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EuroZone
E.U. Leaders Promise $957 Billion Rescue Package for Euro Zone
By David Sessions - Politics DailyIn a meeting that extended into the early hours of Monday morning in Brussels, European leaders agreed on a plan to inject nearly $1 trillion into the continent's economy to help struggling nations like Greece and Portugal, the New York Times reports. The package will deliver $560 billion in new loans and $76 billion under an existing lending program. The International Monetary Fund plans to contribute up to $321 billion, for a total of $957 billion. The European Central Bank also reversed its previous position and agreed to purchase government and corporate debt. The U.S. Federal Reserve ...
As Greek Debt Is Deemed Junk, Fears Multiply
By Anthee Carassava - AOL NewsATHENS, Greece (April 27) -- Clad in tattered threads, a beggar trembles. His extended hands, bruised and bandaged, plead for help. "I'm hungry," he croaks as he rattles a tin can and clasps a picture of the Greek prime minister. In recent weeks scenes like this, though still rare, have swept up from Athens' rougher neighborhoods and taken center stage in the glossier quarters of the Greek capital. "Normally, I would have looked down with disdain at this man," says Lina Gaitanou, a 33-year-old civil servant. "But now," she adds, tossing him a 20-cent coin, "I'm troubled. I'm worried. I fear ...
Enraged Greeks Protest Austerity Moves
By Anthee Carassava - AOL NewsATHENS (Feb. 24) -- As a mechanical engineer working for the state for three decades, Dina Apostolou was set to retire this year. Instead, she's agonizing as Greece's enfeebled economy teeters on the verge of collapse. "If austerity measures take effect, then I may have to work another five years," she says as she stomps through the streets of Athens. "I understand the government has to find a way out, but why should the wage earners and the laborers be saddled with the cost of this crisis?" Milos Bicanski, Getty Images Crowds march through the streets of Athens on Wednesday to protest the ...
European Economic Woes Could Prolong Worldwide Downturn
By David Sessions - Politics DailyWorries about the stability of the European economy sent worldwide markets into a slide Thursday and fueled worries that the Euro zone's struggles with debt could affect the rest of the world, the New York Times reports. The Dow Jones dropped 2.61 percent yesterday, dipping below 10,000 for the first time since November. Stocks across Europe slumped as much as 6 percent, driving the euro down to its lowest value against the dollar in seven months. While some countries, including Germany and France, have acted quickly to help their economies recover from the global recession, others, such as ...
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