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.
Long gone are the days when global financial markets used to quiver at the prospect of a major policy initiative by the Group of Seven.Monday, 16 February, 2015, 9:03am
We need more money and soon, says Greece. We have no more to give, counters Germany.9 Feb 2015 - 1:36pm 2 comments
In Paris and Rome, it was sugar coated; in Berlin and Frankfurt unequivocal. But the message from European capitals to Greece's new leaders was the same at every stop on last week's tour - stick to your commitments.9 Feb 2015 - 7:15am 1 comment
Quantitative easing is the last chance for euro-zone policymakers to defeat deflation and put the economy back on the road to recovery.Macroscope, David BrownBusiness, January 2628 Jan 2015 - 11:39pm 2 comments
After dragging its feet for the past five years, the European Central Bank has finally placed its ultimate policy bet with a government bond-buying programme designed to pump €1 trillion (HK$8.7 trillion) of new money into the deflated euro-zone economy.
Quantitative easing has finally arrived in euro land.26 Jan 2015 - 8:52am
Ever since the euro-zone crisis escalated dramatically in the autumn of 2011, financial markets have been clamouring for a programme of large-scale government bond purchases by the European Central Bank aimed at restoring confidence in Europe's ailing economy.22 Jan 2015 - 10:31pm
Investors continue to underestimate the determination of Mario Draghi, the president of the European Central Bank (ECB), to help shore up the euro zone's depressed economy.12 Sep 2014 - 3:39am
There are many casualties of the four-year-old crisis in the euro zone.29 Aug 2014 - 1:10am
The strong showing of populist and anti-establishment parties in last weekend's European Parliament elections had been on the cards for some time.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