Cyprus confirmed on Thursday that the cost of its EU-IMF bailout has surged to 23 billion euros (US$30 billion) from 17.5 billion euros, putting the already teetering economy in danger of collapse and further endangering large bank depositors.Friday, 12 April, 2013, 1:57am
Cyprus government agreed to a €10 billion (HK$101 billion) bailout that includes an unprecedented levy on all bank deposits. The debt rescue package, agreed with the euro zone and International Monetary Fund earlier in the day in Brussels, is significantly less than the €17 billion Cyprus had initially sought.18 Mar 2013 - 9:48am
European leaders wound up their final summit of 2012 in much the same manner as they started the year - playing for time, crossing their fingers, hoping the worst is behind them.
In the almost three years since the Greek drama erupted in February 2010 and spread quickly around the euro-zone fringes, the leaders have never quite managed to get ahead of the curve.16 Dec 2012 - 5:10am
Europe's leaders have reached Plan C in their efforts to rescue Greece. Unfortunately, it lacks a crucial element also absent in plans A and B: adequate debt relief.29 Nov 2012 - 3:46am
The rating agency Moody’s said on Tuesday that it was studying the impact of its cut of France’s top credit notation on the triple “A” ratings of eurozone rescue funds that are underpinned in part by France.20 Nov 2012 - 10:48pm
Spain's debt rating has been cut to one level above junk by Standard & Poor's, which cited mounting economic and political risks as the government considers a second bailout.
The country was lowered two levels to BBB-minus from BBB-plus, S&P said yesterday.12 Oct 2012 - 3:00am
The euro zone finally gets its €500 billion (HK$5 trillion) rescue fund today when finance ministers meet amid growing uncertainty over Greece's tortuous debt bailout and whether Spain will need help in turn.8 Oct 2012 - 4:43am
German Finance Minister Wolfgang Schaeuble discouraged Spain from seeking a full international bailout, saying another request for outside aid risked a new round of financial market turmoil.
"I'm not in the camp that says 'take the money'," Schaeuble said, when asked about moves to press Prime Minister Mariano Rajoy's government to seek more aid.15 Sep 2012 - 4:03am