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eurozone Articles
ThinkstockThe European Financial Stability Facility (EFSF) was established to provide a financial backstop to potential sovereign debt default among eurozone nations. Backed by guarantees, primarily...
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ThinkstockIn its latest assault on sovereign debt ratings, Fitch Ratings has downgraded France’s default rating from ‘AAA’ to ‘AA+’ with a Stable outlook. Fitch is jointly owned (50% each)...
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ThinkstockThe European Union’s (EU) statistical agency, Eurostat, reported this morning that industrial production in May for the 17 countries of the eurozone fell by 0.3% month-over-month and by...
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ThinkstockIt is a shame that the International Monetary Fund (IMF) can only suggest solutions to the European financial crisis and the devastation of jobs and economic recession that has come in its...
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ThinkstockPurchasing managers index (PMI) data for the eurozone continued to be awful in June, although research firm Markit reported that numbers got slightly better. The improvement was no cause...
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ThinkstockBy way of contrast, during the depths of the U.S. recession, unemployment peaked at 10.1%. Eurostat announced that May unemployment in the euro area hit 12.1% in May, staggering given the...
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ThinkstockGermany did not join the parade of European Union (EU) nations which showed very, very modest improvements in manufacturing purchasing managers index (PMI). France, Spain and Italy continue...
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ThinkstockMarkit issued manufacturing purchasing managers index (PMI) numbers for June for France, Italy and Spain. The figures painted a picture of a region still in recession with some modest...
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ThinkstockIn a sign of a loss of confidence in the balance sheets of some of the European Union’s largest banks, interbank lending has fallen among large financial firms. The falloff of this...
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ThinkstockLess than five years ago, economic Armageddon appeared at the door. Lehman Brothers failed. Merrill Lynch was sold to Bank of America Corp. (NYSE: BAC) and J.P. Morgan Chase & Co....
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ThinkstockA stalled French economy continues to bleed jobs as another 45,100 job seekers joined the nearly 3.1 million French citizens already looking for work in October. The total number of...
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ThinkstockIn a snap election announced just a few weeks ago, voters in the Spanish region of Catalonia have given a clear majority of votes to parties seeking referendum on independence from Spain....
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We noted earlier today that Moody’s Investors Service had some cautionary words on Germany’s banking system. Fitch Ratings has similar, if more general concerns. Following yesterday’s summit...
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German Chancellor Angela Merkel and French President Francois Hollande met briefly today before a summit meeting of eurozone leaders to discuss the role of the banking supervisor that is to be...
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Fitch Ratings today bestowed a ‘AAA’ rating on the European Stability Mechanism (ESM) that began its operations today and replaced the temporary European Financial Stability Fund (EFSF)....
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