Economic Regions PIIGS

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  • MADRID— Spain's acting economy minister says he doesn't expect the European Union to fine Spain or Portugal for not reducing their budget deficits below prescribed levels. Minister Luis De Guindos says from the G-20 summit in China that "there are considerable reasons to justify that there won't be a fine" for either Iberian country. The European Commission,...

  • LONDON— Britain's economy appears to be shrinking at its fastest pace since the global financial crisis as a result of the vote to leave the European Union, but the rest of the region is holding up, surveys showed Friday. The findings come as global financial leaders meeting in China identified the uncertainty generated by Britain's decision to exit the EU, the...

  • BEIJING— The head of the International Monetary Fund called Friday for quick action to end uncertainty over Britain's vote to leave the European Union, which she said is dampening global economic growth. Lagarde said that before the British vote, the IMF had been preparing to raise its global growth forecast by 0.1 percentage points due to improvement in Japan,...

  • ATHENS, Greece— Greece's parliament has approved plans to lower the voting age by a year to 17 and adopt a proportional representation system, after years of economic austerity have hammered popular support for traditionally dominant political parties. But Prime Minister Alexis Tsipras' left-wing government failed to win a supermajority of votes required...

  • Treasury Secretary Jack Lew said on Thursday that G20 finance officials do not need to take the same type of massive coordinated fiscal stimulus efforts used to combat recession in 2008-2009, despite an expected global economic growth slowdown sparked by Britain's vote to leave the European Union. Lew, speaking to reporters before flying to Chengdu, China...

  • July 21- Confidence in prospects for the global economy has been dented following Britain's vote to leave the European Union, with a growing view that monetary policy is a fading force and many governments now need to borrow and spend, Reuters polls showed. "Given how fragile the global economy is nearly eight years after the start of the global financial crisis,...

  • Treasury Secretary Jacob Lew stressed Thursday the importance of making Greece's debt sustainable, praising the country's progress in reforming its economy as part of its bailouts but urging it to keep implementing the necessary measures. "Putting Greece's debt on a sustainable path is critical to Greece's long-term economic health and I encourage all...

  • ATHENS, Greece— US Treasury Secretary Jacob Lew is to visit Greece to discuss the country's progress in meeting reforms required under its third international bailout. Greece has been dependent on bailouts since 2010, after massive debt and loss of confidence in the country's ability to repay it left it locked out of bond markets. The US Treasury Department...

  • ATHENS, Greece— The European Union's top economy official laid out his hope that a debt-relief deal with Greece could be achievable by the end of this year. Economic Affairs Commissioner Pierre Moscovici also said Monday during a visit to Athens that he hopes the International Monetary Fund will be back fully involved in the bailout program at the same time.

  • MONDAY, JULY 18 LONDON- Bank of England Monetary Policy Committee member Martin Weale speaks at the Resolution Foundation event on the topic "The implications of Brexit for monetary policy"- 0815 GMT. ALMERIA, Spain- Bank of Spain Governor Luis Maria Linde to open banking conference in Almeria- 0900 GMT. ATHENS- EU Commissioner Pierre Moscovici will meet Greek...

  • OKLAHOMA CITY, United States- Kansas City Fed President Esther George speaks on the U.S. economy before a luncheon for business and community leaders hosted by the Kansas City Fed- 1715 GMT. ST. LOUIS- Federal Reserve Bank of St. Louis President James Bullard meets press at the Official Monetary and Financial Institutions Forum, North American main meeting- 2220...

  • DUBLIN, July 10- Brexit worries are set to dominate the coming week, with Bank of England Governor Mark Carney stepping into the policy breach once more as Britain begins a two-month wait to find out the identity of its next Prime Minister. Data from the United States and China will meanwhile give an indication of how the world's top economies were placed on the eve...

  • Some of those anticipated returns look set to evaporate after Britain voted to leave the European Union on June 23, sending the value of sterling plunging as much as 13 percent and putting UK- dependent Irish exporters like the Nolans into an exchange rate-induced bind. Ireland, with the fastest-growing economy in Europe, is considered more vulnerable than...

  • Some of those anticipated returns look set to evaporate after Britain voted to leave the European Union on June 23, sending the value of sterling plunging as much as 13 percent and putting UK- dependent Irish exporters like the Nolans into an exchange rate-induced bind. Ireland, with the fastest-growing economy in Europe, is considered more vulnerable than...

  • *Spain, Portugal failed to correct excessive deficits in 2014-15. *Spain says will escape fine, set a new fiscal path. BRUSSELS, July 7- The European Commission began formal disciplinary procedures against Spain and Portugal on Thursday for their excessive deficits in 2014 and 2015, which may lead to fines for the two countries before the end of July.

  • BELGRADE- National Bank of Serbia announces interest rate decision- 1000 GMT. LISBON, Portugal- OECD Global Forum on Productivity: Structural Reforms for Productivity Growth. FRIDAY, JULY 8 LISBON, Portugal- OECD Secretary-General Angel Gurria and Portugal Finance Minister Mario Centeno to attend OECD Global Forum on Productivity: Structural Reforms for...

  • WEDNESDAY, JULY 6 VESTAL, United States- Federal Reserve Bank of New York President William Dudley meets with Binghamton University researchers and Southern Tier Regional Economic Development Council members to discuss economic development projects, and tours the BU Innovate Technologies Complex- 1200 GMT. FRANKFURT- European Central Bank governing...

  • ROME, July 5- Italy's bank shares plunged on Tuesday, shaking the financial foundations of the euro zone's third-largest economy and threatening contagion to other EU nations. The crisis could push Italy back into recession and, in a doomsday scenario, generate a Greek-type meltdown that Europe would find almost impossible to contain. "Italy faces a severe...

  • ROME, July 5- Italy's bank shares plunged on Tuesday, shaking the financial foundations of the euro zone's third-largest economy and threatening contagion to other EU nations. The crisis could push Italy back into recession and, in a doomsday scenario, generate a Greece- type meltdown that Europe would find almost impossible to contain. "Italy faces a severe...

  • FRANKFURT- European Central Bank board member Sabine Lautenschlaeger speaks at the Eighth ECB Statistics Conference- "Central Bank Statistics: moving beyond the aggregates"- 1700 GMT. FRANKFURT- European Central Bank board member Yves Mersch speaks on the occasion of the unveiling of the new 50- euro banknote at the European Central Bank- 1205 GMT.