European Union

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Sarkozy: Letting Greece Join Euro Was a Mistake

Country wasn't ready to be part of eurozone, he says

(Newser) - Nicolas Sarkzoy has made it clear that tensions remain in the eurozone despite agreement on a debt crisis deal . The French president says that while he backs reforms intended to allow Greece to remain in the euro, it was a mistake to let the country join the single currency a...

Eurozone Deal Boosts World Markets
 Dow Crosses 12K 
 on Eurozone Deal 
MARKETS
Oct 27, 2011 9:02 AM CDT

Dow Crosses 12K on Eurozone Deal

Investors optimistic after Greek debt cut, rescue fund expanded

(Newser) - Will the debt crisis deal reached by European Union leaders help get the world economy back on track? Investors around the globe seem to think so. The Dow jumped 247 points at the open, to 12,116. The S&P 500 and Nasdaq rose 32 and 68 points, respectively, reports...

EU Leaders Forge Emergency Debt Deal

Banks taking 50% haircut on Greek debt

(Newser) - European Union leaders have hammered out a deal they say will help resolve the eurozone's debt crisis. After talking late into the night, a "three-pronged deal" was reached that will see banks taking a 50% loss on Greek debt, AP reports. The eurozone and the International Monetary Fund...

Berlin-Paris Flap Delays Euro Bailout

Agreement impossible until next week, Merkel and Sarkozy say

(Newser) - This weekend's European summit was supposed to produce an agreement that would avert financial doom for the eurozone, but it has failed before it even began. Nicolas Sarkozy and Angela Merkel have issued a joint statement admitting that it will be impossible to reach a deal this weekend and...

New EU Rule: Kids Can't Blow Up Balloons

One sociologist calls it hot air

(Newser) - Blowing up balloons is now a bust for kids in the European Union. The popular activity is too dangerous for children under the age of 8 to do unsupervised because they may swallow and choke on the balloons, according to a new toy safety directive for the entire eurozone. Also...

Germany Rips 'Stupid' US Euro Plan

Who is Obama to talk, grumbles finance chief

(Newser) - Get your own house in order first, miffed German officials are telling the US, blasting America's call to pump up a bailout fund as a not-so-bright idea. "I don't understand how anyone can have such a stupid idea," said German Finance Minister Wolfgang Schauble, referring to...

German Official: Facebook 'Like' Button Unlawful

Legislator says plug-in violates privacy laws

(Newser) - Facebook users in Germany probably won't like this news. A German official has ruled that the site's popular "like" plug-in violates European Union privacy laws, reports the Washington Post . The official says the feature tracks the habits of users, and sites based in his Schleswig-Holstein district will...

Greece Passes 2nd Austerity Bill

Final hurdle before receiving bailout funds now cleared

(Newser) - Greece has bought itself some time to deal with its crippling debt crisis after lawmakers cleared the final hurdle for crucial bailout funds to be released, which will prevent the country from defaulting next month. The EU and IMF had demanded Parliament pass two bills— an austerity law and a...

Russia to End Ban on Dutch, Belgian Veggies

Russia lifts part of 'disproportionate' vegetable ban

(Newser) - Russia is ending a blanket ban on vegetable imports from the European Union put in place over fears of E. coli infection, starting with the Netherlands and Belgium, the nation's top consumer rights watchdog said today. Shipments were allowed to resume today following a 26-day ban intended to prevent...

Youths Hurl Rocks as Greeks Begin 2-Day Strike

20,000 march on Parliament

(Newser) - Greek workers launched a 48-hour general strike today to protest government austerity measures as 20,000 demonstrators headed to Parliament and another 7,000 marched in the country’s second-biggest city. Some 5,000 police guarded Athens, and while the initial protests were peaceful, things are heating up. Young people...

Iceland Begins Talks on Joining EU

It's an unpopular notion within the country

(Newser) - Iceland is beginning formal accession talks with the European Union, following several months of preparation by both sides. Iceland applied for membership following the collapse of its bloated banking industry in 2008, but joining the EU is unpopular with large sections of the public. Iceland's membership in the EU...

Court to France: Save the Hamsters or Pay $24M

France not doing enough, faces fines if it doesn't improve

(Newser) - They may be just 10 inches long, but Alsace’s wild hamsters are Great all the same—and France isn’t doing enough to keep them around, the EU’s top court ruled yesterday. If the country doesn't make a better life for the creatures, it faces $24.6...

Germany on E. Coli Source: It Was the Bean Sprouts

Other veggies off the hook

(Newser) - On Sunday Germany’s E. coli outbreak—which has now killed 29 people—was blamed on bean sprouts ; on Monday it wasn’t . Now, apparently, the sprouts are once again being fingered as the culprit. “People who ate sprouts were nine times more likely to have bloody diarrhea than...

Strauss-Kahn Saga Would Make Great Movie

Would tell the tale of 'crisis of European dream': Ross Douthat

(Newser) - Dominique Strauss-Kahn’s story might seem like Law & Order fodder, but it would actually make for a “sprawling, complex, kaleidoscope-of-globalization” movie—something along the lines of Traffic or Babel, writes Ross Douthat, who summarizes the plot as he sees it in the New York Times . It would tell...

Portugal Reaches Bailout Deal
 Portugal Reaches Bailout Deal 
May 4, 2011 5:54 AM CDT

Portugal Reaches Bailout Deal

Will be worth about $116 billion over three years

(Newser) - Portugal pleaded for a bailout , and now it's got one. The hard-up nation has negotiated a bailout from the EU and IMF worth about $116 billion. The three-year loan is a "good agreement that defends Portugal," according to caretaker PM Jose Socrates, who added that Portugal would...

Portugal Pleads for Bailout
 Portugal Pleads for Bailout 
Apr 7, 2011 1:19 AM CDT

Portugal Pleads for Bailout

Country is third EU victim of debt crisis

(Newser) - Portugal is biting the bullet and admitting that it desperately needs a massive bailout from its European Union partners to stay afloat. Caretaker prime minister Jose Socrates told the nation that the decision to seek a bailout was "a last resort" as interest rates on its short-term debt skyrocket,...

'Serious' Hack Strikes EU on Eve of Summit

It's 'a big one,' but officials mum on details

(Newser) - The EU government was hit with a “serious” cyberattack the day before a summit in Brussels. “We're often hit by cyberattacks, but this is a big one,” said an insider. Officials didn’t provide details of the attack, which targeted the European Commission and the EU’s...

Portugal Gov't Verges on Collapse

Country could soon go the way of Greece, Ireland

(Newser) - Today promises to be a tumultuous day in Portugal, with all signs pointing to the resignation of Prime Minister Jose Socrates and the collapse of his minority Socialist administration. The country’s parliament is expected to vote down Socrates’ austerity plan, a move the prime minister contends will force the...

EU Demands Better Privacy for Facebook Users

New rules will call for improvements on social networking sites

(Newser) - The EU is demanding enhanced privacy on Facebook and other social networking sites, calling for a “right to be forgotten." The justice commissioner will unveil rules before summer demanding, among other things, that strict privacy settings be the default for users. Sites like Facebook “can't think they're...

Germany Shuts Down 7 Nuclear Reactors

Older reactors will cease operations for at least 3 months

(Newser) - Japan’s growing nuclear crisis has led Germany to shut down seven of its nuclear power plants for at least three months, the New York Times reports. Plants that began operating before the close of 1980 will temporarily close while officials complete a safety review for all 17 of the...

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