Portugal court nixes parts of budget

Apr 7, 2013

Portugal court nixes parts of budget

Portugal’s constitutional court Friday rejected several aspects of the country’s belt-tightening budget for 2013, seen as crucial to austerity efforts promised to creditors by the center-right government. The court ruled that some measures in the budget were unlawful, including the scrapping of a 14th ...

Mar 27, 2013

Slovenia next in line to face debt woe

As soon as policymakers averted a crisis in Cyprus, another appears to be brewing. The latest country to provoke concern is Slovenia. The small former Yugoslav republic took a beating Friday, with long-term bond yields spiking to 5.4 percent amid fears the country would ...

Mar 26, 2013

Cyprus bailout's long-term impact uncertain

European leaders Monday hailed a last-minute bailout for Cyprus as an important step in defending their unified currency, but some officials and analysts questioned whether the deal raised new problems that could still threaten the survival of the euro. The arrangement will grant Cyprus ...

Mar 26, 2013

Firms fear end of debt moratorium

Struggling small firms can expect continued government support after the debt moratorium law expires at month’s end, although some borrowers are already getting warnings from banks. Some 300,000 to 400,000 companies have seen their loan terms eased under the law, which took effect in ...

Mar 25, 2013

Senate sets up budget battle

The U.S. Senate reached a milestone Saturday when it overcame partisan gridlock to approve its first budget resolution in four years, setting up a political duel with the Republican-held House of Representatives. The sweeping plan for the 2014 fiscal year, the first budget blueprint ...

Mar 22, 2013

U.S. Congress approves temporary spending bill to keep government open

The U.S. Congress approved a short-term funding bill Thursday that ends the possibility of a federal government shutdown next week, but a broader budget battle about taxes and spending for 2013 is only just beginning. The stop-gap spending resolution, approved on a broad bipartisan ...

Mar 22, 2013

Key points of U.K. austerity budget

London AFP-JIJI Chancellor of the Exchequer George Osborne announced revisions to economic growth forecasts from the Office for Budget Responsibility. He said the economy is expected to avoid sliding into a triple-dip recession in the first quarter of 2013. The forecast for GDP growth ...

Mar 19, 2013

Eurozone urges Cyprus to shield small savers

The eurozone told Cyprus on Monday to ditch the part of a hugely controversial €5.8 billion ($7.5 billion) grab on savings that stung even the smallest of account holders in exchange for a €10 billion sovereign bailout deal, according to a statement issued after ...

Mar 19, 2013

Cyprus president desperately seeks to stop bank run

Amid fears of a run on bank accounts in Cyprus, President Nicos Anastasiades is trying to persuade lawmakers to back an EU bailout deal that slaps a levy on bank savings. Anastasiades, in an address to the nation Sunday night, said that rejecting the ...