Economic Regions PIIGS

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  • MILAN/ LONDON, Feb 8- European shares touched a 16- month low on Monday with investors rattled over a slowdown in global economic growth and newly concerned about the region's banking sector. The pan-European FTSEurofirst 300 index was down 3.1 percent at 1,243.21 points by 1521 GMT, its lowest level since October 2014. Shares in Deutsche Bank fell 6.5 percent,...

  • ATHENS, Feb 8- Greece's lenders still need to be persuaded that Athens can plug a bigger than expected fiscal gap when talks on reforms needed under an international bailout resume next week, the finance minister said on Monday. Talks between the heads of the EU/IMF mission reviewing Greece's progress and the government over a tough pension reform plan, fiscal...

  • Portugal budget narrowly avoids rejection by EU Friday, 5 Feb 2016 | 10:21 AM ET
    Porto, Portugal.

    Portugal's budget for 2016 was judged to be "at risk of non-compliance" with European Union rules.

  • LISBON, Portugal— In a tug of war over budgets, the European Commission approved Portugal's so-called anti-austerity spending plan on Friday, but only after extracting a promise for almost $1 billion in additional cost cuts. Left-wing and center-left governments— particularly in Greece, Spain, Italy and France— have long complained that the EU's executive...

  • For debt-hobbled, unemployment-plagued Greece, it's a nightmare. Unions are up in arms about the move, which has become the main hurdle in Greece's negotiations with its European creditors and the International Monetary Fund. The head of Greece's bar associations, Vassilios Alexandris, said the new system would reduce some lawyers' net incomes to as little as...

  • *France, Italy, Spain, Portugal at odds with EU commitments. BRUSSELS, Feb 4- Almost half of euro zone countries are facing a clash over EU deficit reduction rules unless they change policies, European Commission forecasts showed, posing a challenge to EU laws that set limits on spending to protect the value of the euro. Governments also argue that they need to spend...

  • ATHENS, Greece— Tens of thousands joined anti-government protests in Athens Thursday as Greece was crippled by a general strike against a bailout-related overhaul of the country's ailing pension system. Unions are angry at pension reforms that are part of Greece's third international bailout. Thursday's general strike is the most significant the...

  • *Pan-European index down almost 10 pct this year. MILAN/ LONDON, Feb 3- European shares fell sharply on Wednesday as disappointing economic data from the United States further undermined sentiment already hurt by weak earnings updates. "Sentiment has weakened materially and is being undermined by mounting worries over global economic growth spanning from...

  • LISBON, Portugal— Portugal's government is looking to increase taxes on the country's most profitable business sectors as it tries to reconcile the debt-cutting demands of European authorities with its anti-austerity promises to workers and pensioners. The minority Socialist government holds power due to the parliamentary support of the Communist...

  • Greek journalists strike as part of anti-bailout action Wednesday, 3 Feb 2016 | 4:35 AM ET

    ATHENS, Greece— Greek journalists walked off the job Wednesday ahead of a general strike set to disrupt services across the country to protest pension reforms that are part of the country's third international bailout. The media strike pulled all news broadcasts off the airwaves and left news websites without updates, while no Thursday newspapers would be...

  • DIARY-Top Economic Events to Feb 16 Tuesday, 2 Feb 2016 | 7:01 PM ET

    WEDNESDAY, FEBRUARY 3 LONDON- Treasury Select Committee Hearing- The Economic and financial costs and benefits of UK's EU membership with Bank of England's Chief Executive Officer of the Prudential Regulation Authority Andrew Bailey- 1415 GMT. ROME- UK Finance Minister George Osborne and Italian Economy Minister Pier Carlo Padoan take part in a debate...

  • DUBAI, Feb 2- Iran has no problem with U.S. companies investing in its economy and creating joint ventures, President Hassan Rouhani said on Tuesday, and he called for foreign investment and diversification away from oil. The president said the lifting of sanctions last month under a nuclear deal with world powers would see foreign investment turn Iran into an...

  • Unemployment has steadily improved since peaking at 15.1 percent in 2012, months before Ireland exited dependence on European and International Monetary Fund loans. Ireland faced bankruptcy in 2010 as the cost of rescuing six domestic banks crippled the country's ability to finance itself. The bailout gave Ireland time to restructure banks, repair its...

  • Representatives from Greece's European creditors and the International Monetary Fund began talks in Athens with Greek officials. In return for money from the country's third bailout, which was agreed last summer and is worth around 80 billion euros, Greece's left-led government has to meet a series of conditions, from reducing spending to enacting...

  • France calls on US to lift economic embargo on Cuba Monday, 1 Feb 2016 | 3:58 AM ET

    PARIS— France called on the U.S. to lift the economic embargo against Cuba during a historic state visit Monday by the Caribbean island's president aimed at boosting economic relations between Havana and Paris. "We appreciate France's traditional position in favor of the lifting of the economic, commercial and financial embargo from the United States...

  • Business events scheduled for the coming month Friday, 29 Jan 2016 | 2:03 PM ET

    WASHINGTON— Commerce Department releases personal income and spending for December, 8:30 a.m.; Institute for Supply Management releases its manufacturing index for January, 10 a.m.; Commerce Department releases construction spending for December, 10 a.m.. BERLIN— Germany's Federal Labor Agency releases January unemployment figures for Europe's biggest...

  • European shares end week higher after BOJ rate move Friday, 29 Jan 2016 | 12:33 PM ET

    MILAN/ LONDON, Jan 29- European equities ended the week on a high after the Bank of Japan stunned markets on Friday by voting narrowly to introduce negative interest rates in a bid to revive inflation. Japan's central bank said it would charge 0.1 percent for excess reserves parked with it, an aggressive deflation-fighting policy pioneered by the European...

  • MILAN/ LONDON, Jan 29- European equities looked set to end the week on a high after the Bank of Japan stunned markets on Friday by voting narrowly to introduce negative interest rates in a bid to revive inflation. Japan's central bank said it would charge 0.1 percent for excess reserves parked with it, an aggressive deflation-fighting policy pioneered by the...

  • European authorities want Portugal to keep cutting spending. The aim is to reduce the debt burden that forced Portugal to ask for a 78 billion-euro bailout in 2011. In return for the cash which prevented the country's bankruptcy, Portugal had to enact a series of spending cuts and tax increases that weighed on the economy and pushed unemployment sharply higher.

  • MADRID— Spain's Princess Cristina has lost a legal battle to avoid being tried for tax fraud and is expected to testify next month in a corruption trial also featuring her husband and 16 other defendants, a panel of judges ruled Friday. Lawyers for the sister of King Felipe VI, a prosecutor and a state attorney representing Spanish tax authorities all said...