Eurozone finance ministers were to confer by telephone on Saturday after 12 hours of talks in Athens failed to produce a breakthrough on a deal to bail out Greece, the Greek finance minister said. Evangelos Venizelos added that a planned meeting by eurozone ministers on Greece originally scheduled for Monday would now be held on Wednesday. "I will participate in a Eurogroup telephone conference at 1230 GMT" to discuss details of a rescue deal for Greece worth 130 billion euros ($171 billion) which officials have been trying to seal since October, the minister said in a statement. "Critical issues pertaining to the country's ...
Australia's flood crisis deepened Saturday as authorities braced for waters to peak in Queensland where one woman is missing after being swept away while elsewhere thousands remain stranded by the surge. Prime Minister Julia Gillard said eight military helicopters would help in search, evacuation and resupply missions in the eastern state, where days of heavy rainfall have prompted hundreds of evacuations and dozens of rescues. "The helicopters will be available to assist in rescue operations as required until the immediate crisis has passed," Gillard said in a statement. In the inland Queensland town of Charleville authorities are on alert amid fears a temporary ...
Tens of thousands people are braving the bitter cold at two major rallies in downtown Moscow on Saturday as a power play between champions of political liberalization and supporters of Prime Minister Vladimir Putin continues to unfold. The first demonstration demands fair elections at the March 4 presidential polls, at which Putin is expected to secure a third term in the Kremlin. It also calls on Russians “not to give a single vote” to Putin. The opposition rally is widely seen by analysts as a litmus test of protesters’ ability to maintain momentum after two earlier protests against alleged vote fraud in favor of ...
German Chancellor Angela Merkel on Saturday wrapped up a visit to China where she tried to reassure her hosts on the strength of the euro and Europe's ability to overcome its debt crisis. During her three-day trip to the world's second largest economy, Merkel praised the advantages of the single currency and urged China to put pressure on Iran and to condemn Syria at the United Nations. Merkel, who was prevented from meeting journalists and a human rights lawyers, ended her official visit in the southern city of Guangzhou, Xinhua news agency reported. Merkel, who held talks with Premier Wen Jiabao and President ...
Norway’s government has said it wants non-European immigrants to carry residency cards equipped with data chips bearing their fingerprints. In a proposal presented on Friday, the justice ministry said the new identity cards would help tackle illegal immigration. “The residency card system will increase security surrounding residency permit documentation, thereby contributing to the prevention of illegal immigration and illegal residency,” said Justice Minister Grete Faremo (Labour Party) in a statement. The move follows pressure from the European Union to ensure that immigrants from outside the European Economic Area, of which Norway is a member, are provided with residency cards that include fingerprint details. Faremo ...
Greece expects its 2011 budget deficit will be smaller than expected at between 9.1 and 9.4 percent of GDP, thanks to an emergency property tax, a finance ministry official said on Friday, a development that could help Athens in its bailout talks with the EU and IMF. Greece, which is racing to complete talks with the EU and the IMF on a second bailout worth 130 billion euros, had previously estimated that the deficit would be above 9.5 percent of GDP. "The numbers aren't final yet but we believe the deficit will come in at between 9.1 and 9.4 percent (of GDP)," ...
China has rejected Japanese protests over alleged improper exploration of gas deposits in the East China Sea. The Foreign Ministry said Friday the recent activity had taken place within Chinese-controlled waters and was completely normal. A ministry statement said China was strongly dissatisfied with recent comments from Japanese officials. Japan's chief Cabinet secretary on Wednesday said Japan protested to China after a flare was seen a day earlier at a Chinese structure at an undersea gas deposit. The deposit, known as Kashi in Japan and Tianwaitian in China, sits near a median line in the countries' overlapping exclusive economic zones. Japan and China agreed ...
The leader of Russia's Islamist rebels ordered a halt to attacks on civilians, saying mass opposition protests showed the public no longer supported Vladimir Putin, according to a video posted Friday. Doku Umarov, whose Caucasus Emirate group claimed atrocities including a deadly Moscow airport bombing in 2011 and a metro attack in 2010, said from now only security objects and officials would be targeted. "I order all special groups that are carrying out or plan to carry out special operations in Russia to put a halt to these operations that could hurt the peaceful population," Doku Umarov said in a video address ...
China's Premier Wen Jiabao said Friday the Asian giant had neither the ability nor the intention to "buy Europe", amid concerns over growing Chinese investment in debt-stricken eurozone economies. China is "willing to cooperate with Europe to fight the current crisis. Some people say this means China wants to buy Europe", Wen told a German-China business forum in the southern city of Guangzhou. "This a concern and doesn't fit reality. China doesn't have this intention and doesn't have this ability." German Chancellor Angela Merkel, in China for a three-day visit to boost her host's confidence in Europe, also attended the forum along with ...
Energy Secretary Chris Huhne is to resign from the Government after it emerged he is to face prosecution over allegations that he asked his ex-wife to take a speeding penalty for him. The Liberal Democrat MP has been charged with perverting the course of justice after an investigation into the 2003 incident by Essex Police. His former wife, the economist Vicky Pryce is also facing charges of perverting the course of justice. They are due to appear before Westminster Magistrates' Court on February 16. The maximum sentence for perverting the course of justice is life in prison, the CPS and the Sentencing ...
Greece’s top bank NBG on Friday announced a merger proposal with Alpha Bank aiming to build the country’s largest, best capitalised lender, and support the recovery of the beleaguered Greek economy. The announcement on the two leading lenders, which have a total of some 1,000 branches in Greece, pushed up the Athens stock exchange index by 3.16 percent as the finance minister welcomed the move. “The government has repeatedly... [more]
Like the victory goddess it honours, Athens’ ancient Temple of Athena Nike stands free of scaffolding for the first time in nine years in a testament to another triumph — the prolific restoration of the Acropolis. Greece may be struggling to ward off financial collapse but nothing will crush the ambitious plan — first started in 1975 — to restore Classical glory to the country’s most visited monument. The government... [more]
Europe is working up plans for a revamped eurozone crisis fund that could help Greece wipe away part of its debt mountain, an albatross of some 300 billion euros. European Union officials acknowledged on Friday long-denied rumours of a scheme that would allow Athens to reduce the debts, as crippling austerity and economic contraction threaten to blow repayments way off schedule. Greek Finance Minister George Papaconstantinou, speaking in... [more]
The European Financial Stability Facility staged Tuesday a landmark five-year bond auction worth five billion euros ($6.8 billion) to raise funds for Ireland and help calm financial markets. Asian bidders snapped up more than one third of the total in what EFSF head Klaus Regling said demonstrated market confidence in the 17-nation eurozone, after the turmoil of massive bailouts for Greece and Ireland last year. “This must be seen... [more]
Europe closed ranks around the euro as its richest nations strived to reach a deal Tuesday to boost the capacity of its bailout fund for fragile eurozone states. As European Union finance ministers prepared for a second and final day of talks in Brussels, Luxembourg Prime Minister Jean-Claude Juncker, who chairs the 17-nation Eurogroup, said members were rallying to stave off market attacks on weaker members. They achieved a “very... [more]
Europe strove to reach agreement Monday on boosting the capacity of bailout funding for failing eurozone states in order to soothe market fears that after Greece and Ireland, others might need rescue. As eurozone finance ministers began two-day talks in Brussels under pressure to find common ground on the size and scope of an overhaul of its 750-billion-euro ($1.0 trillion) safety net, divisions remained on the timing. Germany, the fund’s... [more]
European Central Bank President Jean-Claude Trichet urged Ireland and Greece to live up to commitments made in return for financial help and said a broader European safety fund should be beefed up. Trichet was speaking on a French talk show on the eve of a regular meeting of euro zone finance ministers which was set to discuss an increase in the effective lending capacity of the European Financial Stability Facility (EFSF). “The feeling... [more]
The prime ministers of Turkey and Greece Friday traded criticism over long-standing bilateral tensions, but pledged to build on a significant thaw in ties to resolve their disputes. Following talks in the eastern Turkish city of Erzurum, the two leaders also vowed to step up cooperation to stem illegal immigration to the European Union as Turkey’s premier expressed understanding for Greece’s plans to build a barrier on parts... [more]
European Central Bank chief Jean-Claude Trichet has blamed Germanyand France for helping to pave the way to the current debt crisis in the eurozone by setting a poor fiscal example. In remarks published on Sunday in the Welt am Sonntag newspaper, Trichet said that by compromising the European Union’s Stability and Growth Pact in 2004, the powerhouses had allowed budgetary discipline to slacken. “I wish the German public... [more]
Finance ministers from the debt-stricken euro zone sought to restore financial markets’ confidence on Monday by agreeing how to deploy a vast anti-contagion programme if needed by struggling members. Germany’s coalition government agreed in parallel to budget cuts and taxes worth 11.2 billion euros next year — and more than 80 billion euros by the end of 2014 — in the latest of a series of austerity plans being hatched... [more]
