The euro zone crisis was triggered in 2009 when Greece's debts, left by its previous government, reached a record 300 billion euros, leaving the southern European economy with debt levels more than four times higher as a proportion of gross domestic product than the official euro zone cap of 60 per cent of GDP. Since the original problems were uncovered, Greece has been bailed out twice, and lenders have also had to rescue Ireland and Portugal. In the latter half of 2012. Cyprus also required a bailout.
The strong showing of populist and anti-establishment parties in last weekend's European Parliament elections had been on the cards for some time.Friday, 30 May, 2014, 12:59am 3 comments
Eurogroup president Jeroen Dijsselbloem said the euro zone is “coming out of crisis” and the member countries are expected to grow an average 1 per cent this year and 1.7 per cent next year.
The Eurogroup, the main forum for the management of the single-currency area, is an informal body that brings together the finance ministers of countries whose currency is the euro.13 Jan 2014 - 12:38pm
As 2013 draws to a close, it appears that the worst of the crisis in Europe's ailing single currency area has passed. For the past year or so, the bond markets of the periphery of the euro zone, which in 2011 and the first half of last year were a byword for panic and surging yields, have proved extremely resilient.6 Dec 2013 - 2:12am
Spain escaped from a two-year recession in the third quarter of this year with growth of 0.1 per cent, though unemployment remained extremely high, official data showed on Wednesday.
Strengthening exports drove the recovery in the euro zone’s fourth-biggest economy despite weak internal demand, the National Statistics Institute said in a statement.30 Oct 2013 - 6:24pm
Police clashed with protesters in Athens at the end of a huge march sparked by the murder of an anti-fascist musician allegedly at the hands of a self-confessed neo-Nazi.26 Sep 2013 - 9:16pm
Europe faces a "lost decade", with the number of people trapped in poverty across the continent set to rise by up to 25 million by 2025 unless austerity policies are reversed, according to a damning new report from aid agency Oxfam.13 Sep 2013 - 3:58am
Suicides increased by 45 per cent during the first four years of Greece's financial crisis, a mental health aid group said. It warned there are indications of a further "very large rise" over the past two years.12 Sep 2013 - 2:42am
The day Spaniard Josi Antonio Pirez Zembrana, 32, won the lottery, he did not jump for joy. He was pleased, of course. But around him were so many people from his village of Alameda in southern Spain who could have used the prize too.12 Sep 2013 - 3:04am
Lending to the euro zone’s private sector contracted further in July, dragging on the euro zone’s nascent economic recovery and keeping up pressure on the European Central Bank to maintain its expansive monetary policy.28 Aug 2013 - 11:48pm
Dutch Finance Minister Jeroen Dijsselbloem has become the latest politician to concede Greece may need a third bailout, casting a shadow over news that euro-zone companies are reporting their best growth for more than two years.24 Aug 2013 - 3:59am