Euro Zone Crisis
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.
European Commission President Jean-Claude Juncker made a last-minute offer to Athens in a bid to reach a bailout agreement before the deadline expires today, European Union and Greek government sources said.Tuesday, 30 June, 2015, 8:39pm
European Council President Donald Tusk says Greece will not have a stronger negotiating position by voting against bailout in a referendum. (Photo: AFP)
US stocks added to a global selloff on Monday as Greece veered toward a default on its debt, while the euro recovered from an early sharp loss to turn higher against the dollar.30 Jun 2015 - 8:52am
With the Greek crisis playing out its last act of denouement, it raises key questions about the outlook for the euro-zone economy, the survival of the euro and the future viability of a united Europe. Grinding austerity policies, stagnant growth and the blight of high unemployment have deepened economic divisions, posing major dangers for European political cohesion ahead.28 Jun 2015 - 5:52pm
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. The group of nations consisting of the United States, Japan, Germany, France, Britain, Italy and Canada used to hold the markets in thrall in the 1980s and 1990s.16 Feb 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