European Central Bank President Mario Draghi warned Thursday that Europe was at a “crucial moment” if it wanted to save the euro as fears over the eurozone debt crisis mounted upon news that businesses had hit a near three-year low.
European shares made a modest recovery on Thursday, a day after an EU summit failed to shed new light on handling the debt crisis. Investors remained cautious after surveys showed manufacturing deteriorating in major economies.
The world’s most powerful leaders held talks at the G8 summit on Saturday with the eurozone crisis top of their agenda. Francois Hollande’s call for growth won him some powerful allies as he battles against Germany’s insistence on austerity.
G8 leaders meeting in the United States were to focus on Europe's debt crisis on Saturday, as President Barack Obama aligned himself with new French President François Hollande’s drive for more economic stimulus.
The debate about growth in Europe is in full swing - with more and more talk of growth, rather than austerity. In Germany, many say growth can only be found through structural reform - such as labour market reforms passed by Gerhard Schröder's government a decade ago. These so-called Hartz reforms are widely credited with gradually reducing unemployment - but many say they have caused problems as well, with low paid part-time jobs becoming the norm.
In a sign of strong recovery, Toyota has announced a $1.5 billion profit for the first quarter of 2012, more than quadruple those of the same quarter in 2011, which was a disastrous year, marred by Japan’s tsunami damage.
The leader of the hard-left Syriza party, Alexis Tsipras (pictured) begins talks on Wednesday to form a coalition government, but faced an uphill battle as Greece’s main parties hesitated at his call to scrap the country’s EU-IMF bailout deal.
The leader of Greece’s leftist Syriza party, Alexis Tsipras, said on Tuesday that he plans to throw out the terms of the country’s EU-IMF bailout deal if he succeeds in fulfilling his mandate to form a new government.
Greece's leftist Syriza party was saddled with the responsibility of assembling a new cabinet on Tuesday, a day after efforts to form a coalition government by conservative leader Antonis Samaras broke down.
Greek conservative leader Antonis Samaras (pictured) said that his efforts to form a coalition government had failed on Monday amid concerns over the country’s political and economic future.
