European Union

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Germany at Center of G7 Crisis Huddle

Debt may be pooled in exchange for more central controls

(Newser) - G7 members are holding a conference call today to discuss solutions for the mounting economic crisis in Europe, with German the likely key. The emergency huddle of the finance chiefs of the US, UK, German, Italy, France, Japan, and Canada underscores a mounting panic about the crushing debt of the...

Ireland Approves EU Treaty
 Ireland Approves EU Treaty 
Jun 1, 2012 10:25 AM CDT

Ireland Approves EU Treaty

'Yes' vote seen as symbolic boost to eurozone

(Newser) - Ireland's voters have offered a decisive "yes" in a referendum to the European Union's closely watched deficit-fighting treaty, says an official. Final results declared today for Ireland's referendum gave the pro-treaty side 60.3% of all votes cast, better than most opinion polls during the month-long...

Central Bank Chief Issues Dire Euro Warning

Mario Draghi tells leaders they need to move fast to save currency union

(Newser) - If alarm bells weren't already ringing in Europe, this would set them off: The chief of the European Central Bank has warned that the current structure of the eurozone is "unsustainable" and the 17 member states are going to have to move swiftly to rescue the currency union,...

Europe Braces for Greek Exit
 Europe Braces for Greek Exit 
May 24, 2012 1:51 AM CDT

Europe Braces for Greek Exit

Hollande backs eurobonds at inconclusive summit

(Newser) - New kid on the European block François Hollande made an audacious debut at his first EU summit, but the crisis meeting ended without a clear solution to the eurozone's woes. The French president, backed by most EU leaders, supports issuing "eurobonds" to shore up troubled EU economies,...

Hollande, Merkel Set for Eurobond Showdown

New EU dynamic expected to cause friction at crisis summit

(Newser) - Yet another European Union crisis meeting will be held today, but the dynamic has changed since the days when Angela Merkel and Nicolas Sarkozy met ahead of time to fix a strategy. Unlike his predecessor, François Hollande has sided with European leaders calling for growth instead of austerity and...

Greek Euro Exit May Cost $1T
 Greek Euro Exit May Cost $1T 
May 17, 2012 7:44 AM CDT

Greek Euro Exit May Cost $1T

Tsipras tells Germany to stop demanding austerity

(Newser) - Europe has hundreds of billions of reasons to try to keep Greece from unceremoniously ditching the eurozone. If Greece leaves, the rest of Europe would face catastrophic losses, Reuters reports. Greece would default on the roughly $250 billion in debt held by the ECB, IMF, and other eurozone nations, and...

EU Strikes Somali Pirates
 EU Strikes Somali Pirates 
May 15, 2012 7:10 AM CDT

EU Strikes Somali Pirates

First mainland raid a success

(Newser) - The European Union launched its first raid on mainland Somali pirate bases overnight, destroying five of their boats using warships and helicopters. The naval attack was the first under an expanded Operation Atalanta, which gave the EU power to attack both land and sea targets. Last night’s attack focused...

Greek Coalition Talks Drag Into 9th Day

Europe warns: Euro exit no longer inconceivable

(Newser) - Marathon efforts to break Greece's post-electoral paralysis are lurching into a ninth day amid the country's worst crisis in decades, with fractious party leaders summoned to a yet another emergency meeting tomorrow that could see the reins of government surrendered to non-politicians. The hectic haggling in Athens cast...

Eurozone Considers Stiffing Greece on Bailout

Officials trying to hold back $6.7B payout amid political upheaval

(Newser) - Eurozone officials are considering holding back a $6.7 billion bailout payment to Greece—a payment it dearly needs to pay the $4.3 billion in bonds coming due next week, sources tell the Wall Street Journal . The chatter comes in response to Greece's recent elections, which swept the...

S. Korea Stores Yank US Beef Over Mad Cow

Mad Cow scare affects two major retailers, but EU, Japan keeping cool

(Newser) - Two of South Korea's biggest grocery chains have temporarily halted the sale of US beef in response to the latest mad cow scare . "Not that there were any quality issues in the meat," a spokesman for the country's third-largest chain tells the AP , "but because...

Dutch Government Close to Collapse as Cuts Talks Fail
Dutch Government Falls
in Austerity Crisis
update
Apr 23, 2012 3:44 PM CDT

Dutch Government Falls in Austerity Crisis

PM Mark Rutte gives bad news to the queen

(Newser) - The Dutch government, one of the most vocal critics of European countries failing to rein in their budgets, quit today after failing to agree on a plan to bring its own deficit in line with EU rules. Prime Minister Mark Rutte tendered the resignation of his entire Cabinet to Queen...

Could Iran Be Brought to Its Knees by ... Insurance?

European insurance sanction will be the toughest to dodge, Reuters says

(Newser) - Could the decisive blow in the West's struggle with Iran involve insurance salesmen? An upcoming European ban on providing maritime insurance for Iran's oil tankers may be the most vexing sanction Tehran has ever faced, experts tell Reuters . That's because 90% of the world's tanker insurance...

EU Bans Assad's Wife From Travel, Shopping

Asma Assad will likely have to tone down free-spending ways

(Newser) - It may not mean much to the forces fighting Syria's government, but it's something: The EU decided today to impose sanctions on first lady Asma Assad, Reuters reports. That means she is no longer welcome for travel and her beloved shopping sprees, adds AFP . She and about a...

US, EU Launch New Google Privacy Probes

FTC investigates breach of Safari browser settings

(Newser) - Last month, it emerged that Google was skirting privacy settings on Apple's Safari browser; now federal, state, and European Union officials are investigating the since-halted practice, which centers on the installation of tracking files. Google faces a $16,000 fine per violation per day—which could add up to...

Sarkozy Threatens to Exit Schengen

His campaign flagging, French Prez tacks to the right

(Newser) - With Nicolas Sarkozy trailing his Socialist rival in the polls, the French president moved sharply to the right in a fiery speech yesterday, blasting the EU, insisting on stricter immigration policies, and calling for a "Buy EU Act"—otherwise, France could withdraw from the Schengen accords, which allow...

To Bust Glass Ceiling, EU Weighs Gender Quotas

Just 13.7% of major firms' boards are female

(Newser) - Only one in seven board members at Europe's biggest firms is female, and the EU Justice commissioner aims to change that. "Self-regulation so far has not brought about satisfactory results," Viviane Reding says. She's begun a public consultation on how to address the matter, and legislation...

EU Signs New Fiscal Treaty
EU Signs New Fiscal Treaty 
Mar 2, 2012 3:14 AM CST

EU Signs New Fiscal Treaty

It's an attempt to prevent euro countries from running up huge debts

(Newser) - The leaders of 25 European states today signed a new treaty designed to prevent the 17 euro countries from living beyond their means and prevent a repeat of the currency union's crippling debt crisis. The leaders hope the accord, known as the fiscal compact, will also lead the way...

Syria: 89% Approved New Constitution

West not convinced, though much of opposition may have boycotted

(Newser) - Syria's new constitution was backed by more than 89% of voters, the nation's Interior Ministry announced today, even as violence continues to rage across the country and the West decries the referendum as a sham . The Interior Ministry claims that more than 57% of Syria's 14 million...

Eurozone Set to Finalize Greece Bailout

Finance ministers inching closer to a $171B deal

(Newser) - Eurozone finance ministers met in Brussels today, in a meeting that they believe will finalize a $171 billion second bailout for Greece, in exchange for roughly $264 billion in Greek government bonds. "I'd like to assume that we will come to a final and definitive agreement tonight,"...

Iran to EU: We're Ready for Nuclear Talks

Country reveals latest nuclear advancements

(Newser) - Following yesterday's display of its nuclear prowess , Iran says it's ready to resume talks over its nuclear program. In a letter to the European Union obtained by CNN , Mahmoud Ahmadinejad proposed re-starting the talks as soon as possible. Yesterday, the country showed off new centrifuges, with the president...

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