European Union

German Chancellor Merkel: Europe must stay the course of painful reforms

September 26, 2012

“Angela Merkel issued a blunt warning to Germany’s ailing eurozone neighbours yesterday, telling them that pressing ahead with painful reforms and tough budget policies was the only way of resolving Europe’s intractable and deepening economic crisis.”

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Anti-Austerity Protests in Greece turn violent on Wednesday as Protesters threw gasoline bombs and chunks of marble at Police

September 26, 2012

“[The protests are] part of a 24-hour general strike that was a test for the nearly four-month old coalition government and the new spending cuts it plans to push through.”

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France calls for European ban of Genetically Modified Corn after a French Study linked it to cancer, liver damage and digestive problems

September 26, 2012

“France will call for a ban “at a European level” if the national health agency (Anses) backs up the findings of the study by French scientist Gilles-Eric Seralini, Prime Minister Jean-Marc Ayrault [said].”

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European Union Officials propose CleanIT, an invasive Internet Security program to fight Terrorism

September 22, 2012

“The leaked document contradicts a letter sent from CleanIT Coordinator But Klaasen to Dutch NGO Bits of Freedom in April of this year, which explained that the project would first identify problems before making policy proposals.”

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Minister: Hungary will send its credit proposals to the European Union (EU) and International Monetary Fund (IMF) this week

September 17, 2012

“The country, after months of delays, started talks about a financing backstop in July with the International Monetary Fund and the European Union.”

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China looking to increase investments in Europe

September 17, 2012

“China, the world’s second-largest economy, accounts for just 3.5 percent of the foreign direct investment in the 27-member European Union.”

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150,000 Protesters in Portugal and Tens of thousands in Spain rally against tax increases

September 15, 2012

“Over 150,000 Portuguese marched on Saturday against planned tax hikes that have shattered the consensus behind austerity imposed by an EU/IMF bailout, and tens of thousands more marched in Spain, seen as the next country needing to be bailed out.”

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National Elections in the Netherlands represent support for the Euro and the Eurozone

September 12, 2012

“Mr. Rutte is also seen as a firm ally of Germany’s chancellor, Angela Merkel, and her focus on budget-cutting and fiscal discipline as the answer to the euro’s problems.”

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Germany’s Federal Constitutional Court rules that €500 Billion Bailout is legal under German Law

September 12, 2012

“If the bailout had been struck down, the effect on bond markets would have been devastating, and could have potentially triggered a constitutional crisis as the German parliament already ratified the treaties.”

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George Soros: Germany should leave the Eurozone if they are not prepared to take a more “decisive” lead

September 10, 2012

“Berlin has given its backing to the European Central Bank’s new bond-buying program to lower struggling euro zone countries’ borrowing costs, which Germany’s central bank has criticized.”

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German Economy Minister Philipp Roesler rejects Greece’s request for more time to implement economic reforms

August 26, 2012

“Greece’s prime minister Antonis Samaras told German Chancellor Angela Merkel that his country needs ‘‘time to breathe’’ before it can make all the budget cuts and reforms demanded as part of its €240 billion ($300 billion) bailout packages.”

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IMF: Bailouts like the one given to Iceland hold some “key lessons” in the Debt Crisis

August 21, 2012

“Iceland’s commitment to its program, a decision to push losses on to bondholders instead of taxpayers and the safeguarding of a welfare system that shielded the unemployed from penury helped propel the nation from collapse toward recovery, according to the Washington-based fund.”

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Italian Prime Minister Monti trying to pressure German Chancellor Merkel into agreeing to a European shield against high borrowing costs

August 9, 2012

“His change of attitude is driven by increasing Italian exasperation with repeated delays in formulating an effective response to a crisis on bond markets that has put Spain and Italy in the front line against an existential threat to the euro and perhaps the whole European Union.”

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Former European Central Bank Chief Economist Otmar Issing: Some countries could abandon the Euro

August 9, 2012

“Mr Issing is one of the founding fathers of the euro, but also predicted potential problems with the plan and argued that political union ought to precede a shared currency to ensure its stability in the long-term.”

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Euro goes up on Tuesday as traders expect the ECT will act to lower borrowing costs for Spain and Italy

August 7, 2012

“Rising expectations that the ECB could step in as early as next month to reduce crippling Spanish and Italian borrowing costs have sparked a global rally in risky assets since Friday.”

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