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[11 Dec 2011 | No Comment | ]

Europe has secured an historic agreement to draft a new treaty for deeper economic integration in the euro zone, but Britain, the region’s third largest economy, refused to join the other 26 countries in a fiscal union and was left isolated.
The outcome of a two-day European Union summit left financial markets uncertain whether and when more decisive action would be taken to stem a debt crisis that began in Greece in 2009, spread to Portugal, Ireland, Italy and Spain and now threatens France and even economic powerhouse Germany.
A new treaty …

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[29 May 2011 | No Comment | ]

Japanese and European Union leaders said Saturday they have agreed to swiftly start preparatory talks for a future free trade accord during an annual summit in Brussels, while vowing to cooperate to reinforce international nuclear safety standards amid Japan’s nuclear crisis.
As a step toward further cementing their bilateral ties, Japanese Prime Minister Naoto Kan, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso also said they will seek a binding agreement covering political, global and cooperation among sectors, the leaders’ joint statement said.
The deal to start …

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[18 Apr 2011 | No Comment | ]

EUROPEAN and IMF officials kick off tough talks on Monday with Portuguese authorities on the scale and the modalities of a massive international bailout expected to involve scores of billions of euros.
The negotiations on the sum and payback conditions follow an evaluation mission last week to Lisbon by the European Commission, the European Central Bank and the International Monetary Fund.
Portugal goes to early polls on June 5. The government of Prime Minister Jose Socrates government fell last month when parliament rejected its latest austerity plan, forcing Lisbon to bow to …

Money Matters »

[25 Mar 2011 | No Comment | ]

EUROPE set out its arsenal to prevent a repeat of a year-long debt roller coaster, amid rising expectations that Portugal needs a 75-billion-euro (S$134 billion) bailout after hefty credit rating downgrades.
A two-day European Union summit called to seal the bloc’s ‘comprehensive’ response to a debt crisis crossed a major hurdle on Thursday, when partners conceded to a last-minute German demand.
Berlin successfully argued that the timeframe for contributions to a future, 700-billion-euro rescue fund should be renegotiated.
But after last year’s massive bailouts to Greece and then Ireland, Portugal edged a little …

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[23 Mar 2011 | No Comment | ]

EUROPEAN finance ministers agreed on Monday the modalities of a permanent bailout fund that will have a capital base of 700 billion euros, Luxembourg Prime Minister Jean-Claude Juncker said.
‘We agreed on all aspects of the European Stability Mechanism,’ said Mr Juncker, who heads the Eurogroup of finance ministers from the 17 states that share the single currency, after talks between all 27 EU members in Brussels.
The permanent emergency rescue mechanism for euro zone countries, which replaces the existing, 440 billion European Financial Stability Fund as of January 1, 2013, will …

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[17 Mar 2011 | No Comment | ]

A EUROPEAN bone marrow transplant group on Wednesday offered to treat Japanese emergency workers who may be exposed to dangerous radiation from the crippled nuclear reactors.
‘Japan is more competent than any European country when it comes to radiation treatment,’ said Ray Powles, chair of the nuclear accident committee for the European Group for Blood and Marrow Transplantation.
‘But they are dealing with an awful lot right now and so we made this offer and are ready to help if they blow the whistle.’ Marc Stoll, a spokesman for the International Committee …