Tag: Greece

UK manufacturing activity recovers in September

UK manufacturing activity recovers in September

The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managersa�� index (PMI) has today revealed UK manufacturing activity bounced back last month. The closely-watched CIPS/Markit manufacturing PMI rose to 51.1 in September from Augusta��s reading of 49.4. Activity has contracted for the last three months and todaya��s survey means the index has moved back […]

October 3, 2011 More
Euro zone growth will slow but no recession

Euro zone growth will slow but no recession

The European Commission has today warned that euro zone growth will almost grind to a halt in the second half of the year. Its prediction comes amid the ongoing debt crisis in the 17-member region. It slashed growth forecasts for the third quarter to 0.2%, while growth for the final quarter has been revised down […]

September 15, 2011 More
French economic growth at zero in Q2

French economic growth at zero in Q2

Francea��s economic growth showed a reading of zero in the April to June quarter, compared with 0.9% in the previous three months, according to Insee, the national statistical agency. The reading was short of forecasts of a 0.3% rise for the quarter. The lack of growth was attributed to a fall in household consumption, which […]

August 12, 2011 More
Moody’s warns of Spanish downgrade

Moody’s warns of Spanish downgrade

July 29, 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
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
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
Greek parliament approves fresh austerity measures

Greek parliament approves fresh austerity measures

Greecea��s parliament has today approved the fresh round of austerity measures a�� designed to save the country from defaulting on its debts. The measures were one of the conditions of the next instalment of its bailout loan. MPs passed the measures by 155 votes to 138. The latest austerity measures will according to Prime Minister […]

June 29, 2011 More
Euro zone economic confidence index falls in June

Euro zone economic confidence index falls in June

Greecea��s debt crisis continues to knock confidence after an index by the European Commission revealed sentiment fell to 105.1 in June from 105.5 in May a�� the lowest reading since October 2010. The fall has been attributed to the problems in Greece as EU leaders put together a second bailout package for the crisis-torn economy. […]

Greece hit by further 48-hour general strike

Greece hit by further 48-hour general strike

Protesters have gathered on the streets of Athens today as a 48-hour general strike commences, which will see the country come to a virtual standstill. Apart from the metro, no public transport is operating as many people opt to join the fourth general strike called this year by the country’s two largest unions. The general […]

June 28, 2011 More
Oil prices fall further over global concerns

Oil prices fall further over global concerns

Oil prices have fallen further as investors continue to worry about the weak US recovery and Greecea��s debt woes. Today, Brent crude for August delivery fell $2.95 to $102.72 a barrel, while US light, sweet crude dropped $1.13 cents to $90.14 a barrel. The US economy continues to struggle amid stubbornly high unemployment and a […]

June 27, 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
Greek PM survives confidence vote

Greek PM survives confidence vote

Greek Prime Minister George Papandreou last night survived a crucial confidence vote by 155 to 143. EU leaders were insistent that Mr Papandreoua��s new cabinet secure support for new austerity measures that are a condition of the latest instalment of financial aid for the country. MPs will now have to approve the next round of […]

June 22, 2011 More
Greek PM faces confidence vote

Greek PM faces confidence vote

Later today, Greecea��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 More
Euro zone debt crisis could affect UK recovery

Euro zone debt crisis could affect UK recovery

Treasury Minister, Mark Hoban, has today said the ongoing a�?instabilitya�? in the euro zone could hold back the recovery of the UK economy. While banks in the UK only have a small exposure to Greek debt compared with France and Germany, it could still have a considerable impact on the economy. Mr Hoban was responding […]

June 20, 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. […]

IMF downgrades UK economic growth

IMF downgrades UK economic growth

The International Monetary Fund (IMF) has warned of risks facing the world economy. However, on a positive note, it maintained its global growth forecasts, expecting the world economy to grow at a rate of 4.3% this year and 4.5% in 2012. In its World Economic Outlook, it upgraded its growth forecast for Germany from 2.5% […]

June 18, 2011 More
Greek yields up on Wolfgang Schaeuble comments

Greek yields up on Wolfgang Schaeuble comments

Germanya��s Finance Minister, Wolfgang Schaeuble, has said Greece is at a�?riska�? of default if funds are not provided soon. In a letter dated 6 June to the European Central Bank and the International Monetary Fund (IMF), the Minister said a new package was required as the current one is “insufficient”. “A return by Greece to […]

June 8, 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