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News Tag: bailout

February 21, 2012

Government on track to beat borrowing target

by Jan Harris
Government on track to beat borrowing target
The government expects to either achieve or exceed its target of borrowing no more than £127bn this year, after recording its biggest surplus for four years in January. In the tax year to date the government has borrowed £93.5bn and in January it made a net repayment of £7.75bn, excluding financial interventions. Although a surplus is traditionally expected in January, because ...




September 23, 2011

Irish economy sees strong growth in Q2

by Kay Mitchell
”Irish
Figures today have revealed Ireland’s economy continued to see growth in the April to June period. According to the Central Statistics Office, the economy grew by a better than expected 1.6% in the three-month period and this follows a revised 1.9% growth rate in the first quarter. This represents the first time since 2006 that Ireland’s economy has grown for two ...




September 5, 2011

Global stocks down on euro zone and recession fears

by Kay Mitchell
”Global
Global stocks have fallen to a one-week low today with banks among the worst performers. Concerns that the euro zone may not be able to contain its debt crisis, together with fears of the US slipping back into recession sent European shares falling this morning. Deutsche Bank lost 7.3% in early trading today, Societe Generale was 7.1% lower, Barclays ...




July 22, 2011

Euro zone summit approves fresh Greek bailout

by Kay Mitchell
”Euro
Euro zone leaders met in Brussels yesterday and have agreed a further €109 billion (£96.3 billion) bailout for debt-laden Greece. A further €135 billion will come from the private sector during the next three decade, which will include a debt buy-back programme. Stock markets have risen today following the news with the Japan’s Nikkei closing up 1.2% and European shares up ...




July 21, 2011

Germany and France reach agreement on second Greek bailout

by Kay Mitchell
”Germany
Late night talks between German Chancellor Angela Merkel and French President Nicolas Sarkozy have led to a common position on a second bailout for Greece. After seven hours of talks in Berlin, sources said both parties had also discussed their efforts to prevent the debt crisis spreading through the rest of Europe. However, full details have yet to be published. ...




July 19, 2011

IMF: Action must be taken to prevent debt crisis

by Kay Mitchell
”IMF:
The International Monetary Fund (IMF) has warned euro zone policymakers to take immediate action to prevent the debt crisis spreading outside Europe. The warning comes as Spain’s borrowing costs rose to a 9-year high today as fears continue to grow over the debt crisis in the euro zone. There are fears that Spain, which is the euro zone’s fifth largest ...





July 14, 2011

Italy to vote on austerity measures to reduce debt

by Kay Mitchell
”Italy
In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of €48 billion (£42 billion) over the next three years. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year's 3.9% of GDP. Mr Tremonti said the measure would be passed ...





July 11, 2011

EU officials in meeting to discuss euro zone contagion fears

by Kay Mitchell
”EU
European stocks were lower today after it emerged that top EU officials are meeting in Brussels to discuss the ongoing debt crisis in the euro zone. Germany’s DAX 30 lost 0.68% to 7,352.73, while France’s CAC 40 was down 0.89% to 3,878.60. London’s FTSE was 0.2% lower at 5,977.31. The meeting has been arranged as fears for Italy increase. ...





July 3, 2011

Greece will receive fifth tranche of bailout loan

by Kay Mitchell
”Greece
Euro zone finance ministers have approved the latest instalment of financial aid for Greece. The latest tranche of €12 billion will be released this month so the crisis-torn economy can avoid defaulting on its mountain of debt. The release of the funds comes after the Greek parliament approved fresh austerity measures, which include further spending cuts and tax hikes. However, the ...




June 24, 2011

EU leaders agree to give Greece another €120bn

by Kay Mitchell
”EU
A second rescue package for Greece has been agreed, which is understood to be in the region of €120 billion. The money will come from its fellow euro zone nations, as well as the International Monetary Fund (IMF). The news of the deal sent stockmarkets higher this morning after the crisis-torn economy has been thrown another lifeline. London's FTSE 100 ...




June 23, 2011

Ireland’s economy grows in Q1

by Kay Mitchell
”Ireland’s
Figures today have revealed Ireland’s economy returned to growth in the January to March period, following a 1.4% contraction in the final quarter of last year. According to the Central Statistics Office, the economy grew by 1.3%, partly attributed to net exports, which grew 20% on an annual basis. However, consumer demand continues to be weak, falling by 1.9% in the quarter – the ...




June 20, 2011

European stocks down on Greece loan decision

by Kay Mitchell
”European
Euro zone finance ministers have failed to reach an agreement on Greece’s next loan instalment of €12 billion, which has sent European stocks down – with banking shares hit hardest. Ministers met in Luxembourg yesterday but delayed their decision on the fifth instalment of Greece’s €110 billion loan until the country introduces further austerity measures. A statement issued by the ministers ...




June 2, 2011

Moody’s downgrades Greece credit rating further

by Kay Mitchell
”Moody’s
Credit rating agency Moody’s has once again cut Greece’s credit rating by three notches into junk territory. The measures come after Moody’s said the country has a 50:50 chance of defaulting on its debts in the next five years. Moody’s said: "The first trigger for today's downgrade is Moody's view that Greece is increasingly likely to fail to stabilise its debt ratios within ...




May 17, 2011

IMF chief could face 25 year prison sentence

by Kay Mitchell
IMF chief could face 25 year prison sentence
Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF), could be sentenced to up to 25 years in prison if he is convicted of the most serious charge. Sixty-two-year-old Strauss-Khan was arrested at the weekend after being accused of sexually assaulting a hotel maid in New York. Mr Strauss-Kahn denies the charges and is being held, without bail, at New ...




May 12, 2011

IMF warns debt crisis could still spread

by Kay Mitchell
IMF warns debt crisis could still spread
The International Monetary Fund (IMF) has today warned that the euro zone debt crisis could still spread, despite bailouts for Greece, Ireland and Portugal. A report by the IMF said: "Contagion to the core euro area, and then onwards to emerging Europe, remains a tangible downside risk." There are already further fears for Greece after a recent meeting of euro zone ...




May 10, 2011

S&P cuts Greek credit rating by two notches

by Kay Mitchell
S&P cuts Greek credit rating by two notches
Rating agency Standard & Poor's (S&P) has today downgraded Greece's credit rating by two levels from BB- to B – the fourth cut by S&P since April 2010. The yield on Greek 10-year bonds surged to 15.7% - more than double the level of a year ago when the country was forced to accept an international bailout. The downgrade comes ...




April 26, 2011

Greek public deficit reaches 10.5% of GDP

by Kay Mitchell
Greek public deficit reaches 10.5% of GDP
According to statistics agency Eurostat, Greece's public deficit reached 10.5% of GDP at the end of 2010 – higher than the 9.5% forecast. The Greek finance ministry has previously attributed the larger deficit to a deeper than expected recession, which cut into tax revenues and social security contributions. The figures suggest the country continues to battle with high levels of ...