News

Inflation across the single currency bloc fell to 0.7% in January moving closer to deflationary territory

Hamish McRae: Britain will find it very difficult to detach itself from struggling Europe

It is, for our politicians at least, a long weekend for reflection. There is the specific matter of the gains by the UK Independence Party in the elections last Thursday, a sharp enough advance to affect the policies of all parties towards Europe in the months ahead.

Eurozone interest rates cut again as ECB matches Bank of England

The European Central Bank's president, Mario Draghi, slashed interest rates to a historic low yesterday as the central bank hinted at new initiatives to boost loans to small businesses and pledged to extend cheap funds to banks.

Eurozone jobless rise raises hopes of rate cut

Pressure on the European Central Bank to cut interest rates this week has intensified after official statistics yesterday showed that unemployment in the recession-stricken eurozone has reached a record 12.1 per cent, while the rate of inflation has declined to just 1.2 per cent.

Hamish McRae: Wanted - Confidence booster from ECB

Economic View

Spain says no recovery until 2014 in face of falling GDP

The Spanish government yesterday said that its recession-struck economy will contract by almost three times more in 2013 than it previously forecast, forcing Madrid to extend its deficit reduction programme by a further two years.

Cyprus must pay an extra €6bn for bailout loan

The cost of bailing out Cyprus has swollen to €23bn (£19bn), with the crisis-hit country having to take on the lion’s share of the measures needed to avoid bankruptcy, according to a draft report by its international creditors.

Eurozone jobless hits new record – and no end to misery in sight

Unemployment across the eurozone soared to yet another new record as analysts warned that the jobs pain would continue for months to come.

People protest against the bailout in front of the European Union House building in Nicosia

Cyprus crisis Q&A: the logistics of withdrawal

Q. Is an exit from the euro really a possibility?

Cyprus races to agree details of 'plan B'

Banks could lose emergency funding within 72 hours, prompting exit from euro

Nicosia holds a better hand in this €16bn poker game

Who will blink first in this €16bn poker game? The European Central Bank’s threat to withdraw emergency funding from crippled Cypriot banks looks like an attempt to play hardball: scare tactics to force the politicians who threw out a hugely unpopular raid on savings into finding €5.8bn from somewhere by Tuesday.

Protestors shout slogans during a rally against a tax levy on deposits

Cyprus government considers capital restrictions if banks reopen in wake of no vote on bailout plan

Move would attempt to stop money flowing out of the country

A falla – a satirical structure – caricaturing Angela Merkel was displayed in Spain

Germany's denied it. So has the ECB. So whose idea was it to demand a savings tax?

The eurozone was still embroiled in an acrimonious dispute tonight over whose idea it was to impose a tax on the savings of ordinary depositors in Cypriot banks – a decision that has instigated a financial panic on the Mediterranean island and reactivated the wider eurozone sovereign debt crisis.

British ex-pats can nominate non-Cypriot bank accounts for pensions to avoid levy

Thousands of British ex-pats living in Cyprus will have their pensions temporarily halted and can nominate non-Cypriot bank accounts to ensure payments are not affected by the country’s controversial levy on savings, the Government announced today.

How controversial Cyprus bailout was agreed

With its banks on the brink of collapse, the Mediterranean island had to tow line

Editorial: Polio is going – but not yet gone

When a disease achieves “celebrity status” – garnering attention and resources – there is bound to be resentment among those working on other conditions that have been overlooked. HIV/Aids came to global notice in the 1980s and 1990s and sucked in funds on a scale hitherto undreamt of in the developing world.

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