Euro Zone

Letters to the Editor, May 13, 2013

13 May 2013

Thousands turned out for May day marches on May 1, because so many workers in Hong Kong believe they are being poorly treated.

1:52AM

4 comments

Spain’s Rajoy balks at making deeper reforms

9 May 2013

After a year of radical reforms that made Spain more competitive but also exacerbated a deep recession, Prime Minister Mariano Rajoy has largely lost his appetite for aggressive and unpopular cuts...

1:01PM

Negative deposit rate fears shade ECB's record cut

2 May 2013

The central bank, which sets interest rates for the 17 European Union countries that use the euro, cut its benchmark rate by a quarter of a percentage point to a record low of 0.5 per cent.

5:00AM

Euro-zone rate cut unlikely to boost lending

2 May 2013

The European Central Bank, meeting in the Slovakian capital of Bratislava today, could cut its interest rates from record lows and unveil new measures to kick-start bank lending, analysts say.

3:47AM

Greece adopts bill to cut 15,000 civil servant jobs

29 Apr 2013

The Greek parliament voted late on Sunday to adopt a law that provides for the dismissal of 15,000 civil servants as part of austerity measures imposed by the country’s international creditors.

8:00AM

Cyprus bailout cost jumps in threat to teetering economy

12 Apr 2013

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...

1:57AM

Opinion

Workers pay the price for our bargains

5:20AM

Howard Winn

Barry Cheung makes waves in Moscow

3:47AM

Asia at risk if insolvencies hit euro zone

According to IMF data, central banks in emerging economies cut their euro holdings by 8 per cent, or €45 billion (HK$450 billion) in 2012. The world economy is moving towards a multipolar currency...

2:04AM

Big Cyprus savers could lose 60pc

Big savers in Cyprus' largest bank face losses of up to 60 per cent, far greater than originally feared under the island's controversial European Union-led bailout plan, officials said.

6:22AM

U.K. banks told to raise an extra £25b

Banks need to set aside more money to cover bigger potential losses on commercial real estate and from the euro area, possible fines for mis-selling and stricter risk models, the Bank of England...

5:52AM

LEADER

Cyprus' bailout marks a turning point

What has set Cyprus apart is that it is one of the smallest members of the euro zone, with a failed banking system much bigger than its economy. Likewise, the €10 billion (HK$101 billion) rescue...

3:09AM

MONITOR

Iceland's harsh cure would be a better medicine for Cyprus