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Greece rejects bailout offer

Greece voters overwhelmingly rejected demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt economy. This referendum, which is the first in more than four decades, adds to the uncertainty about Greece’s future in

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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 finance ministers starting to lose patience with Greece

Head of the Eurogroup, Jeroen Dijsselbloem, said the Eurozone finance ministers were starting to lose patience with  debt-laden Greece. The Eurogroup is made up of the finance ministers from the 17 nations that use the single European currency. Greece has

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“Baby recession” to hit Eurozone

High unemployment and tough austerity measures have brought some Eurozone economies on the verge of a potential “baby recession”. Unable to have a family, young couples are reluctant to have babies, as a result shrinking the future generation, in other

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"Baby recession" to hit Eurozone

High unemployment and tough austerity measures have brought some Eurozone economies on the verge of a potential “baby recession”. Unable to have a family, young couples are reluctant to have babies, as a result shrinking the future generation, in other

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Cyprus receives first installment of its bailout funds

Cyprus has received 2bn Euros, the first installment of a 10bn-Euro bailout package, from the European Union (EU) and the International Monetary Fund (IMF). Eurozone finance ministers are also expected to sign off the latest tranche of Greece’s bailout, as

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US manufacturing sector grew at its slowest pace in six months

The US manufacturing sector’s growth was at its worst in six months during April. According to Research Firm Market, the Purchasing Manager’s Index fell from 54.6 to 52, slightly above the 50 level, marking the line between growth and contraction.

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Data on bond purchases by Bank of Cyprus missing

Investigators have found that key data about bond purchases by bank of Cyprus are missing, with gaps discovered in computer records for the period 2007-2010. Whether the mass deletion of data was deliberate or accidental is not yet clear. The

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Eurozone Finance Ministers agree on a deal for Cyprus

Eurozone Finance Ministers have agreed on a bailout deal of 10bn Euros to keep Cyprus in the Eurozone and rescue its banking system from collapsing. Head of the International Monetary Fund Christine Lagarde regarded the deal as “a comprehensive and

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Global Recovery Under Threat, says OECD

According to the Organisation for Economic Co-operation and Development (OECD), decisive policy action is needed to ensure the world is not “plunged back into recession.” The OECD, which represents the world’s richest nations, also lowered its growth forecasts. The group’s

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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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Eurozone extends deadline for Greece to budget targets

The Eurozone has agreed to allow two more years for Greece to meet its deficit-reduction targets. The Eurozone finance ministers met in Brussels and endorsed a proposal to extend from 2014 to 2016, as demanded by international lenders. The two-year

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China’s Inflation Easing

China’s inflation dipped to 1.9% from a year earlier, and down from a rate of 2% in August. The rise in consumer prices has been holding back policymakers from taking stimulus measures to boost the economy. “This inflation picture remains

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Greece unemployment rate hits a record high

The latest official figures show Greece’s unemployment rate to be at 25.1%, with austerity cuts continuing and Greece is enter another year of recession. The unemployment level among young people has reached 54.2%, the 15-24 age group being the worse-affected

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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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World Bank lowers China’s growth projection

The World Bank’s forecast of China’s economic growth went down from 8.2% to 7.7% amid the dwindling economy of the nation caused by economic problems in two of its key markets, the Eurozone and the US. The weak demand for

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EU should have two different budgets- David Cameron

David Cameron seems to most likely veto the current proposed budget of the EU “if necessary”. “The EU budget is a classic example of where should probably start to draw new line,” said Mr. Cameron. He further added that there

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Eurozone manufacturing output showed slight upturn

Eurozone’s Purchasing Manager’s Index (PMI) went up from 45.1 in August to 46.1 in the month. The manufacturing output has eased, yet a figure below 50 indicates contraction. France reported a PMI of 42.7, one of its sharpest falls in

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Spain’s debt level to increase further next year

Spain is not any far from being the fourth European nation to ask for a bailout, as the government has predicted the debt level to increase further. Treasury Minister Cristobal Montoro said debt would likely reach 85.3% of the country’s

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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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Europe Headed For A Deepening Economic Recession

Business activity in the eurozone has fallen to its lowest since June 2009, a closely watched survey has found. Financial data company Markit said on Thursday its Purchasing Managers’ (PMI) Composite Output Index  for the 17 country eurozone fell to

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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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Six Day Work Week Suggested For Greece

In an email sent to the Greek Ministries of Finance and Labor, Greece’s international lenders have suggested that Greece should introduce a six day work week. Other proposals made by the Troika in exchange for the second bailout include reducing

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France Putting Pressure on Greece

French President Francois Hollande is pushing Greece to meet the demands by international creditors in order to receive the second tranche (worth 33.5bn Euros)  of its bailout. Greek leader Antanois is seeking for more time to introduce reforms needed to

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No more Leeway to Greece from Germany

Germany puts pressure on Greece to stick to its bailout conditions within the time limit given to them. Greece is expected to ask for more time to make cuts through austerity measures; however, some politicians Germany has opposed giving more

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