BERLIN, Oct 19- Germany and France are secretly discussing a deal to enable the European Commission to approve Paris's draft 2015 budget even though it breaks past deficit-cutting commitments, German weekly Der Spiegel said on Sunday. In return, Germany would overlook France's repeated flouting of its pledge to bring its budget deficit inside the euro zone's...» Read More
CNBC's Michelle Caruso-Cabrera reports on the performance of the PIIGS. Greece saw its worst 1-day loss since the height of its financial crisis.
France finds itself in the uncomfortable position of a student at the end of exams as it hands in its 2015 budget plans to European Union authorities for review. Wednesday's deadline for the bloc's 28 states to submit their budgets opens up a two-week window during which France and a few other countries who know they've missed key deficit targets must wait and...
Greece's main stock index closed 6.3 percent lower— having traded down as much as 9.8 percent lower earlier in the day. Yields on Greece's 10- year bonds also rose sharply, to 7.73 percent— up 1.10 percentage points on the day, a sign investors are more worried about default. Economist Megan Greene said investors were rattled by a combination of factors, with the...
LISBON, Portugal— Portugal's government is extending into 2015 the main features of its unpopular austerity program, resisting the temptation to sweeten its policies for an election year as it battles to restore the weakened country's financial health. Portugal is still recovering from near-bankruptcy in 2011, when it needed a 78 billion euro...
DUBLIN— Ireland unveiled its first expansive budget Tuesday since the collapse of the Celtic Tiger economy six years ago, ending an era of austerity earlier than expected thanks to the return of Europe- leading growth. Measures unveiled in the 2015 budget will increase spending and tax breaks by a combined 1.2 billion, including a plan to build 6,700...
BRUSSELS, Oct 8- France's Pierre Moscovici, the EU commissioner-designate who will take charge of policing budget discipline in the euro zone, said he was ready to step up disciplinary action against Paris for not respecting its obligations under EU budget rules. EU finance ministers asked France last year to cut its budget deficit to below the EU ceiling of 3...
ATHENS, Oct 6- Greece's government unveiled its 2015 budget on Monday, promising a second year of growth and tax breaks aimed at easing austerity imposed after the country sank into its deepest post-war economic crisis. The budget largely confirmed targets for growth and a budget surplus before interest payments set under Greece's 240 billion euro EU/IMF...
*France postpones deficit reduction by a further two years. PARIS, Oct 1- France laid down the gauntlet to EU partners on Wednesday with a 2015 budget setting out how it would bring its borrowing back to within EU limits two years later than promised, a retreat it blamed on a fragile economy.
Evidence is mounting that austerity isn't working yet Germany and other European nations have doubled down on it, says Nobel laureate Joseph Stiglitz.
A report from the Census Bureau on Tuesday showed the country's median household income edged up just $180 last year to $51,939, a gain deemed statistically insignificant. Congress and the White House raised taxes on most Americans in 2013 while cutting back government spending, and the austerity was a major factor holding back economic growth.
Denis Kessler, CEO of Scor, says the French cabinet reshuffle is an "historical event" but that it comes "very late" and that France needs to start an austerity program.
*France has until 2015 to bring its deficit to 3 pct of GDP. PARIS, July 22- France will not accelerate cuts in public spending even though disappointing growth could make it difficult to meet EU fiscal targets, President Francois Hollande said.
MADRID, June 20- Spain announced on Friday it would cut income tax and reduce corporate tax to 25 percent for large companies by 2016, aiming to speed up a nascent economic recovery.
MADRID, June 20- Spain will propose tax cuts for workers and companies as part of a fiscal reform due to be unveiled on Friday aimed at boosting the nascent economic recovery, according to a source close to the Treasury Ministry.
Huw Pill, chief European economist at Goldman Sachs, says there is a need for further consolidation in Spain but argues that the country might have done "too much too soon".
LISBON, April 30- Portugal's government expects to have room to start reversing public sector salary cuts from 2015 while maintaining its budget deficit reduction targets after the end of its international bailout next month.
The Ukrainian economy has collapsed says Pavlo Sheremeta, Ukraine's economy minister, adding that the country now needs to quickly design and implement an austerity program.
Frank Appel, CEO of Deutsche Post DHL, says the company has its own drones, after Amazon revealed it was testing drones to deliver packages last year.
Rob Subbaraman, Chief Economist, Asia ex-Japan at Nomura, says Asia has seen a deterioration in fundamentals over the past five years and must implement painful supply-side reforms.
Former Spanish Prime Minister Jose Luis Rodriguez Zapatero says the euro was a "straightjacket" for Spain at the beginning of the crisis.