Euro Crisis

Italy’s economic minister has argued that greater action is required to resolve the Eurozone crisis. Addressing a parliamentary hearing in Rome Vittorio Grilli said that the European Union’s responses “are still not satisfactory”. Inadequate EU action and insufficient mechanisms have led to the continuing market instability, Mr Grilli argued. Whilst the European Stability Mechanism and […]

The International Monetary Fund (IMF) has warned the worst of the euro crisis may be yet to come, as it cut its global growth forecast again this week. The organisation warned predicted growth rates could be slashed further if Europe’s policy makers do not act fast enough, and/or with enough force to stamp out the region’s on-going debt crisis. The […]

Europe’s on-going financial crisis has impacted Asia’s 2012 economic performance, with China’s GDP growth rate falling to 7.6 per cent and Singapore’s economy contracting by 1.1 per cent in Q2. China’s slowdown, the country’s worst results in three years, has impacted the Australian economy. Making up over 25 per cent of their export market, China’s […]

European carmaker Peugeot Citroen has cited a “profound crisis” in Eurozone markets for the loss of 8,000 jobs and fall in demand. After suffering a 13% fall in Q1-2 2012 sales Phillipe Varin, said that “the depth and persistence of the crisis” had led to the reorganisation. Addressing the potential impact of the announcement Mr […]

Spanish Prime Minister Mariano Rajoy has announced a further range of spending cuts and tax increases designed to balances the country’s budget. Increasing sales tax to 21% and  a 3.5bn euro cut to local authority grants, the measures are in return for a Eurozone bailout of Spain’s troubled banking sector and an extension of deficit […]

The newly formed Greek government has won a vote of confidence in the Greek parliament providing a mandate to tackle the country’s on-going financial problems and stay within the eurozone. The Government, led by centre-right New Democracy leader Antonis Samaras, had a majority of 179 out of 300 in the Troika. Speaking before the vote […]

Markets fell across much of the globe yesterday, despite renewed efforts by central banks desperate to reignite struggling economies exposed to the Eurozone crisis. The Bank of England (BoE) announced its money printing pressses would be switched on once more –  with £50 bn of extra quantitative easing (QE) aiming to combat continued tight credit conditions and an “increased...

Former head of the International Monetary Fund Rodrigo Rato is due to appear in a Spanish court over accusations of criminal fraud relating to his involvement with mortgage lender Bankia. Bankia, which the Spanish government gained a controlling stake of in May, is only one of a number of banks facing legal cases. Novacaixagalicia, Banco […]

As IMF, ECB and European Commission officials meet in Greece to assess the initial success of the country’s recent bailout newly released PMI figures were announced showing that Germany’s service sector contracted in June. Falling to 49.99 from May’s 51.8 the figures indicate that the on-going euro crisis is having an impact on the currencies […]

Plans for an EU-wide banking union overseen by the European Central  Bank, (ECB), lack required details to ensure they succeed,  credit ratings agency Fitch warned yesterday. The EU banking reforms aim to break damaging links between banks and their national governments. Fitch’s managing director Bridget Gandy conceded guidance of the ECB “could help reinforce financial stability...