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EU
EU Says Portugal Needs About $114 Billion in Aid
By not in system - AOL NewsGODOLLO, Hungary -- Europe's top financial officials said Friday that Portugal will need around euro80 billion ($114 billion) in rescue loans, but a tense election campaign in the debt-ridden country is set to complicate reaching a deal with opposing political parties. A full-fledged adjustment program should be in place by mid-May, allowing the debt-ridden country to meet huge bond repayments in June, the EU's Monetary Affairs Commissioner Olli Rehn said. Virginia Mayo, AP European Central Bank President Jean-Claude Trichet speaks at a media conference after a meeting of Eurogroup ...
Tables Turned: Microsoft Asks EU to Investigate Google [VIDEO]
By not in system - AOL News...
EU to Apply Stress Tests on Its Nuclear Plants
By not in system - AOL NewsBRUSSELS -- Shocked into action by Japan's atomic crisis, European energy officials agreed Tuesday to apply stress tests on nuclear power plants and Germany moved to switch off seven aging reactors - one of them permanently. The European Union's energy chief called for a reassessment of the 27-nation bloc's energy policy, and questioned what role nuclear power should have in the future. "We have to ask ourselves: Can we in Europe, within time, secure our energy needs without nuclear power plants?" EU Energy Commissioner Guenther Oettinger told German ARD television. Yves Logghe, ...
US, Europe Intensify Efforts to Isolate Gadhafi
By not in system - AOL NewsWASHINGTON -- The United States and European allies intensified efforts to isolate Libyan leader Moammar Gadhafi on Monday, redoubling demands for him to step down, questioning his mental state and warning that those who stay loyal to him risk losing their wealth and being prosecuted for human rights abuses. Europe, which buys most of Libya's oil exports, outlined fresh sanctions to force the dictator to stop attacks on civilians and step down after 42 years of iron-fisted rule. The European Union issued travel bans and an asset freeze against senior Libyan officials, and ordered an arms ...
EU Launches Antitrust Probe Into Google Searches
By not in system - AOL NewsBRUSSELS (Nov. 30) - European Union regulators will investigate whether Google Inc. has abused its dominant position in the online search market - the first major probe into the online giant's business practices. The move announced Tuesday follows complaints from rival search engines that Google put them at a disadvantage in both its regular and sponsored search results, by listing links to their sites below references to its own services in an attempt to shut them out of the market. The EU Commission will also see whether Google prevented advertising partners from placing ads from ...
How the Celtic Tiger Lost Its Stripes
By Theunis Bates - AOL News
LONDON (Nov. 18) -- The governor of the Central Bank of Ireland announced today that his debt-addled country would almost certainly accept a loan worth tens of billions of dollars from the European Union and the International Monetary Fund in the coming days. But why does the country -- until 2008 known as the Celtic Tiger for its roaring economy -- need to borrow so much cash? Here's a guide to the Emerald Isle's financial woes. How did the country end up in such a mess? Ireland's economy took off in the 1990s thanks to its ultra-low corporate tax rate, which lured major multinationals like ...
Economist: US and Ireland Both Fell Prey to Real Estate Market
By Paul Wachter - AOL News(Nov. 18) -- Ireland is looking squarely in the face of a rescue package of "tens of billions" of euros today. Sound familiar? It should. As was the case in the United States when the government bailed out Wall Street banks to save the American economy, many in Ireland are displeased with the idea. But the Irish have a historical precedent behind their ire. The Irish Times maintains in its lead editorial that this is a shameful time for Ireland: It may seem strange to some that The Irish Times would ask whether this is what the men of 1916 died for: a bailout from the German chancellor ...
Ireland Resisting Pressure to Accept Huge EU Bailout
By Theunis Bates - AOL NewsLONDON (Nov. 15) -- The European Union is drawing up a possible $110 billion bailout plan to help Ireland rescue its ailing banking sector, despite repeated claims by the Irish government that the debt-ridden nation doesn't need any outside help. Reports of a bailout first emerged this weekend, when it was revealed that Irish finance ministry officials were holding informal talks with senior EU representatives over a rescue package of $80 billion to $110 billion. A government spokesman acknowledged today that a meeting had taken place with "international colleagues" over the country's debt ...
Italy Splurged EU Funds on Elton John Concert
By Steven Hoffer - AOL News(Nov. 11) -- The European Union is just not feeling the love from Italy tonight. More than a year after Sir Elton John's Piedigrotta Festival performance in Naples, European Union officials are a bit concerned about the 750 million euros in EU funds that were used to put on the British singer-songwriter's concert. The EU provided the money to the Campania region, which includes Naples, as a culture subsidy to support local music, crafts and cuisine. "We know EU funds were used for this concert, and we are looking into it to see if it was eligible," an EU spokesman told the U.K.'s Guardian. ...
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