Dublin: 8 °C Saturday 23 September, 2023

# Debt Crisis

All time
Cyprus close to deal on becoming fourth bailed-out Eurozone country
The finance minister of Cyprus says the last few difference on a Troika bailout are “bridgeable”.
Spanish police protest cuts in Madrid
Hundreds of Spanish police officers protested outside the interior ministry today to denounce budget cuts and the elimination of benefits.
Spain goes to polls in two crucial local elections
Elections are taking place in the Basque Country – the first since ETA renounced violence – and Mariano Rajoy’s home area of Galicia.
Portugal government faces backlash over austerity
Demonstrators gathered outside Parliament after the Finance Minister announced his plans to introduce steep tax increases.
Euro crisis based on 'design flaws' in monetary union, conference told
An economics conference in Galway is told the Eurozone’s debt crisis is based on a ‘deeply flawed institutional architecture’.
Van Rompuy: Ireland could get deal on bank debts before new watchdog
The President of the European Council says the European banking supervisor doesn’t need to be finalised for the ESM to invest in banks.
Portugal criticises tardy European Central Bank
The ECB “arrived late” to attend to the debt crisis in the eurozone, accuses Portuguese president Anibal Cavaco Silva.
EU report says Irish homes hit second-hardest by economic slump
Disposable incomes in Irish households fell by more than in every other EU country between 2009 and 2011 – except for Greece.
Spain to announce Budget - with €39bn of cuts on the table
Prime minister Mariano Rajoy will hope that the hard-hitting Budget will soften the terms of any prospective bailout.
Shares fall amid protests against austerity in Athens and Madrid
Protests on the streets of Spain and Greece have spooked the markets.
Kenny shrugs off impact of trilateral statement on banking deal
Enda Kenny says last night’s statement from the ministers of Finland, Germany and the Netherlands does not change EU policy.
Andalucía Masters cancelled due to Spanish economic woes
George O’Grady of the European Tour has laid the blame at the door of the region’s government.
Free advice to be given to distressed mortgage holders
A panel of 1,000 accountants – paid for by the banks – will become available to mortgage holders from the middle of this month.
Poland and Bulgaria shelve plans to join Eurozone
The Eurozone debt crisis and the likelihood of a double-dip recession mean little appetite for joining the single currency.
Germany to seek new EU treaty on budget rules - report
Germany’s Der Spiegel magazine says the federal government wants a convention on a new treaty this December.
European leaders begin week of crucial meetings on Greece's future
The week began today with a meeting of Greece and Germany’s foreign ministers, which ended with stern words from Germany.
See-sawing: exports fall in June after May bounce back
A disappointing April was followed by an improved May but June’s exports fell back once more.
Eurozone and EU economies shrank in second quarter of 2012
Figures compiled by Eurostat show that economic output in both the eurozone, and the EU as a whole, is down.
Fall in German exports causes concern over European crisis
Imports were 3 per cent lower in June, following a 6.2 per cent increase the previous month.
S&P: Return to markets is promising - but we won't increase Ireland's rating
The return to the bond markets is “an indication of progress”, it says – but the cost of borrowing is still way too high.
"Stay out of the eurozone", top Austrian banker tells Czechs
“The Czech Republic now finds itself in a good situation. It has its own currency and its own monetary policy,” said Andreas Treichl.
Italian PM Monti sees light at the end of tunnel for Italy, EU
Mario Monti said that the breakthrough summit of European leaders at the end of June had been crucial in resolving the eurozone crisis.
Auditors to stay in Greece until new reforms are ready
Auditors from the EU, IMF and the European Central Bank are to stay in Greece until a credible reform programme is formed.
Merkel and Monti pledge to protect eurozone
Germany and Italy’s leaders have pledged to do everything to protect the eurozone – but have not outlined any specific action.
Explainer: Why is Spain under so much financial pressure?
The cost of borrowing for Spain keeps getting higher – fuelling rumours of needing a full-on bailout.
Spain ‘discussed €300bn bailout with Germany’ – Reuters report
Reuters says a Spanish minister broached the idea on Tuesday. If they’re right, Ireland could be hit with a bill for €4.77 billion.
Mario Draghi: The ECB will do "whatever it takes" to save the euro
Stock markets around the world rocketed after the usually reserved ECB president insisted the euro would not be abandoned.
Greens tell Gilmore: 'You'll need to convince German allies on bank deal'
The Green Party points out that Labour’s sister party in Germany is opposed to letting banks borrow straight from the ESM.
No split between banks and sovereign - for now - as Spain secures bailout
The assistance – of up to €100 billion – comes with terms and conditions, while banks and the sovereign haven’t been split just yet.
Huge protests erupt across Spain against €65bn austerity cuts
Workers have taken to the streets decrying “robbery”, on the eve of a teleconference to secure Spain’s €100bn bailout.
In photos: Six demonstrators hospitalised after Madrid clashes
Six people were hospitalised and several arrested in yesterday after police fired rubber bullets at crowds demonstrating against severe new austerity measures.
Merkel to meet with Italian PM Monti over eurozone crisis
Monti has been a prominent advocate for growth policies, but rejected suggestions of deep differences between himself and Merkel.
Explainer: What did the EU leaders agree overnight in Brussels?
The leaders of the Eurozone countries have agreed to allow bailout funds be used by banks. What’s it all about?
Gilmore says new eurozone deal is a 'game-changer' for Ireland
The Tánaiste has also said that it reduces the chances of Ireland needed a second bailout.
Taoiseach: Irish debt burden on the tax-payer to be 're-engineered'
An agreement overnight at a last minute summit in Brussels means that eurozone banks can be bailed out directly from the ESM.
Merkel blasts ‘fake solutions’ as EU leaders head to Brussels
The German chancellor says short-term measures to stop Spain and Italy from going under won’t cut it.
Spain formally requests €100 billion rescue loan
Spain’s government views loan offer “very favourably”, according to letter sent to Jean-Claude Juncker.
EU leaders will discuss plans to integrate national budgets - report
Reuters says a document being prepared for Brussels also discusses banking union and deeper economic integration.
Four biggest Eurozone countries to push for €130 billion stimulus
France, Germany, Italy and Spain agree to lobby for a €130 billion growth plan at next week’s summit in Brussels.
Brussels made 17 errors translating the ESM Treaty into Irish
Dáil approval was needed this week to correct 17 grammatical mistakes, and typos, in the Irish version of the Treaty.