Further concerns for euro zone debt was raised today after the national statistics bureau INSEE said France’s public debt rose to 80.3% of national output in the first quarter of the year.
EU rules state that debt should not exceed 60% of GDP.
According to INSEE, at the end of March, French gross public debt (GDP) [...]
Greece continues to rebel against tough austerity measures as the country embarked on its fifth general strike.
Ferries, public transport and other state services came to a standstill to protest against Government plans to cut pension benefits and public servants’ pay.
More than 15,000 people took to the streets in Athens and the northern city of Thessaloniki. [...]
Italian workers are the latest to stage strikes amid tough austerity measures, introduced by the country’s Government to bring its budget deficit down.
The union, CGIL, called the strike, after cuts were made in funding for local Government, as well as the freezing of public sector pay.
Protests were held in Rome, Milan and Bologna, [...]
Italy is the latest euro zone nation to introduce a three-year austerity plan worth €24 billion (£20 billion), in a bid to bring its deficit down to below 3% of GDP by 2012 – from 5.3% currently.
Greece, Spain and Portugal have already implemented tough austerity measures, but they have angered workers and led to [...]
Stock markets across the world fell sharply today over ongoing fears about the debt crisis in the euro zone.
London’s FTSE fell below the crucial 5,000 mark today to 4,939.6 points – its lowest level for eight months.
Germany’s Dax index lost 2.7%, while France’s Cac 40 index fell 3.2%.
Earlier in the day, Asian markets [...]
The European Union has announced that the first tranche of financial aid will become available to Greece today.
EU Economic and Monetary Affairs Commissioner, Olli Rehn, said €20 billion (£17.6 billion), from the EU and the International Monetary Fund (IMF), will be transferred on 18 May.
The funds are designed to help Greece overcome its debt crisis [...]