Tag: EU summit

EU agrees to set up permanent euro zone bailout fund

EU agrees to set up permanent euro zone bailout fund

At yesterday‘s EU summit, leaders agreed to establish a permanent mechanism to bailout any nation whose large public deficits threaten the 16-member euro zone. The agreement comes after Greece and Ireland have already been the recipients of multi-billion euro bailouts from the European Union and the International Monetary Fund. EU President Herman Van Rompuy said [...]

December 17, 2010 | 0 Comments More
Bank of England warns over euro zone debt crisis

Bank of England warns over euro zone debt crisis

In its latest half-yearly Financial Stability Report, the Bank of England has highlighted the uncertainty surrounding the euro zone debt crisis - suggesting it could be a threat to UK banks. The central bank expressed its concern for the ongoing debt situation in the 16-member nation - primarily because UK banks have significant investments in [...]

Euro up after Greece aid package

Euro up after Greece aid package

The euro has recovered from a 10-month low today after the two-day EU summit, which commenced in Brussels yesterday, saw a deal reached to help Greece through its debt crisis. According to Brussels, the package will total €22 billion (£20 billion) and will include help from the International Monetary Fund (IMF). So far the euro [...]

March 26, 2010 | 0 Comments More
EU summit agrees bailout for Greece

EU summit agrees bailout for Greece

The two-day EU summit, which commenced in Brussels today, saw a deal reached to help Greece through its debt crisis. According to Brussels, the package (which has yet to be approved by other euro zone nations) will total €23 billion (£21 billion) and will include help from the International Monetary Fund (IMF). The two-day summit [...]

March 25, 2010 | 0 Comments More
Uncertainty in Greece pushes euro to 10-month low against dollar

Uncertainty in Greece pushes euro to 10-month low against dollar

The ongoing uncertainty in Greece has pushed the euro to a 10-month low against the dollar as European Union leaders prepare for a two-day summit in Brussels today. The currency fell to $1.333 - its lowest level since May last year, while it also lost 0.3% against the pound to 89.338 pence. As well as [...]

Euro continues to lose value amid Greek debt crisis

Euro continues to lose value amid Greek debt crisis

The euro continues to lose value as investors remain concerned about a solution for Greece’s fiscal problems. The currency fell to a record low of 1.4232 francs on trading platform EBS, while falling to an all-time low against the Australian dollar to $1.4654. Against the US dollar, it fell to $1.3459 - close to a [...]

March 24, 2010 | 0 Comments More
Greece’s woes continue as unemployment rate hits 10.6%

Greece’s woes continue as unemployment rate hits 10.6%

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 [...]

February 11, 2010 | 0 Comments More