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What taxpayer bailouts? Euro crisis saves Germany money
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May 03, 2013 12:59 AM
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BRUSSELS: Throughout Europe’s debt crisis, northern European leaders have often said that they will not stand for taxpayers having to fork out for other countries’ problems, and the notion of “taxpayer-funded bailouts” has taken root. Yet despite 3 1⁄2 years of debt...
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Euro ministers back 10B euro Cyprus bailout
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April 13, 2013 01:06 AM
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DUBLIN: Eurozone finance ministers backed a 10 billion euro ($13 billion) bailout for Cyprus Friday and the European Commission said it would try to help the island’s economy grow again with better use of EU structural funds. The ministerial support opens the way for several eurozone...
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EU ministers to tackle Cyprus fallout, banking union at Dublin talks
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April 12, 2013 01:05 AM
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DUBLIN: Fallout from the messy bailout of Cyprus will top the agenda of a two-day EU finance ministers’ meeting in Dublin beginning Friday, with focus also on growing German reluctance over eurozone banking reform. Unease surrounding the rescue package for Cyprus grew Wednesday after Reuters...
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Eurozone to agree Cyprus bailout by end-March
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March 06, 2013 02:08 AM
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BRUSSELS: Eurozone finance ministers pledged Monday to agree a bailout for Cyprus by the end of March, but details of how the rescue will be financed are yet to be sorted out. Cyprus requested a bailout in June last year but it was not possible to reach an agreement with the last, communist-led...
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Eurozone weighs Cyprus bailout, whether depositors should help pay
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March 04, 2013 12:51 PM
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BRUSSELS: Euro zone finance ministers will discuss how to fund a bailout of Cyprus on Monday with differing views on whether to make bank depositors pay a share of the cost.No final decisions are expected until later in March.Cyprus first requested a bailout in June last year but it was not...
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G-20 to dilute powers’ currency demands
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February 16, 2013 12:34 AM
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MOSCOW: G-20 officials will disregard key parts of a currency statement issued this week by the Group of Seven powers, according to a communiqué drafted for finance leaders meeting in Moscow, and will not single out Japan. A G-20 delegate who has seen the draft – put together by...
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Small island, big problem: how Cyprus troubles the euro zone
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January 31, 2013 11:24 AM
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BRUSSELS: Just when European leaders thought they were getting to grips with three years of economic turmoil, along came Cyprus, a seemingly small problem but one that cannot be ignored.While the Cypriot economy may be worth only 18 billion euros, making it the third smallest in the euro zone, the...
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Greece, markets satisfied by debt deal
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November 28, 2012 01:03 AM
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BRUSSELS: The Greek government and financial markets were cheered Tuesday by an agreement between eurozone finance ministers and the International Monetary Fund to reduce Greece’s debt, paving the way for the release of urgently needed aid loans. The deal, clinched at the third attempt after...
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IMF, EU face tough choices on Greek debt
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November 09, 2012 12:41 AM
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BRUSSELS: Greece has moved a step away from bankruptcy with parliament’s approval of new reforms, but its debt pile still threatens its solvency and its international creditors have yet to agree even how big it is. Inspectors from the European Commission, the European Central Bank and the...
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Eurozone considers new methods to address Greek debt mountain
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October 15, 2012 01:04 AM
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TOKYO: Eurozone officials are considering new ways to reduce Greece’s huge debts because delays to reforms by Athens and continued recession have put the target of a debt to GDP ratio of 120 percent in 2020 out of reach, eurozone officials said. A Greek debt sustainability analysis prepared...
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Germany holds firm on Greece as IMF pressure mounts
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October 13, 2012 12:58 AM
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TOKYO: Germany held firm Friday in insisting it was too soon to say Greece deserved more time to meet its deficit-cutting goals even as the head of the International Monetary Fund laid out the case for leniency. Although Greece, Spain and the eurozone’s slow progress toward debt reform was...
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Euro zone to launch bailout fund with Spain in focus
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October 08, 2012 12:29 PM
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BRUSSELS: Euro zone finance ministers will launch their 500 billion euro ($653.00 billion) permanent bailout fund on Monday, putting in place a major defence against the debt crisis that now threatens Spain.The fund, called the European Stability Mechanism (ESM), will be used to lend to distressed...
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ECB could play bigger role in debt crisis: IMF
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July 19, 2012 01:41 AM
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BRUSSELS: The European Central Bank could play a bigger role in fighting the eurozone sovereign debt crisis through more rate cuts, bond purchases and further liquidity provision, the International Monetary Fund said in a regular report on the eurozone. The IMF also said that the independent ECB,...
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Borrowing costs soar as Spain seeks bailout
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June 22, 2012 01:50 AM
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MADRID/LUXEMBOURG: Spain’s medium-term borrowing costs spiraled to a euro-era record at an auction Thursday, before an independent audit was due to reveal the size of the capital hole in Spanish banks to be filled by a eurozone bailout. Eurozone finance ministers will discuss how to channel...
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Technicalities hamper eurozone bailout of Spain
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June 13, 2012 01:23 AM
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BRUSSELS: In its scramble to get ahead of the sovereign debt crisis and shore up Spain’s struggling banks before Greek elections, Europe may well have succeeded in tying itself into a series knots. While a positive move in principle, the eurozone’s offer to lend Spain up to 100 billion...
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