As European cut off all aid payments to Greece, the Euro has fallen to a three-week low. Asian stocks and U.S. equity futures also saw significant losses. German and French financial leaders now hold several emergency meetings in Cannes, France, and have withheld 8 billion euros of assistance. Greece was warned not to vote against…
Category Archives: Regional News
China to Enhance Cooperation with the EU
As the EU struggles to find a solution for its devastating financial crisis, China has repeatedly expressed its desire to boost cooperation between the countries. “China is willing to enhance cooperation with the EU and expand cooperation in the areas of trade, investment, technology and finance,” said Jiang Yu, Spokeswoman for the Chinese Foreign Ministry,…
European Finance Ministers Cancel Wednesday’s Meeting
According to an EU spokesperson, European finance ministers have cancelled the meeting set for Wednesday, but the conference of EU and Eurozone leaders will continue as planned. Sources told Reuters that the meeting, called Ecofin, was canceled because various details which were to be discussed have not yet been finalized. Poland, who currently holds the…
Nordea Bank’s Christian Clausen Disapproves of European Commission’s Tax Proposal
According to the head of Nordea Bank AB, the European Commission’s suggested financial-transaction tax will undoubtedly push business out of Europe and further hurt its economic recovery. The proposal has already been approved by both Germany and France. “Right now we have very fragile financial markets, we know the funding markets are not working,” said…
European Shares Rebound
EU nations have announced that they are putting efforts into recapitalizing banks, causing European shares to rebound this Wednesday. Earlier this morning, London’s FTSE 100 index of top shares increased 1.68% to 5,027.72 points. In Frankfurt, the DAX gained 1.57%, and in Paris the CAC 40 rose 2.16%. Milan, despite a three-notch fall by Moody’s,…
Germany Contributes 211 Euro to the EU
In a recent interview, Wolfgang Schaeuble, German Finance Minister, stated that Germany will not contribute any additional funds to the EU after the 211 billion euros which were approved by parliament. He said: “The European Financial Stability Facility has a ceiling of 440 billion euros (or $590 billion), 211 billion of which is down to…
Marshall Auerback: Greece to Default by End of This Year
In a conference in Dublin late last week, Marshall Auerback of Colorado-based Madison Street Partners stated that Greece will default by the end of the year. The statement came after Greek Finance Minister Evangelos Venizelos said an orderly default may occur in the near future. “I think it will default by December,” Mr. Auerback said….
China Pressures the West to Recognize it as a Full Market Economy
China has recently indicated that the western world must make more of an effort to recognize it as a market economy in order to receive additional aid in solving the debt crisis. Proper Leverage… The warning comes as countries such as Spain, Greece, Italy and Portugal turn to Beijing as a potential debt buyer. China,…
Europe’s Crisis Deepens as ‘Time Runs Out’
Finance ministers from all over Europe recently concluded a two-day meeting in Poland, but have failed to make considerable progress toward resolving the worsening debt crisis. Attending the meetings was Timothy Geithner, the US Treasury secretary, who rejected a European idea for a global tax on financial transactions. The proposal was then debated at length….
EU Copyright Protection Extended
The EU has just helped the economic situation of musicians by extending the current copyright protection laws from 50 to 70 years. During the vote, 17 voted in favor of the extension out of the 27 member states; Belgium, the Czech Republic, Luxembourg, the Netherlands, Romania, Slovakia, Slovenia and Sweden voted against; Austria and Estonia…
