|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    18th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Economy News feed Economy News

Debt News feed Debt News

All Financial News feed All Financial News




News Tag: austerity measures

December 6, 2010

Spain will not follow Greece and Ireland and seek bailout

by Kay Mitchell
Spain will not follow Greece and Ireland and seek bailout
Spain’s finance minister has insisted that the country will not follow Greece and Ireland and seek a bailout. In a newspaper interview published today, Elena Salgado said: "Our fiscal adjustment is on track... we have done all the things that we had to do with our financial sector." She added that Spain is "absolutely not" seeking a rescue. Speculation ...




December 5, 2010

BCC revises its forecast for UK economic growth

by Kay Mitchell
”BCC
The British Chambers of Commerce (BCC) has revised its forecast for UK economic growth, in light of austerity measures, the euro zone debt crisis, the VAT hike and the weak housing market. Many experts and business organisations have said the tough austerity measures, introduced by the Government to trim the deficit, will undoubtedly hit growth. As a result, the BCC is ...




December 3, 2010

Euro zone retail sales pick up in October

by Kay Mitchell
Euro zone retail sales pick up in October
Eurostat has today revealed a rise in euro zone retail sales for the month of October, after two months of declines. Retail sales grew 0.5% in October on the month and were 1.8% higher on an annual basis, according to the European statistics office. The increase also beat analysts’ expectations of a 0.2% rise. Europe’s largest economy, Germany, recorded the highest monthly ...




November 26, 2010

EU dismisses reports of Portugal seeking bailout

by Kay Mitchell
EU dismisses reports of Portugal seeking bailout
Speculation has been mounting that Portugal is under pressure to seek a bailout from the EU rescue fund – however, the country continues to strongly deny the claims. European Commission President, Jose Manuel Barroso, has today also denied reports that the country is looking for a financial rescue package. Mr Barroso said the reports were "absolutely false, completely false". Today, Portugal ...




November 24, 2010

Portuguese strikes bring country to a standstill, fears for Spain grow

by Kay Mitchell
Portuguese strikes bring country to a standstill, fears for Spain grow
Portugal came to a standstill today after its biggest strike in more than 20 years as workers protested against the Government’s austerity measures. The Government has introduced massive spending cuts and tax hikes, which are currently being pushed through parliament. They are aimed at bringing the budget deficit down to 4.6% next year, from the current 7.3% ...




Ireland unveils tough austerity measures

by Kay Mitchell
”Ireland
Ireland’s Government has today, as expected, outlined its four-year austerity plan, in a move designed to bring down the country’s ballooning budget deficit. Ireland is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014 – 11% of the economy‘s annual output. The measures include a reduction in the minimum wage - this was expected as Ireland’s minimum ...




Borrowing costs surge in Spain and Portugal

by Kay Mitchell
Borrowing costs surge in Spain and Portugal
Once again, fears for Portugal and Spain are raised as borrowing costs surge to high levels as Ireland’s debt crisis looks set to spread. Yields on 10-year Portuguese bonds rose to 6.9% - mimicking what happened in Greece and Ireland - just before they were forced to seek emergency aid. Meanwhile, 10-year Spanish bonds surged to 4.87%. Yesterday, German Chancellor, Angela Merkel, ...




November 23, 2010

Greece set to receive third instalment of rescue loan

by Kay Mitchell
Greece set to receive third instalment of rescue loan
The International Monetary Fund (IMF) has today announced that Greece has met the conditions of its loan and will therefore receive the third instalment of its bailout loan. In May, the EU and the IMF agreed to loan €110 billion. The three-year rescue deal comprises €80 billion from the EU, with the rest coming from the IMF. However, the crisis-torn ...




November 22, 2010

Ireland in €90bn bailout

by Kay Mitchell
Ireland in €90bn bailout
Ireland’s Prime Minister, Brian Cowen, announced last night that his Government has made a formal request for an emergency bailout. In the euro zone’s second emergency rescue this year, Ireland will receive between €80 and €90 billion but the country’s finance minister, Brian Lenihan, said a precise figure has not been determined. The loan will come from the EU rescue fund, which was established ...




November 21, 2010

Ireland in emergency talks as bailout looms

by Kay Mitchell
Ireland in emergency talks as bailout looms
Irish finance minister, Brian Lenihan, has today said the country is preparing to make a formal request for an emergency bailout. The exact amount of the loan, which will come from the EU rescue fund, which was established by European Governments and the International Monetary Fund after the Greek debt crisis earlier this year, was not disclosed. However, Mr Lenihan said it ...




November 18, 2010

OECD cuts UK economic growth

by Kay Mitchell
”OECD
Influential think tank, the Organisation for Economic Co-operation and Development (OECD) has today revised its growth for the UK economy, as a result of the Coalition Government’s austerity measures, designed to bring down the budget deficit. However, the revision comes as no surprise as experts have been predicting that the harsh spending cuts will undoubtedly hamper growth. The Paris-based organisation said it expects ...




November 15, 2010

Eurostat revises Greece’s budget deficit

by Kay Mitchell
Eurostat revises Greece's budget deficit
The European Union's statistics office, Eurostat, has today said Greece's budget deficit reached a revised 15.4% of annual economic output last year - higher than the 13.6% reported in April. The revised figure, which is almost two percentage points more than originally forecast, now makes it the largest deficit in the euro zone - even higher than Ireland's 14.4% deficit. As a result ...




November 12, 2010

Euro zone Q3 growth slows

by Kay Mitchell
”Euro
The European Union's statistics office, Eurostat, has today revealed growth in the 16 countries that use the euro slowed in the third quarter. According to Eurostat, the euro zone grew 0.4% in the July to September period, compared with 1% in the second quarter. On an annual basis, growth was recorded at 1.9%. It follows a similar trend to that of other economies, which have ...




November 7, 2010

Ireland unveils measures to trim deficit

by Kay Mitchell
”Ireland
Ireland is the latest in a long line of nations forced to introduce tough austerity measures to deal with its spiralling budget deficit. The country’s Government has outlined €15 billion (£13.1 billion) worth of budget cuts and is aiming to shave the deficit to 3% of GDP by 2014 to keep within euro zone rules. Like many other Governments across the world, Ireland ...




October 7, 2010

Euro zone interest rates remain on hold

by Kay Mitchell
Euro zone interest rates remain on hold
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% - where they have been since May 2009. Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation. The news comes after the Bank of England elected to keep interest rates ...




October 6, 2010

Ireland’s debt rating cut by Fitch

by Kay Mitchell
Ireland's debt rating cut by Fitch
Ireland received yet another blow today after credit agency Fitch cut the country’s debt rating to A+ from AA- with a negative outlook. Fitch said the downgrade was due to massive banking bailouts, which have drained the economy, as well as uncertainty surrounding the fragile recovery. Fitch also cut the short-term foreign currency issuer default rating to F1 from F1+. The move comes just ...




October 5, 2010

Moody’s warns of further Irish downgrade

by Kay Mitchell
Moody's warns of further Irish downgrade
Credit rating agency, Moody’s, today warned it may downgrade Ireland’s credit rating again, due to its ailing banking system. In addition, the agency said weak economic growth and rising borrowing costs could lead to the further cut. In July, Moody’s cut Ireland’s sovereign bond rating to Aa2 from Aa1. Other agencies, Standard & Poor’s and Fitch Ratings put Ireland’s rating at AA ...




October 3, 2010

Leading economist fears for future of euro

by Kay Mitchell
Leading economist fears for future of euro
Nobel prize winner, Joseph Stiglitz, has expressed his concern for the euro and the euro zone’s fragile recovery. Sixty-seven-year-old Stiglitz, the former chief economist of the World Bank, warned that the future of the single currency is bleak, while the region’s recovery is threatened by a series of austerity measures, which have been introduced by many European Governments. Stiglitz, who is ...




September 30, 2010

Moody’s downgrade Spanish debt to Aa1

by Kay Mitchell
Moody's downgrade Spanish debt to Aa1
Credit rating agency Moody’s has downgraded Spain's credit rating today - just a day after unions held a general strike to protest against tough austerity measures. Like many other euro zone nations, Spain has introduced austerity measures, aimed at cutting its budget deficit, which is currently 11% of GDP. Spain aims to reduce the deficit to 6% by 2011. Moody’s has cut Spanish ...




September 22, 2010

Romania’s entry into euro zone may be delayed

by Kay Mitchell
’Romania’s
Romania’s President, Traian Basescu, has today said its entry date for the euro zone may be delayed as it introduces tough austerity measures in order to avoid a Greek-style debt crisis. The country’s current target date for euro zone entry is 1 January 2015 but Mr Basescu said this could be postponed by "one or two years" as it aims ...