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Eurozone sees “dramatic improvement” in its economic recovery

Addressing the final day of the World Economic Forum, Head of the European Central Bank (ECB), Mario Draghi, said Eurozone had witnessed “dramatic improvement” in its economic recovery over the past two years. He said risks had declined considerably across

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Eurozone jobless rate climbs to record high in October.

The eurozone unemployment rate inched up in October to a record-high 11.7%, compared to 11.6% the previous month, Eurostat, the European Union’s statistics office, said on Friday. That figure marks a new record for the eurozone, while the jobless rate

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Empty shops at record levels in UK town centres

According to a survey from the British Retail Consortium (BRC), the proportion of empty shops in British town centres hit a record in October in the face of rising costs and sluggish sales. 2012 has seen several high profile retail

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Germany economic growth slowing down

According to latest figures, Germany’s economic growth stood at 0.2% between July and September, down from 0.3% in the second quarter and 0.5% in the first three months of the year. Last month, the German government cut its forecast for

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Germany talking about a 1% growth

Germany has cut down its forecast for economic growth in 2013 from 1.6% to 1%, its slowest rate since the reunification.  For this year, the economy ministry expects growth of 0.8 percent, up from 0.7 percent in April. The nation

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Sluggish global economy hurting emerging economies-warns IMF’s Christine Lagarde

The global economic crisis has started to hurt growth in emerging economies warned the International Monetary Fund (IMF) head, Christine Lagarde. There has been a widespread uncertainty in Europe, America, and other places around the globe, hampering decision makers from

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IMF warns of instability in the global financial system

In its latest Global Financial Stability Report, published every six months, the International Monetary Fund (IMF) said the global financial risks have increased in the past six months despite the measures taken by the policymakers to make the financial system

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“Spain does not need a bailout at all”

Rumors have it that Spain will very soon ask for a bailout, as it seems unable to get itself out of its financial difficulty that has hit it since 2008, when global financial crisis cause a big crash in the

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IMF cuts global growth forecast

Amid continuing economic tensions in the Eurozone and disappointing growth rate of the US economy, IMF looks likely to cut its forecast for global growth. IMF head Christine Lagarde, speaking in Washington, said on Monday: “We continue to project a

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IMF cuts South Korea growth forecast

The International Monetary Fund (IMF) has cut South Korea’s growth forecast from 3.25% in June to 3% for this year due to spiraling economic crisis in the Eurozone. The Eurozone is the key market for South Korea’s exports, which account

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Asian stock markets rally after ECB debt plan

Asian markets join global rally, after the European Central Bank unveiled its plans of buying a potentially unlimited amount of bonds of debt-stricken Eurozone members, in a bid to ease the Eurozone crisis. Japan’s Nikkei 225 index rose 2.2%, Korea’s

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ECB’s unveiled plans strengthen Euro against Dollar

After the European Central Bank (ECB) unveiled its plans of easing the Eurozone crisis, the Euro rose to a two-month high against the US dollar. ECB’s president Mario Draghi announced that the ECB would agree to buy a potentially unlimited

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Eurozone crisis: Spain's borrowing costs fall

Spain’s short term borrowing costs tumbled on Tuesday as it raised 4.51 billion euros, on hopes that the European Central Bank will soon start buying its bonds. According to figures from the Bank of Spain, the 12 month rate slumped

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Eurozone crisis: Spain’s borrowing costs fall

Spain’s short term borrowing costs tumbled on Tuesday as it raised 4.51 billion euros, on hopes that the European Central Bank will soon start buying its bonds. According to figures from the Bank of Spain, the 12 month rate slumped

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Germany warns it could veto Greek aid

According to a senior lawmaker, if Athens fails to comply with the terms of previous rescue packages, Germany will block any new aid to Greece. Michael Fuchs, the deputy head of Chancellor Angela Merkel’s conservative party, has said that Berlin

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Europe still a risk to Australian economy

According to the Reserve Bank of Australia, the growth forecast for 2012 is better than expected, however problems in the eurozone pose a threat.  In its statement of Monetary Policy released on Friday, the RBA said strong data readings in

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Germany catches Europe's crisis fever

Germany appeared to be safe from Europe’s debt crisis, due to the deep reforms undertaken years ago, however recent data suggests that Germany, too, is slowly giving in to the crisis fevers. Analysts believe it could even be falling back

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Germany catches Europe’s crisis fever

Germany appeared to be safe from Europe’s debt crisis, due to the deep reforms undertaken years ago, however recent data suggests that Germany, too, is slowly giving in to the crisis fevers. Analysts believe it could even be falling back

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France’s economy to contract again

The Bank of France has predicted the country’s economy to fall back into recession this quarter, as the economy showed zero growth in the first quarter of the year. The economy is estimated to shrink by 0.1% in July to

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Eurozone crisis: ECB's Draghi disappoints markets

European markets have fallen following comments from European Central Bank president, Mario Draghi, stating that the bank would come up with more measures to support the euro “over the coming weeks”. Madrid stocks slumped more than five per cent as

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Eurozone crisis: ECB’s Draghi disappoints markets

European markets have fallen following comments from European Central Bank president, Mario Draghi, stating that the bank would come up with more measures to support the euro “over the coming weeks”. Madrid stocks slumped more than five per cent as

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Forecast for global economic growth to be cut by IMF: Christine Lagarde

Speaking at an economic symposium in Tokyo, International Monetary Fund chief Christine Lagarde has said that IMF would cut the next forecast for global economic growth from 3.5% predicted in April. “What I can tell you is that it will

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Eurozone agrees to support struggling banks

Eurozone agrees on bank recapitalization by using the Eurozone’s planned bailout fund, without adding to government debt. The decision will be implemented on 9th of July. The Eurozone also agreed to set up a joint banking supervisory body for the

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Greek PM Samaras to miss EU summit

Greece’s new Prime Minister Antonis Samaras will miss this week’s EU summit while he recovers from eye surgery, according to a government spokesman. He underwent routine surgery on Saturday for a damaged retina, with the operation said to have been

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Reduction in Europe-wide aid budgets

The Eurozone debt crisis had led to cuts in government development aid to poor countries. It is the first significant reduction for a decade led by two of the states worst affected by the crisis-Spain and Greece. “As austerity bites

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