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Eurozone crisis to worsen with Greek bailout package

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A majority of people in four European countries believe that the eurozone crisis will worsen after giving Greece the 130-billion-euro financing package. The respondents to the phone survey that was carried out by the French opinion poll institute Ifop from June 18 to 21 were asked if they thought the eurozone economic crisis will worsen or improve after giving Greece the loan. The results of the survey... 

Eurozone unemployment rate at record high in May

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People wait in line at a government employment office at Santa Eugenia’s Madrid suburb on January 27, 2012. New data released by the European Union show that the unemployment rate in the eurozone hit a record high of 11.1 percent in May. According to EU’s statistics office Eurostat, more than 17.5 million Europeans were without a job in the single currency area in May. The figures indicated... 

Germany approves EU bailout fund

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The German parliament has voted in favor of the EU’s permanent bailout scheme and more lenient budget rules. Chancellor Merkel has been criticized with making a U turn in policy, easing borrowing costs on flagging banks without additional austerity. “Today Germany, with the approval of the fiscal pact and the ESM [European Stability Mechanism] by all parties in both houses of parliament, will... 

Thousands of Israelis protest rising cost of living, social inequalities

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Israelis hold banners as they protest in Tel Aviv city on June 30, 2012. Thousands of Israelis have staged rallies in several cities to protest against social inequalities and the rising cost of living. The demonstrations were held in Tel Aviv, Jerusalem and the northern city of Haifa on Saturday in an attempt to revive last summer’s cost-of-living protest movement. The protesters shouted, “The... 

Eurozone to blow up any time when unable to roll over credits

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Most EU members are in favor of issuing eurobonds, but Germany opposes mutual debt obligations. Don Coxe, an investor and chairman of Coxe Advisors LLP, says Berlin cannot afford to hand out more bailouts when confidence in EU banks is crumbling. ­The talks are taking place in Brussels, where EU leaders are meeting for two days to agree on new growth measures for the union. RT: In a recent blog article... 

Stockton to become largest US city to declare bankruptcy

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A home sale sign in Stockton, California, the United States, February 7, 2012 The city of Stockton in the US state of California is set to become the largest American city ever to declare bankruptcy as the financial troubles of the US deepen. A formal bankruptcy filing may come as early as Wednesday following the failure of negotiations between Stockton’s officials and creditors. The northern... 

Nokia closes all stores in Russia

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Finnish mobile phone manufacturer Nokia has officially announced that it was closing all of its flagship stores in Russia. The most effective sales channels for the company now are the Internet and a network of major retailers and service providers. According to Nokia’s representative in Russia, Lyudmila Semushina, the last single-brand shop will close in late July. The Finns will be developing... 

Cyprus applies for EU bailout

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The Cypriot government has issued a statement confirming that it has officially made an EU bailout bid, citing heavy exposure to debt-stricken Greece. This makes it the fifth state within the currency union to ask for help. The request comes just days before a deadline to recapitalize one of the country’s largest banks. “The purpose of the required assistance is to contain the risks to the Cypriot... 

Portuguese protesters hold anti-austerity rally in Lisbon

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Portuguese workers protest in a demonstration against the government’s austerity measures, Lisbon, June 16, 2012. People in Portugal have staged a protest rally against the government’s austerity measures imposed to help cap the country’s public debt. Thousands took to the streets of Lisbon on Saturday following a much larger rally in the northern city of Oporto last week. They condemned... 

Moody's: Spain three notches down, Cyprus two

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Rating agency Moody’s has cut its rating on Spanish government debt by three notches from A3 to Baa3. Cyprus’s sovereign debt was lowered by two notches from Ba1 to Ba3. The agency said Wednesday that Spain’s debt burden would increase once the EU has approved a plan to help the country’s banks. It has Spain under further review and could lower its rating even further, Reuters reports.... 

EU eyes emergency Schengen border closures

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EU countries have agreed that border control in the Schengen zone can be restored temporarily under “exceptional circumstances.” The measure is moved by the uncontrolled flow of migrants into the EU in the wake of the economic crisis. Under the proposal, which was approved at a meeting of EU home affairs ministers in Luxembourg, the control of national borders the Schengen Area would be... 

Bernanke warning: Taxmaggedon is real

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Federal Reserve Chairman Ben Bernanke testified before Congress this week and warned lawmakers that America’s economic future is landing flat on their shoulders. During a Thursday meeting with congressional leaders in Washington, DC, Chairman Bernanke revealed that the dire dilemma of an “Taxmaggedon” coming to America is not just real but likely to rear its ugly head very soon if Capitol Hill... 

Fitch downgrades Spain's credit rating by three notches

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Fitch says the downgrade reflects negative economic and market environment in Spain. Fitch credit ratings agency has downgraded Spain’s rating by three notches citing the country’s banking crisis, mushrooming debt and recession as the main reasons for the downgrade. The international agency announced on Thursday that it has cut Spain’s long-term foreign and local currency to ‘BBB’... 

25% of Spain's population lives below poverty line

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A Euro coin with the Spanish national flag in the background. A recent report released by a Spanish institution says 25 percent of Spain’s population lives below poverty line, 2 percent higher than last year, as the country grapples with the highest rate of impoverishment among European states. According to an annual report issued by the Spanish Economic and Social Council (CES), lack of jobs for... 

Credit markets close doors to Spain as banking crisis grows

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Spain’s Minister of Finance and Public Administrations Cristobal Montoro The Greek stock market has plummeted 5.9 percent after Standard & Poor’s credit rating agency warned that the country has a one-in-three chance of leaving the eurozone. The minister made the remarks on Tuesday, admitting that Spain’s high borrowing costs have shut out bond markets at a time when the country seeks... 
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