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 ...
Passengers were stranded at Spanish airports Saturday after airline Spanair abruptly went bust, cancelling all its flights at short notice. “Faced with the lack of financial visibility for the coming months, the company has decided to cease its operations as a measure of caution and safety,” Spanair said in a statement on Friday evening. Its last scheduled flight landed on Friday night, leaving rivals such as Iberia, Vueling... [more]
France and Spain successfully raised funds at lower rates on the markets despite a raft of eurozone credit downgrades, while Greece got the prospect of more rescue loans from the IMF. In their first bond auctions since Standard & Poor’s downgraded their credit ratings last week, both Paris and Madrid demonstrated they can still borrow at affordable rates. Despite S&P having dropped Spain’s rating two notches from AA-... [more]
European stocks mostly fell Thursday and the euro struggled to recover from an 11-month dollar low, with investor sentiment extremely fragile before another key Italian bond auction, dealers said. In morning deals, London’s FTSE 100 slid 0.11 percent to 5,501.36 points, the Paris CAC 40 dipped 0.11 percent to 3,067.79 points, while Frankfurt’s DAX 30 added 0.20 percent to 5,782.16 points. Milan’s FTSE Mib benchmark index... [more]
From Spain’s “indignados” protesters to Occupy Wall Street, 2011 was the year when people power, fueled by frustration at a deepening financial crisis, confronted the Western world’s elites. Initially it was the drama in North Africa that gripped the world, starting with Tunisians ousting president-for-life Zine El Abidine Ben Ali, then sweeping unstoppably — and increasingly bloodily — through Egypt,... [more]
Spain’s economy shrank in the last quarter and faces a bleak outlook for the coming months, its new economy minister said on Monday, heightening fears of a fresh recession. Luis de Guindos dampened already gloomy expectations for the economy as the new conservative government got to work on its programme of tough spending cuts. “This quarter the Spanish economy will surely see a downturn and we will return to negative growth,”... [more]
Chancellor George Osborne has refused to contribute to the IMF’s bailout fund for the EU, Sky News has learned. Mr Osborne told his EU colleagues he will not provide any cash to boost the 200bn euro fund, which is specifically aimed at the troubled eurozone. The conference call with 26 other EU finance ministers lasted three hours but ended without Britain’s agreement to put in up to 50bn euros. Mr Osborne insisted that while... [more]
King Juan Carlos told his son-in-law in 2006 to cut ties with a company now mired in corruption allegations, an official at Spain’s royal palace said Sunday. Authorities are probing the activities of a non-profit company run by Inaki Urdangarin between 2004 and 2006. “(The king) ordered him to stand down from his activities and he sold his shares,” said the official, who works at the royal palace’s press office, confirming... [more]
The euro zone will tackle its debt crisis this week by offering more cash to the IMF and long-term liquidity to banks, while moving toward tighter fiscal rules, after ratings agency Fitch cast doubt on its capacity to respond decisively. “We all know that Europe has not been able to convince markets that its governance set-up and its measures against the crisis were enough,” Italian Deputy Economy Minister Vittorio Grilli said... [more]
The Czech Republic and Hungary have said they will not sign the new European Union pact unless tax harmonisation plans are dropped. The announcement comes less than one week after the EU summit hailed as bringing unity to all but one of its member nations. In Brussels, 26 of the 27 members of the EU backed new fiscal rules to keep budgets in line, with only the UK abstaining. Neither Hungary or the Czech Republic uses the euro, and tax harmonisation... [more]
The eurozone is likely to slip back into recession next year, according to a report by audit firm Ernst & Young. It says it expects the economies of the 17 member countries to shrink in the first two quarters of 2012. The report predicts growth of just 0.1% for the whole of the year and warns unemployment in the eurozone is unlikely to fall below 10% before 2015. The warning was backed up by economic data from Markit suggesting that... [more]
