ECB head blames Germany and France for debt crisis

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]

China says hands off yuan; Obama talks tough

China told the rest of the world on Friday not to meddle with the way it manages the yuan, setting the stage for a clash with its biggest trading partners at next week’s G20 summit. U.S. President Barack Obama released a letter to his Group of 20 colleagues that zeroed in on prickly policy differences over China’s currency stance and debt-wary Europe’s rush to rein in bulging budget deficits. World leaders gathering in... [more]

STRONG PARAGUAY HELD WORLD CHAMPION

Holders Italy opened their 2010 FIFA World Cup™ campaign with a 1-1 draw against Paraguay in Group F on a rainy evening at Green Point Stadium in Cape Town. Antolin Alcaraz shocked the Gemany 2006 champions in the 39th minute to open the scoring, while Italy’s Daniel De Rossi took advantage of some unconvincing goalkeeping by veteran Justo Villar to equalise just after the hour mark. New Zealand and Slovakia play the group’s other... [more]

Italy sees budgets set at EU level from next year

European Union countries will coordinate budget plans starting next year, rather than making their own national choices, Italy’s Economy Minister Giulio Tremonti said on Sunday. “This year is the last in which national budgets will be made,” Tremonti told a conference, according to Italian news agencies. “The economic policies will all be done at the same time of the year, all together in the same way. There will... [more]

Euro ministers add final stitch to debt safety net

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]

Knox accused of slandering Italian police

Amanda Knox appeared in public Tuesday for the first time since her murder conviction, returning to court to face slander charges for saying she was beaten by police during questioning over the death of her roommate. The 22-year-old American sported a shorter haircut and a yellow T-shirt at a preliminary hearing held behind closed doors in a Perugia courthouse. The brief appearance marked the first time she had been seen since December,... [more]

Geithner in Europe crisis talk

U.S. Treasury Secretary Timothy Geithner, in an apparent criticism of Germany, called for a “carefully designed global approach” to financial reform on Wednesday as he arrived in Europe for talks on a euro zone debt crisis that is shaking world markets. European shares rallied from nine-month lows but the euro remained under pressure amid continuing signs of banks’ reluctance to lend to euro zone counterparts exposed to... [more]

All the indications are that José Mourinho will be the new manager at Real Madrid

All the indications are that he will be the new manager at Real Madrid. Relations between Real Madrid and Inter de Milan are reported to be excellent as talks get underway on José Mourinho breaking his contract with the Italian club to come to Spain. Reports indicate that ‘the special one’ has not signed anything as yet, but he is on record as saying that he is to leave Inter and is fed up with Italy. The hard bargaining will get underway... [more]

Italy fines Ryanair, ash cloud threatens UK, Ireland

Italy’s ENAC civil aviation authority fined Irish carrier Ryanair 3 million euros (2.1 million pounds) for failing to help passengers stranded by Icelandic ash, and Britain and Ireland braced for more potential flight disruption. In a statement on Saturday, ENAC cited 178 cases in which Ryanair failed to meet its obligation to assist passengers between April 17 and 22, when airlines cancelled hundreds of flights across Europe as the... [more]

Berlusconi and wife agree on separation

Italian news reports say Premier Silvio Berlusconi, who was embroiled in a sex scandal last year, and his wife have agreed to a separation ahead of divorce. Milan daily Corriere della Sera and other media said Monday thatVeronica Lario would be given lifetime use of the luxurious Macherio villa and estate near Milan, where she lives with the estranged couple’s three grown children. The reports said Lario, a former actress and the billionaire... [more]

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