As the Spanish government finishes negotiating the terms of its European bailout, Prime Minister Mariano Rajoy announced a new round of tax increases and spending cuts meant to satisfy the European powers who are rescuing them.
After a day of marathon talks that ran into Monday night, European finance ministers reached a deal that will allow Greece to receive more financial aid and temporarily stave off the chance of economic collapse.
Global markets are doing great on Monday morning after Spain agreed to a 100 billion euro bailout package, but it may only be a temporary oasis before reaching Europe's next crisis point.
European leaders and market analysts are starting to forecast the results of a Greek exit from the Eurozone and the projections don't look good.
Even as more than 40 buildings across Athens were set ablaze by angry protesters, the Greek Parliament passed a series of strict austerity measures meant to save the country from financial ruin.
The French president reportedly told associates last month, "If we lose the triple-A, I'm dead." Well, France lost the triple-A bond rating, and Sarkozy is scrambling.
Most of the members of the European Union agreed to a new "intergovernmental agreement," with strict budget rules and financial safeguards, but the United Kingdom has effectively torpedoed the deal as a threat to its national sovereignty.
Thousands of public workers across the U.K. staged what's being called the biggest general strike in a generation, shutting down schools, transportation, and some health care facilities, as unions fight with the government over pension reforms.
Rumors swirled this morning that the IMF was preparing a monster-sized loan for Italy in case their debt crisis spirals further into chaos, but a closer look reveals this rumor might not have any legs.
The Italian Parliament votes for an austerity plan, clearing the way for Prime Minister Silvio Berlusconi's resignation, expected Saturday.
Italy's news media is reporting that its famously scandal-ridden prime minister Silvio Berlusconi has offered to resign after securing passage of an austerity bill in Parliament, The Guardian writes.
George Papandreou will resign as prime minister, and talks about the makeup of the new coalition government will continue Monday.
The G20 meetings in Cannes have yielded plenty of verbal support for the ailing euro zone, but so far, nobody's willing to actually cough up any cash.
Even 2,500 years after Ancient Athenians conceived of democracy, we can't stop talking about it, especially after the news broke that Greece decided to put Europe's rescue package up for a country-wide referendum.
After a big drop this morning, U.S. stock markets rebounded a bit on news that Greek Prime Minister George Papandreou probably won't get his disastrous referendum after all.
Greek Prime Minister George A. Papandreou has upset European leaders (and their financial markets) by calling for a public referendeum on the negotiated bailout package that he had agreed to last week.
Stock markets in Europe and Asia are responding positively this morning to news that European leaders have come to an agreement on how to (painfully) solve the region's ongoing debt crisis.
Even though French President Nicolas Sarkozy skipped his daughter's birth to save Europe, German Chancellor Angela Merkel has cancelled a speech scheduled for tomorrow because Germany and France still can't agree on a solution to the European debt crisis.
Conflicting reports on Europe's bailout fund have caused quite a stir in markets.
Behind the Parliamentary wrangling that made Slovakia the only one of 17 states to vote no.
Stocks jumped up at the end of trading after Sarkozy and Merkel agreed to strike a deal
The ECB holds rates steady while the U.K. buys up more bonds
Finance ministers are scrambling to prevent the debt crisis from spreading to banks
Take heart, Barack Obama: there are more vulnerable incumbent presidents than you
Investors look to the Fed for action on rates; doubts persist in Europe on debt
Reports have questioned the ability of French banks to borrow dollars
The struggling nation will raise revenue, but will it be enough to secure more Euro aid?
The countries' two leaders have reached an agreement on how to best protect the euro
Analysts attribute the plunging stock market to short-term panic
The European Central Bank steps in to save Italy and Spain
Apparently the market trusts gold--not politicians
The economic crises in Greece, Portugal and Italy is starting to catch up to Europe
The ratings agency slashed the Emerald Isle's debt junk status
The rating agency cites a "growing risk" the nation will need a second bailout
But the big obstacle--a parliamentary vote--lies ahead
Prime Minister George Papandreou survived a confidence vote
Thousands of Greeks protested austerity measures today
A Der Spiegel report is attracting attention and skepticism
A Finn nationalist party's 19 percent vote share could doom a Portugese bailout
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