The representatives of the European Commission, the European Central Bank and the International Monetary Fund, however, are deaf to his warnings. They are demanding additional belt-tightening measures, including more layoffs. Continue reading
The mind goes numb. Spanish unemployment jumped by another 237,000 people in the first quarter to 6.2 million, or 27.2 per cent. The country is losing 3581 jobs a day. There are 1.9 million households where no member of the family has a job. The unemployment rate has reached 36.8 per cent in Andalusia, Spain’s … Continue reading
THE euro area is mired in recession and unemployment in the single-currency zone continues to scale new heights, reaching 11.8% on figures out this week, up from 10.6% a year earlier. But the European Central Bank did nothing to help today, leaving its key interest rates unchanged. The governing council took the decision unanimously, ECB … Continue reading
When the European Parliament turned Yves Mersch down for a top central banking post, it wasn’t because he lacked the expertise or experience; they rejected him because he is a man. Mersch, a Luxembourger who is highly regarded by his peers, had been expected to get the job on the European Central Bank’s all-male board … Continue reading
The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalized, the ECB said on Wednesday, confirming news earlier reported exclusively by Reuters. The news sent the euro lower against the dollar, fanning concerns among investors and in Greece that the country may have to leave the … Continue reading
An increasing number of observers have hastened to declare that the European debt crisis has been practically resolved or at least stemmed for a few years. This view was reinforced by the falling yields at the last Italian government bond auctions of 2011, which suggested a significant reduction in the perceived sovereign default risk. Since … Continue reading