Germany, Europe's economic powerhouse, has been seen as totally safe, solid and stable. But its weak bond sale auction recently has sparked fears that the debt crisis is beginning to threaten Europe's strongest economy.
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It's been confirmed the Greek Prime Minister's proposed referendum on the latest EU bailout will go ahead. George Papandreou's call shocked EU leaders, and sparked chaos on world markets. It even came as a shock to Greeks themselves, with pro-bailout MP's calling for his immediate resignation. The PM is now due to fly to the G20 meeting in Cannes to explain his actions to German Chancellor Angela Merkel and French President Nicolas Sarkozy, the chief sponsors of Greece's financial life-support machine. Anthony Wile is the founder and editor-in-chief of thedailybell.com welcomes the possible Eurozone collapse. RT on Twitter http RT on Facebook www.facebook.com
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EU leaders gathered in Brussels agreed on a new treaty to tighten fiscal discipline in the eurozone and address the bloc's debt problems. The treaty, an intergovernmental agreement outside the EU legal framework, will be drafted by March 2012 and opened to ratification by nations outside the 17-member eurozone. European Union leaders agreed a new "fiscal compact" on tighter budget and debt rules for the eurozone in summit talks that lasted until around 5 am Brussels time. An agreement to tighten fiscal discipline in the wider EU-27 proved impossible after UK Prime Minister David Cameron had made "unacceptable demands" to exempt Britain from regulations, according to French President Nicolas Sarkozy. "David Cameron refuses to continue the discussion, but is still in the room," a diplomat told EurAcitv just before negotiations were interrupted. "Cameron is in the corner," he said. EU leaders have therefore resorted to the less enviable option of a treaty among the 17 eurozone countries, open to others. "Having seen it was not possible to get unanimity, it was the proper decision to go ahead at least with those ready to commit immediately," Sarkozy told journalists at an early morning press briefing. "That includes all 17 in the eurozone, plus some who are not in the euro area but want to take part in this fiscal compact," Sarkozy said in reference to Poland and possibly others. Given the reticence of some leaders, an intergovernmental agreement outside the EU legal <b>...</b>
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One of the world's leading credit-rating agencies has said that it may carry out an unprecedented mass downgrade of European countries if regional leaders fail to reach an agreement on how to solve the debt crisis in a summit later this week. The ratings agency Standard & Poor's on Monday placed the ratings of 15 eurozone countries, including top-rated Germany and France, on "credit watch negative," meaning they could be downgraded within three months. European leaders have hit back, with the head of the Eurozone finance ministers calling Standard and Poor's decision unfair and over the top. Paul Brennan reports from London.
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It was billed as a last ditch effort to save the euro. Now 26 of the 27 EU nations are moving towards a new treaty that is expected to set strict controls on their spending. German Chancellor Angela Merkel called the agreement a huge achievement following a eurozone summit on solving the region's fiscal crisis in Brussels. Only Britain refused to be a part of the deal, creating a deep rift within the EU.
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The incoming European Central Bank head says the eurozone should be more financially integrated. And the outgoing chief Jean-Claude Trichet thought a "federation" with a central finance ministry for Europe was the only solution to the debt crisis. But financial writer Peter Bild told RT that the Eurozone system is so flawed that even a common economic government won't save the single currency. RT on Twitter: twitter.com RT on Facebook: www.facebook.com
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European leaders have reached an agreement on the debt crisis sweeping across many countries of the continent in an emergency summit held in Brussels. But there are many questions on how the debt deal will be implemented, which calls for capitalisation of banks, write-off by private bond-holders of Greek debt and leverage of European rescue fund to $1.4 trillion. There are lots of details which Europe's leaders have not yet addressed like how the banks will raise all the extra money, and will the rescue fund really work? The leaders have brought themselves time; a significant achievement, but not the end of the story. Al Jazeera's Barnaby Phillips reports.
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What threat do disagreements between Eurozone leaders pose to resolution of the European debt crisis?
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This is a video response to multiple viewer submissions for a response to the Russia Today video, Economist magazine and Financial Times regarding the possibility of the Eurozone and Euro officially collapsing in the next 10-days or less. Join The Wave GreeneWave.com Donate www.paypal.com Subscribe to our FREE Newsletter www.greenewave.com
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As Europe staggers from one crisis to another and governments topple, when and how can this end?
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Will the deal reached by European leaders ease the continent's woes or is it just an attempt to buy more time? Inside Story discusses with guests: Raoul Ruparel, Thomas Klau and Yohen Moebaert.
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Guardian columnist Jonathan Freedland gives his reaction to the UK's rejection of the eurozone treaty, the reasons that prime minister David Cameron used his veto, and how it affects the rest of Europe.
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Investor Jim Rogers Gives Dire Warning on Glenn Beck's TV (GBTV): 'That The Eurozone Collapse Will Lead to the End of the World as We Know It' "Jim, economic collapse with the euro: will that lead to a recession?" asks Glenn Beck. "That will lead to the end of the world as we know it," answers Jim Rogers, founder of Rogers International Commodities Index. "That will certainly lead to the end of the world as Washington DC knows it. There's no question about that." But who is Jim Rogers and what does he know about the global financial situation? For those unfamiliar with Beck's guest, Jim Rogers is a famous American investor who, along with George Soros, founded the Quantum Fund, one of the world's first international funds. Also, as mentioned above, he is the creator of the Rogers International Commodities Index. He is a well-known proponent of free market capitalism, a successful author, a regular lecturer of finance at the Columbia University Graduate School of Business, and he has been a regular guest on Fox News' "Cavuto on Business." Needless to say, he knows what he's talking about when it comes to finances and he has repeatedly proven his keen market sense. "We do live in very perilous times and I hope you're very careful and I hope you're prepared," Rogers said in regards to the growing financial meltdown. The conversation then turned to the topic of gold and the importance the precious metal may play in the near future. "Everybody knows what that [gold] is. You'll <b>...</b>
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A plan has emerged to save the euro - a bigger lending role for the European Central Bank in return for tighter central control over the budgets of individual eurozone countries. Al Jazeera's Tim Friend reports.
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To get a firm grip on Europe's debt, member states have imposed strict austerity measures, with southerners suffering most. As millions of unemployed people in Spain fight over what few jobs there are, the young and talented are heading abroad. RT on Twitter twitter.com RT on Facebook www.facebook.com
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The dept crisis in Eurozone district could actually endanger the global economy and cause credit to dry up in the global banking system. Based on OECD, it can be a key rest to the world economy. Leaders of Germany and France had acknowledged that the debt crisis could last for years. In Britain over two million protesters poured on the streets to show their anger over their government's austerities. In this edition of News Analysis, we will examine the Eurozone debt crisis.
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www.euronews.net Germany's has lowered expectations of a breakthrough in the euro zone's sovereign debt crisis at next weekend's summit of European Union leaders. Financial markets have risen in the last week on hopes that the 27 EU heads will agree on a comprehensive plan. But German Finance Minister Wolfgang Schäuble said while European governments will adopt a five-point plan to address the turmoil it is wrong to expect a miracle cure from the summit.
DemocracyNow.org - European leaders are preparing to unveil their plans for addressing the sovereign debt crisis that's threatened to tear apart the Eurozone. Both France and Germany are expected to push for changes to the Eurozone treaty, including centralized oversight of national budgets and tighter reins on debt. In a speech on Thursday, French President Nicolas Sarkozy said radical changes are needed in order to save the Euro. Sarkozy's address came after central banks -- including the US Federal Reserve and European Central Bank -- took coordinated action to prevent a credit crunch among European banks. For more on the developing crisis in Europe and its implications worldwide, Democracy Now! speaks with economist and professor Richard Wolff. He is the author of several books including "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It." "The Fed is recognizing that another bailout is needed," Wolff says. "All the steps taken over the last two years to try to cope with this crisis of our capitalist system haven't worked, and so we're now we are again on the brink of a crisis, and again, public money and public institutions are bailing out a private banking system and a private enterprise system that is not working and is not solving its own problems." Wolff continues, "The fundamental question is you've gotta deal with an economic system that is not working. ... You've gotta take big steps to change the way this economic system works, or <b>...</b>
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Inside Story, discusses with guests Vagelis Agapitos, an independent economist; Matthew Lynn, founder and director of strategy economics consultancy; and Uli Brueckner, professor of European Studies at Stanford University, Berlin.
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Alex Brummer, a Daily Mail City editor, discusses the recent eurozone rescue deal and its impact on the financial markets, China's role, and protests across the world. Also on the programme: Brendan O'Neill, Roger Martin, and Michael Connelly
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