Tag: bailout

Government on track to beat borrowing target

Government on track to beat borrowing target

The government expects to either achieve or exceed its target of borrowing no more than A?127bn this year, after recording its biggest surplus for four years in January. In the tax year to date the government has borrowed A?93.5bn and in January it made a net repayment of A?7.75bn, excluding financial interventions. Although a surplus […]

February 21, 2012 More
Irish economy sees strong growth in Q2

Irish economy sees strong growth in Q2

Figures today have revealed Irelanda��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 […]

September 23, 2011 More
Global stocks down on euro zone and recession fears

Global stocks down on euro zone and recession fears

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 […]

September 5, 2011 More
Euro zone summit approves fresh Greek bailout

Euro zone summit approves fresh Greek bailout

Euro zone leaders met in Brussels yesterday and have agreed a further a��109 billion (A?96.3 billion) bailout for debt-laden Greece. A further a��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 Japana��s Nikkei closing […]

July 22, 2011 More
Germany and France reach agreement on second Greek bailout

Germany and France reach agreement on second Greek bailout

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 […]

July 21, 2011 More
IMF: Action must be taken to prevent debt crisis

IMF: Action must be taken to prevent debt crisis

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 Spaina��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 […]

July 19, 2011 More
Spain’s borrowing costs up on debt crisis worries

Spain’s borrowing costs up on debt crisis worries

Italy to vote on austerity measures to reduce debt

Italy to vote on austerity measures to reduce debt

In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of a��48 billion (A?42 billion) over the next three years. The countrya��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 […]

July 14, 2011 More
Moody’s cuts Irish debt rating as second bailout looms

Moody’s cuts Irish debt rating as second bailout looms

July 13, 2011 More
EU officials in meeting to discuss euro zone contagion fears

EU officials in meeting to discuss euro zone contagion fears

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. Germanya��s DAX 30 lost 0.68% to 7,352.73, while Francea��s CAC 40 was down 0.89% to 3,878.60. Londona��s FTSE was 0.2% lower at 5,977.31. The meeting has been arranged as […]

July 11, 2011 More
Moodya��s downgrades Portugal’s debt to junk status

Moodya��s downgrades Portugal’s debt to junk status

July 6, 2011 More
Greece will receive fifth tranche of bailout loan

Greece will receive fifth tranche of bailout loan

Euro zone finance ministers have approved the latest instalment of financial aid for Greece. The latest tranche of a��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 […]

July 3, 2011 More
EU leaders agree to give Greece another a��120bn

EU leaders agree to give Greece another a��120bn

A second rescue package for Greece has been agreed, which is understood to be in the region of a��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 […]

June 24, 2011 More
Irelanda��s economy grows in Q1

Irelanda��s economy grows in Q1

Figures today have revealed Irelanda��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 […]

June 23, 2011 More
European stocks down on Greece loan decision

European stocks down on Greece loan decision

Euro zone finance ministers have failed to reach an agreement on Greecea��s next loan instalment of a��12 billion, which has sent European stocks down a�� with banking shares hit hardest. Ministers met in Luxembourg yesterday but delayed their decision on the fifth instalment of Greecea��s a��110 billion loan until the country introduces further austerity measures. […]

June 20, 2011 More
Moodya��s downgrades Greece credit rating further

Moodya��s downgrades Greece credit rating further

Credit rating agency Moodya��s has once again cut Greecea��s credit rating by three notches into junk territory. The measures come after Moodya��s said the country has a 50:50 chance of defaulting on its debts in the next five years. Moodya��s said: “The first trigger for today’s downgrade is Moody’s view that Greece is increasingly likely […]

June 2, 2011 More
IMF chief could face 25 year prison sentence

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 […]

May 17, 2011 More
IMF warns debt crisis could still spread

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 […]

May 12, 2011 More
S&P cuts Greek credit rating by two notches

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 a�� 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 […]

May 10, 2011 More
Greek public deficit reaches 10.5% of GDP

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 a�� 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 […]

April 26, 2011 More