European Union

Report: Senior ‘Eurocrats’ secretly plotting to create a “super-powerful EU President” and push Britain out of the EU

May 4, 2012

“A covert group of EU foreign ministers has drawn up plans for merging the jobs currently done by Herman Van Rompuy, president of the European Council, and Jose Manuel Barroso, president of the European Commission.”

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The U.S., European Union, South Korea and Japan have submitted a list of about 40 North Korean companies to the United Nations Security Council’s sanctions committee

May 2, 2012

“The United States, European Union, South Korea and Japan have submitted a list of about 40 North Korean companies to the U.N. Security Council’s sanctions committee for possible blacklisting due to Pyongyang’s recent rocket launch, envoys said on Tuesday.”

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German Chancellor Merkel could cancel her visit to Ukraine during the Euro 2012 soccer tournament in June if former prime minister Yulia Tymoshenko is not released

May 1, 2012

“The European Union saw Tymoshenko’s jailing last October as politically motivated and has criticized her abuse-of-office conviction. The case has strained ties between the former Soviet republic and the European Union it aspires to join one day. “

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The Netherlands making a last-ditch effort to reach an austerity deal before the European Union’s deadline next Monday

April 25, 2012

“The decision came at the end of a day of bitter recrimination in parliament, during which beleaguered prime minister Mark Rutte pointed at Freedom Party (PVV) leader, Geert Wilders, accusing him of walking away from a package of cuts he said was crucial to the future of the country.”

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The Government of The Netherlands collapses after failing to win coalition support for its austerity plans

April 24, 2012

“Prime Minister Mark Rutte, a strong advocate of the Euro, has been trying to get the Parliament to adopt 14-16 billion euros worth of austerity cuts.”

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In the latest auction of Government bonds, borrowing costs up for both Spain and Italy

April 24, 2012

“And Italy raised nearly €3.5 billion in a short-term bond sale today but at sharply higher interest rates amid fresh concerns over the euro zone outlook, the Bank of Italy said. The Spanish treasury said it raised €1.933 billion but the timing could hardly have been worse, with financial markets slumping on concern that Europeans are wavering in their commitment to austerity.”

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Greek Central Bank: Greece’s GDP will decrease by 5% in 2012 (more than expected)

April 24, 2012

“The projection topped a previous forecast the central bank made in March, when it projected the 215 billion euro economy would contract 4.5 percent after a 6.9 percent slump in 2011.”

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The U.S., IMF, and European Union all condemn Argentina’s nationalization of YPF

April 20, 2012

“Spain, the United States, the IMF, the European Union and others lined up to take turns slamming the move by President Cristina Kirchner.”

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The Euro gains on a positive Spanish bond auction and improved prospects for additional IMF assistance

April 19, 2012

“Christine Lagarde, the IMF’s managing director, said Thursday she expects the fund’s resources to be expanded significantly this week.”

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A politically cornered French President Sarkozy threatens the Left with a “lesson”

April 19, 2012

“In a speech that swung between whispers and roars, Sarkozy promised to halve immigration, overhaul France’s unemployment scheme and push the European Union to impose tougher conditions on trade with emerging nations.”

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Fears over Eurozone debt ease but focus shifts to Germany’s two-year bond sale approaches

April 18, 2012

“Strong demand at a Spanish bill auction on Tuesday soothed fears of a flare up in the euro zone crisis, but the rise in short-term borrowing costs underscored the challenges still facing the highly indebted country.”

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Greece Prime Minister Lucas Papademos resigns, setting the stage for early elections on May 6

April 11, 2012

“He formally handed his resignation to President Carolos Papoulias after telling his coalition cabinet a May 6 ballot was needed to secure a new mandate for reforms to return Greece to growth and secure its place in the eurozone.”

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Analysis: The Eurozone Debt Crisis looms over the French Presidential Elections

April 7, 2012

“Overall, Mr Hollande’s programme includes €20bn of new spending, offset by a range of tax increases, including his now famous proposal for a 75 per cent marginal rate on incomes above €1m.”

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Two Greek Pensioners sue the Government over money lost due to Eurozone debt restructuring

April 6, 2012

“The 76-year-old widow says she has lost about 200,000 euros ($261,300), roughly half her investment in Greek government bonds, considered by many a safe asset before the debt crisis exploded, while the man has lost some 4,000 euros, a court official said.”

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Op-Ed: Spain, not Greece, is the real test for the European Union

April 5, 2012

“The problem is not that Spain’s new austerity plan is too timid. Just the opposite: Under EU orders, Spain is promising what might be the tightest fiscal squeeze that any European economy has ever faced.”

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