BRUSSELS — The countries that use the euro pulled Greece back from an imminent and potentially catastrophic default on Tuesday, when they finally stitched together a euro130 billion ($170 billion) rescue they hope will also provide a lifeline to their common currency.
BRUSSELS (AP) — The European Union said Friday that 26 of its 27 member countries are open to joining a new treaty tying their finances together to solve the euro crisis. Only Britain remains opposed, creating a deep rift in the union.
BRUSSELS (AP) — European leaders were wrestling Thursday over how much of their sovereignty they are willing to give up in a desperate attempt to save the ambitious project of continental unity that grew from the ashes of World War II.
BERLIN — European nations were pressed Tuesday by a credit downgrade threat and the U.S. Treasury chief to deliver on markets’ huge hopes for a solution to the 2-year-old financial crisis engulfing the continent. Germany and France downplayed Standard & Poor’s warnings to downgrade 15 eurozone nations and Europe’s bailout fund. But a downgrade of their AAA ratings would complicate their efforts to restore investor confidence in Europe.
PARIS (AP) — Seeking to restore confidence in the euro, the leaders of France and Germany jointly have called for changes to the European Union treaty so that countries using the euro would face automatic penalties if budget deficits ran too high.
A move by the world’s central banks to lower the cost of borrowing exhilarated investors Wednesday, sending the Dow Jones industrial average soaring 490 points and easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers.
ROME (AP) — Under pressure to control its dangerous debt, Italy sped a package of reforms toward approval Friday and prepared to hand its dysfunctional government over to a technocrat who Europe hopes can save the country from going broke. Financial markets around the world rallied in relief.
ATHENS, Greece — Greece was in turmoil and the world economy in limbo Thursday as a high-stakes game of political brinkmanship in Athens led Prime Minister George Papandreou to abandon his explosive plan to put a European rescue deal to a referendum.