Tag: Italy

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 | 0 Comments More
Italian Senate passes tough budget

Italian Senate passes tough budget

The Italian Senate has today passed a tough austerity budget, which proposes cuts of €48 billion (£42 billion) over the next three years. Senators voted 161 to 135 in favour of the measures. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. [...]

July 14, 2011 | 0 Comments More
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 €48 billion (£42 billion) over the next three years. The country’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 | 0 Comments More
Moody’s cuts Irish debt rating as second bailout looms

Moody’s cuts Irish debt rating as second bailout looms

July 13, 2011 | 0 Comments More
IMF: Italy must introduce spending cuts

IMF: Italy must introduce spending cuts

The International Monetary Fund (IMF) is urging Italy to introduce austerity measures to lower the country’s debt. Its warning comes as there are fears that the euro zone’s third largest economy could be dragged into the euro zone’s debt crisis as it has the second highest sovereign debt ratio in the region. As a result, [...]

July 13, 2011 | 0 Comments More
European stocks and euro down on contagion fears

European stocks and euro down on contagion fears

Fears for Italy becoming the next victim of the euro zone debt crisis sent stocks down today. The euro dived to a record low against the Swiss franc and fell to a four-month low against the Japanese yen. An emergency meeting took place today in Brussels as EU officials met to discuss the ongoing debt [...]

July 11, 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
Italy in spotlight as euro zone debt crisis fears continue

Italy in spotlight as euro zone debt crisis fears continue

European stock markets have lost ground today as the euro zone debt crisis continues and Italy becomes the latest nation to come under scrutiny. European stock markets were down earlier today with London’s FTSE, Germany’s Dax and France’s Cac 40 all losing between 1.6% and 1.9%, following falls in Asia earlier. Meanwhile, the euro slipped [...]

May 23, 2011 | 0 Comments More
Euro continues to fall over debt fears

Euro continues to fall over debt fears

The euro is continuing its slide against the US dollar over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis could spread to weaker economies, such as Portugal and Spain – despite reassurances from both countries that the recent Irish bailout will stabilise the euro [...]

December 1, 2010 | 0 Comments More
Contagion fears hit Italy and Belgium

Contagion fears hit Italy and Belgium

Fears have been mounting for Spain and Portugal over recent days as borrowing costs surge but spreads on Italian and Belgian bonds have now risen as Ireland’s bailout does little to reassure the markets. The euro continues to slide, hitting a two-month low of $1.31, while London’s FTSE dived nearly 118 points to 5,550. Nick [...]

November 30, 2010 | 0 Comments More
Euro zone Q3 growth slows

Euro zone Q3 growth slows

The European Union’s statistics office, Eurostat, has today revealed growth in the 16 countries that use the euro slowed in the third quarter. According to Eurostat, the euro zone grew 0.4% in the July to September period, compared with 1% in the second quarter. On an annual basis, growth was recorded at 1.9%. It follows [...]

November 12, 2010 | 0 Comments More
Italian growth slows in Q3

Italian growth slows in Q3

Official figures today showed Italian economic growth slowed in the July to September period. Italy’s statistics office, Istat, said the economy expanded by 0.2% in the third quarter, slowing from the 0.5% growth recorded in the second quarter. The growth rate was half the 0.4% expected by analysts. On an annual basis, meanwhile, the economy [...]

November 12, 2010 | 0 Comments More
France’s public debt soars to 80% of GDP

France’s public debt soars to 80% of GDP

Further concerns for euro zone debt was raised today after the national statistics bureau INSEE said France’s public debt rose to 80.3% of national output in the first quarter of the year. EU rules state that debt should not exceed 60% of GDP. According to INSEE, at the end of March, French gross public debt [...]

June 30, 2010 | 0 Comments More
Fresh violence as Greece embarks on 5th strike

Fresh violence as Greece embarks on 5th strike

Greece continues to rebel against tough austerity measures as the country embarked on its fifth general strike. Ferries, public transport and other state services came to a standstill to protest against Government plans to cut pension benefits and public servants’ pay. More than 15,000 people took to the streets in Athens and the northern city [...]

June 29, 2010 | 0 Comments More
Italians stage strike against tough austerity measures

Italians stage strike against tough austerity measures

Italian workers are the latest to stage strikes amid tough austerity measures, introduced by the country’s Government to bring its budget deficit down. The union, CGIL, called the strike, after cuts were made in funding for local Government, as well as the freezing of public sector pay. Protests were held in Rome, Milan and Bologna, [...]

June 27, 2010 | 0 Comments More
Italy approves €24bn austerity package

Italy approves €24bn austerity package

Italy is the latest euro zone nation to introduce a three-year austerity plan worth €24 billion (£20 billion), in a bid to bring its deficit down to below 3% of GDP by 2012 - from 5.3% currently. Greece, Spain and Portugal have already implemented tough austerity measures, but they have angered workers and led to [...]

May 26, 2010 | 0 Comments More
Global stock markets slump on euro debt

Global stock markets slump on euro debt

Stock markets across the world fell sharply today over ongoing fears about the debt crisis in the euro zone. London’s FTSE fell below the crucial 5,000 mark today to 4,939.6 points - its lowest level for eight months. Germany’s Dax index lost 2.7%, while France’s Cac 40 index fell 3.2%. Earlier in the day, Asian [...]

May 25, 2010 | 0 Comments More
Greece to receive first instalment of bailout

Greece to receive first instalment of bailout

The European Union has announced that the first tranche of financial aid will become available to Greece today. EU Economic and Monetary Affairs Commissioner, Olli Rehn, said €20 billion (£17.6 billion), from the EU and the International Monetary Fund (IMF), will be transferred on 18 May. The funds are designed to help Greece overcome its [...]

May 18, 2010 | 0 Comments More
Euro zone economy grows just 0.1% in Q4

Euro zone economy grows just 0.1% in Q4

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 [...]

February 14, 2010 | 0 Comments More
Italy’s recovery in doubt as economy contracts in Q4

Italy’s recovery in doubt as economy contracts in Q4

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 [...]

February 12, 2010 | 0 Comments More