Growth, Fiscal Union May Emerge from Eurozone Crisis
With the outcome of Sunday’s coming election in Greece casting shadows over the eurozone, leaders in the European Union are turning from austerity to growth and investigating the possibility of a closer fiscal union.
No Mercy for Greece After Summit: Germany
Although a Wednesday E.U. summit meeting ended with Greece being urged by leaders to remain in the joint currency bloc, Germany did not back down on its stance that Athens must adhere to austerity measures already agreed to.
Juncker to Step Down as Head of Eurogroup
Jean-Claude Juncker, prime minister of Luxembourg and head of the Eurogroup assembly of euro zone finance ministers, confirmed that he will step down in the middle of the year from the post he has held for seven years.
OECD Calls for Realistic Debt Targets, Higher Firewall in EU
Continuing weakness in banks, rising debt levels and questionable ability to meet fiscal targets combine to create an atmosphere in need of fiscal reform.
Greece, Europe Agree on Bailout to Avert Default
After months of wrangling and several missed deadlines by Greece, euro zone finance ministers finally reached accord on a new bailout for Athens that included additional austerity measures and cuts for private bondholders.
EU Calls Emergency Meeting Over Italy Debt
Concerns mount over third largest economy in euro zone's sovereign debt while Greece still totters.