Spanish hopes threatened by ‘shocking’ statement

The European Stability Mechanism row damages the notion that the eurozone countries are capable of acting quickly The plan to recapitalise banks was meant to be the easy part of the latest scheme to save the euro. Didn’t everybody agree that breaking the link between weak sovereigns and weak banks was a vital and urgent […]


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How European Central Bank can safeguard the euro

Financial markets want the ECB to put its strong words of support into action when it meets in Frankfurt this week Mario Draghi’s blunt statement that the ECB will do “whatever it takes” to safeguard the euro has raised expectations before the bank’s meeting in Frankfurt this week. Europe’s policy elite hit the panic button […]


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Eurozone ministers agree €500bn in new bailout funds

The deal agreed on Friday conformed to German prescriptions for a minimalist bailout fund, but that fell short of European commission demands for the ‘mother of all firewalls’ Europe’s 17 single currency governments agreed to deliver €500 bn in new bailout funds on Friday in the hope of erecting a firewall big enough to contain […]


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Eurozone crisis live: EU summit optimism tested by record unemployment

• Eurozone unemployment hits new high• Investec: More Summit bickering• The key points from Monday’s summit• Today’s agenda 12.24pm: Nicolas Sarkozy continues to lag behind socialist rival Francois Hollande, despite his recent burst of activity. Polling data released this morning (and conducted after a national TV address on Sunday night), found that Hollande would win […]


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