News Tag: euro zone
March 18, 2010
The euro tumbled again today after Greek Prime Minister, George Papandreou, warned that Greece might have to seek help from the International Monetary Fund (IMF).
The currency fell to 1.3648 dollars, before recovering to 1.3692 dollars, however it was still down from 1.3735 dollars late in New York yesterday.
Today, Mr Papandreou told the EU parliament in Brussels: "This ...
Euro falls as Greece warns it could seek IMF help
by Kay Murchie
March 14, 2010
Industrial production in the euro zone exceeded expectations in January, posting growth of 1.7%, which represented the biggest monthly increase since records began in January 1990.
The increase boosted hopes that the 16-member bloc’s economic recovery is gathering pace.
It was recently revealed the euro zone economy grew by just 0.1% in the fourth quarter of 2009 but many ...
Euro zone industrial production in record growth in Jan
by Kay Murchie
March 11, 2010
Crisis-hit Greece has come to a standstill again today after workers staged the third general strike in as many weeks.
The further strike comes after austerity measures to rescue Greece’s debt-stricken economy angered Greek trade unions.
Greece is currently taking action to reduce its public deficit from 12% to 8% of GDP this year.
The country currently has the highest debt ...
Greece at standstill again in third general strike
by Kay Murchie
March 1, 2010
The European Union's statistics agency has today announced unemployment in the 16-member euro zone remained at 9.9% in January.
Unemployment rose by 38,000 during the month, leaving the unemployment rate flat at December's (downwardly-revised) 6-year high of 9.9%.
However, the amount of unemployment in the euro zone is at its highest since the single currency was introduced a decade ago, at almost ...
Euro zone unemployment rate unchanged at 9.9%
by Kay Murchie
February 16, 2010
Eurogroup chairman Jean-Claude Juncker has said the euro zone economy will grow by about 1% in 2010.
The chief of the 16-member nation, who is also Luxembourg's Prime Minister, said: "Growth is on the path of consolidation but growth in 2010 will be fragile, moderate."
The euro zone has hit the headlines over the last few weeks due to the severe ...
Euro zone expects growth of 1% in 2010
by Kay Murchie
February 15, 2010
Greece clashed with the European Commission in Brussels today over its tough austerity measures, which will see the debt-stricken economy tackle its spiralling debts.
Prior to a meeting with euro zone finance ministers in Brussels today, Greece’s Finance Minister, George Papaconstantinou, said the EU needed to show more support to Greece instead of questioning its measures.
Mr Papaconstantinou said: "We're trying ...
Greece clashes with EU over austerity measures
by Kay Murchie
Japanese economy expands 1.1% in Q4
by Kay Murchie
February 14, 2010
Official figures have revealed the euro zone economy grew just 0.1% in the final three months of 2009, suggesting the economic recovery is faltering.
The news came after poor GDP figures from the euro zone’s largest economies. Germany, which is the euro zone‘s largest economy, said GDP remained flat in the three month period, with growth unchanged compared with the ...
Euro zone economy grows just 0.1% in Q4
by Kay Murchie
February 12, 2010
The euro zone’s woes appear to be far from over today after the area’s third largest economy, Italy, unexpectedly contracted by 0.2% in the final three months of 2009, causing concern over its economic recovery.
The news comes shortly after Germany, which is the euro zone‘s largest economy, said GDP remained flat in the three month period, with growth ...
Italy’s recovery in doubt as economy contracts in Q4
by Kay Murchie
February 11, 2010
Greece’s national statistics service, NSS, has today revealed the country’s unemployment rate rose from 9.8% in October to 10.6% in November.
There are now more than half a million people unemployed in the country.
The figures come prior to the EU summit meeting in Brussels today, which will see European leaders discuss the issues facing Greece.
Greek Prime Minister, George Papandreou, ...
Greece’s woes continue as unemployment rate hits 10.6%
by Kay Murchie
Spanish economy contracts for seven consecutive quarters
by Kay Murchie
February 8, 2010
Greek unions have today vowed to strike on Wednesday to protest against the Government’s austerity measures.
Last week, Greek Prime Minister, George Papandreou, announced tough austerity measures to tackle the country’s spiralling debt. Measures include a public sector pay freeze, a hike in taxes and an increase to the retirement age.
Spyros Papaspyros, president of the ADEDY public sector union, ...
Greek unions prepare for 24-hour strike amid austerity measures
by Kay Murchie
Ex-IMF economist warns on UK debt
by Kay Murchie
February 3, 2010
Eurostat has today revealed retail sales in the euro zone were unchanged in December from January.
The figures disappointed analysts who had expected a 0.4% rise in which is traditionally the busiest month of the year for retailers.
The latest figures highlight the fragile state of the economy and weak consumer demand.
On an annual basis, Eurostat said sales fell 1.6% ...
Euro zone retail sales flat in December
by Kay Murchie
Greece unveils measures to cut soaring debt
by Kay Murchie
January 29, 2010
Figures from Eurostat have today revealed that the number of people unemployed across the euro zone grew to 15.8 million in December.
The latest figures mean that the unemployment rate across the 16 countries that use the euro is 10% - the highest rate since 1999.
Analysts believe that the unemployment rate will continue to rise across the region in ...
Euro zone unemployment rate reaches 10%
by Kay Murchie
January 14, 2010
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% for the eighth consecutive month, as widely expected.
Interest rates are expected to remain on hold for the long-term as a result of uneven growth and low inflation.
The euro zone as a whole emerged from recession in the third quarter after ...
Euro zone interest rates on hold at 1%
by Kay Murchie
December 24, 2009
In an attempt to reduce its high levels of debt, the Greek parliament is to embark on major budget cuts.
Greece, which is the euro zone’s weakest economy, has the highest debt of the 16-member bloc.
Currently, its public debt stands at €300 billion (£268 billion).
Concerns of the sheer size of Greece’s debt led international ratings agency, Standard & Poor’s, to cut ...
Greek parliament unveils plans to reduce debt
by Kay Murchie
December 3, 2009
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% for the seventh consecutive month, as widely expected.
ECB president, Jean-Claude Trichet, told reporters at a news conference that the euro zone economy is expected to grow at a moderate pace in 2010.
He also added that some of the ECB's liquidity ...
Euro zone interest rates on hold at 1%
by Kay Murchie
November 30, 2009
Consumer prices in the euro zone rose for the first time in seven months in November, according to figures released today by Eurostat.
Prices rose by 0.6% in the 12 months to November after a 0.1% decline in October. It is welcome news for the economy after analysts feared that the 16-nation euro zone was heading for a sustained period of deflation.
A ...
Euro zone CPI rises in November
by Kay Murchie
