬â„¢s State Administration of Foreign Exchange, or Safe, which manages the reserves under the countryÃ¢â‚¬â„¢s central bank, has been meeting with [...]