Eurozone

Greece gets fresh cash on road to leaving bailout

Brussels - Muslimchronicle

Eurozone finance ministers approved a fresh cash injection for Greece on Monday to put the country on the road to finally leaving its long and painful bailout program later this year. The 6.7-billion-euro tranche is the latest from Greece’s third financial rescue package since 2010, when its debt crisis brought the euro close to collapse. The current program agreedRead more

Eurozone approves 6.7-bln-euro bailout tranche for Greece

Brussels - Muslimchronicle

Eurozone finance ministers approved another 6.7 billion euros ($8.2 billion) in bailout cash for Greece on Monday, after Athens pushed through controversial reforms that drew strikes and protests. "Green light to a new tranche of financial assistance of € 6.7 billion," the European Council said on Twitter, referring to the latest instalment from the third financial rescue package Greece hasRead more

Economists call for overhaul of eurozone fiscal rules

Paris - Muslimchronicle

Leading economists from France and Germany on Wednesday called for new fiscal rules for the eurozone and the creation of an independent watchdog to help to make the single currency more resilient against crises in the future. In a 33-page paper, the economists warned that even if the single currency area was "finally experiencing a robust recovery... after nearly a decade ofRead more

ECB ups eurozone growth forecasts for 2017-2019

Frankfurt am Main - Muslimchronicle

The European Central Bank on Thursday significantly lifted its eurozone growth forecasts for the coming years, as well as unveiling its first estimate for 2020. The Frankfurt institution now expects growth of 2.4 percent in 2017, 2.3 percent in 2018 and 1.9 percent in 2019. In its previous projections back in September, the bank had predicted growth of 2.2, 1.8Read more

Eurozone unemployment falls to 8.8% as recovery gains pace

Brussels - Muslimchronicle

Europe's economic recovery is gathering steam, with eurozone unemployment falling to its lowest level since January 2009 and inflation picking up, official figures showed Thursday. The EU's official statistics agency announced that the jobless rate in the single currency area fell to 8.8 percent in October, with inflation rising to 1.5 percent.Read more

Bank of England seen hiking rate for first time in decade

London - Muslimchronicle

The Bank of England, battling Brexit-fuelled inflation rises, is set Thursday to lift its key interest rate for the first time since 2007, according to analysts. BoE policymakers are forecast to vote to increase the central bank's key interest rate to 0.50 percent from a record-low 0.25 percent after a regular gathering, mirroring policy tightening seen in the US andRead more

France notches up solid growth in Q3

Paris - Muslimchronicle

The French economy clocked up solid growth in the third quarter, official data showed on Tuesday, suggesting that recovery in the eurozone's second-biggest economy remains on track. The national statistics institute INSEE said in a statement that gross domestic product (GDP) expanded by 0.5 percent in the three months to September. The French economy had already grown by 0.6 percentRead more

Eurozone stocks retreat ahead of ECB meeting

London - Muslimchronicle

Eurozone stocks pulled back on Wednesday ahead of an ECB meeting likely to cut market stimulus, while a stronger pound hammered London's FTSE 100. Britain's GDP grew 0.4 percent in the third quarter, slightly outperforming expectations. The pound, which has been under pressure over suggestions that a hike in interest rates may be delayed, spiked after the positive GDP results,Read more

Personalised banknotes for Schaeuble's farewell party

Luxembourg - AFP

Eurozone finance ministers deluged German Finance Minister Wolfgang Schaeuble with farewell gifts on Monday as the man who inspired Europe’s austerity answer to the debt crisis attended his last meeting with them. Schaeuble received a blue and gold EU flag autographed by each of his 18 colleagues, as well as a bundle of one-hundred euro notes especially made with aRead more

IMF raises eurozone growth forecast for 2017, 2018

Brussels - Muslimchronicle

The IMF on Tuesday upgraded its eurozone growth forecast despite Brexit uncertainty, but warned that low inflation, heavy debt and an ageing population could hurt the economy's recovery down the road. In its latest world outlook, the IMF said the eurozone would reach 2.1 percent expansion in 2017 and growth would then slow to a still healthy 1.9 percent inRead more