Tag: EU

EU stress test results better than expected

EU stress test results better than expected

The European Banking Authority (EBA) said eight out of 90 European banks failed the recent stress tests. The latest round of tests arose after last year’s failed to reveal the weakness among banks in Ireland and have been conducted to ensure banks have enough capital to cope with difficult economic situations, such as recession. The [...]

July 18, 2011 | 0 Comments 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. 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 [...]

July 11, 2011 | 0 Comments More
Greek PM faces confidence vote

Greek PM faces confidence vote

Later today, Greece’s Prime Minister, George Papandreou, faces a confidence vote after the crisis-torn country needs to introduce further austerity measures in order to avoid the euro zone’s first sovereign debt default. EU leaders are insistent that the PM secure support for the measures that are a condition of the latest instalment of financial aid. [...]

June 21, 2011 | 0 Comments More
Portugal in bailout talks

Portugal in bailout talks

After months of speculation, it has been announced that Portugal will seek financial help. EU finance ministers are set to meet in Hungary this week when the bailout will be discussed. Portuguese borrowing costs rose to more than 10% this week – the first time since the introduction of the euro. A surge in borrowing [...]

April 7, 2011 | 0 Comments More
EU commences bank stress tests

EU commences bank stress tests

The EU has commenced a new round of stress tests after last year’s failed to reveal the weakness among banks in Ireland. The latest tests, which will be headed up by the new European Banking Authority (EBA), are expected to be tougher and may include a liquidity test. However, regulators have yet to agree to [...]

March 7, 2011 | 0 Comments More
Euro zone unemployment rate remains unchanged at 10%

Euro zone unemployment rate remains unchanged at 10%

The European Union’s statistics agency has today announced the unemployment rate in the 17-member euro zone remained stuck at 10% in December. According to Eurostat, 15.7 million people were unemployed in the euro zone during the month. Unemployment remains high in Spain - at above the 20% mark - but continues to fall in Germany, [...]

February 1, 2011 | 0 Comments More
Portugal under scrutiny as bailout pressure increases

Portugal under scrutiny as bailout pressure increases

There is speculation that Portugal is, once again, under pressure to seek a bailout in order to prevent the euro zone debt crisis spreading further. The country’s borrowing costs continue to surge – mimicking what happened in Greece and Ireland – just before they were forced to seek emergency aid. However, Portugal continues to deny [...]

January 10, 2011 | 0 Comments More
Moody’s slashes Ireland credit rating five notches

Moody’s slashes Ireland credit rating five notches

December 17, 2010 | 0 Comments More
EU summit to tackle debt crisis contagion fears

EU summit to tackle debt crisis contagion fears

European Union leaders are to meet in Brussels today to discuss the necessary action to avoid the debt crisis spreading to weaker euro zone nations, such as Portugal, Spain and Belgium. The two-day summit will see leaders back the permanent crisis-resolution mechanism from 2013 - a deal struck last month by EU finance ministers. They [...]

December 16, 2010 | 0 Comments More
Portugal reiterates it does not require financial assistance

Portugal reiterates it does not require financial assistance

Portugal has, once again, denied that it does not require an EU bailout as speculation mounts that it will follow Greece and Ireland and request emergency funds. The euro has been falling over recent days over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis [...]

December 1, 2010 | 0 Comments More
Euro zone unemployment rate at 12-year high

Euro zone unemployment rate at 12-year high

The European Union’s statistics agency has announced the unemployment rate in the 16-member euro zone hit 10.1% in October - the highest since July 1998. This time last year, the rate stood at 9.9%. According to Eurostat, 15.95 million people were unemployed in the euro zone during the month, with the figure rising by 80,000. [...]

November 30, 2010 | 0 Comments More
EU dismisses reports of Portugal seeking bailout

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 [...]

November 26, 2010 | 0 Comments More
Greece set to receive third instalment of rescue loan

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 [...]

November 23, 2010 | 0 Comments More
Irish bailout brings political uncertainty

Irish bailout brings political uncertainty

The emergency bailout for Ireland has resulted in political uncertainty after the Green Party (a partner in the Government) called for a general election. The Green Party’s leader, John Gormley, said: “We have now reached a point where the Irish people need political certainty to take them beyond the coming two months. “So, we believe [...]

November 22, 2010 | 0 Comments More
IMF-EU officials investigate Ireland’s books

IMF-EU officials investigate Ireland’s books

As Ireland looks set to accept a multi-billion euro loan, the International Monetary Fund (IMF) and EU officials have commenced their investigation of Ireland’s bank books. Yesterday, Governor of the Irish central bank, Patrick Honohan, said the country is expected to accept a “very substantial loan”. The news comes as speculation has been mounting all [...]

November 19, 2010 | 0 Comments More
Officials work to resolve Ireland‘s banking crisis

Officials work to resolve Ireland‘s banking crisis

There were fresh fears for the euro today after it emerged that the International Monetary Fund (IMF) could be called in to assist the euro zone in resolving the banking crisis in Ireland. Ireland’s Prime Minister, Brian Cowen, has again, however, reiterated that his country has not asked for emergency funds and said the economy [...]

November 16, 2010 | 0 Comments More
Ireland looks to banks for bailout

Ireland looks to banks for bailout

There is speculation that Ireland is looking to its banks for emergency funding - the Irish Independent reported on Monday. The report comes as Ireland’s Government continues to reject claims that it is seeking emergency financial support via the EU rescue fund – established by European Governments and the International Monetary Fund after the Greek [...]

November 15, 2010 | 0 Comments More
Talks of Irish bailout denied

Talks of Irish bailout denied

Ireland’s Government continues to reject claims that it is seeking emergency financial support via the EU rescue fund - established by European Governments and the International Monetary Fund after the Greek debt crisis earlier this year. There have been reports over the weekend that Irish officials have already held discussions with the European Financial Stability [...]

November 14, 2010 | 0 Comments More
Markets recover on Irish bailout talks

Markets recover on Irish bailout talks

Talks of an EU bailout for Ireland triggered a recovery in shares today, while yields on 10-year Irish bonds also fell back on emergency funding speculation. Earlier today, UK and Europe stock markets followed losses in Asia and the US overnight after Irish borrowing costs surged to record highs. However, claims that Ireland will have [...]

November 12, 2010 | 0 Comments More
City bankers to face even tougher regulations under EU proposals

City bankers to face even tougher regulations under EU proposals

Under new proposals being drawn up Europe’s top regulators, there are set to be new restrictions on bankers’ bonuses - which are being described as the biggest clampdown ever seen in the banking industry. The proposals are much harsher than regulations in the US, and if introduced, will result in an overhaul of pay policies [...]

October 8, 2010 | 0 Comments More