Greeks Withdraw $1 Billion a Day Ahead of Vote
Greeks pulled their cash out of the banks and stocked up with food ahead of a cliffhanger election on Sunday that many fear will result in the country being forced out of the euro....
Category: Europe
The Perils of Ignoring History: The Prospect of History Repeating Itself
The European Union was created to avoid repeating the disasters of the 1930s, but Germany, of all countries, has failed to learn from history. As the euro crisis escalates, Berlin should remember how the banking crisis...
EU discuss ‘limiting ATM withdrawals’ and other contingency plans
European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro. EU...
Austrian minister says Italy too may need bailout
(Reuters) – Raising the stakes in Europe’s debt crisis, Austria’s finance minister said Italy may need a financial rescue because of its high borrowing costs, drawing a furious rebuke on Tuesday from the Italian prime minister....
Raw Video: Spanish Miners Strike Turns Violent
(multimedia) Spanish miners cut off a highway, use homemade rocket launchers in the northern province of Asturias on Tuesday as part of nationwide strike action by unions opposed to government cuts. (June 12)
The United States of Europe
European leaders have long insisted they will do everything to save the euro. Now, a plan is forming that would dramatically change the architecture of the European Union. Brussels would be granted a significant...
In Greece, a painful return to country roots
(Reuters) – Thirteen years after abandoning rural Greece for a career in graphic design, Spiridoula Lakka finds herself in the last place she expected to end up – watering a patch of lettuce and...
Spain Downgraded To BBB
Fitch Ratings cut Spain’s long-term credit rating to BBB and left it two notches from junk, citing the cost of recapitalizing the country’s banking industry and a lengthening recession. Spain, which saw its rating lowered from...
Spain in eurozone crisis crosshairs
STORY HIGHLIGHTS Spain, a eurozone behemoth, is in the crosshairs of Europe’s financial crisis The country faces soaring borrowing costs, a banking system in disarray and high unemployment rates If such a major economy...
Merkel backs calls for European ‘banking union’
GERMAN CHANCELLOR Angela Merkel has backed calls for the creation of a European “banking union” to regulate systemic European banks – but not if it opens the door to mutualised euro zone debt. Amid...
