Credit rating agency Moody’s Investor Service has today cut Portugal’s debt rating by two notches, sending the euro down against the dollar and the pound.
Moody’s downgraded Portugal’s rating by two notches to A1, citing weak growth and suggesting it may need fresh austerity measures next year to reach fiscal targets.
However, in a statement, Portugal’s finance [...]
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 [...]
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 [...]
Shares have fallen across Britain, Europe and the US today after concerns about austerity measures in Greece, Portugal and Spain have re-surfaced.
The euro also fell against the US dollar to $1.25 – the first time since March last year.
The euro has already shed 12% this year against the dollar and is set to [...]
The European Commission has predicted that the 16-member euro zone will see growth of 0.9% this year – slightly better than the 0.7% forecast earlier this year.
However, Greece‘s economy, which has been in recession since the second quarter of 2009, is expected to contract by 3% this year, as the country in in the [...]
Strikes were launched across Greece again today as workers protest against new austerity measures, which include deeper cuts in pensions and public servants’ pay, as well as a fresh hike in consumer taxes.
The new austerity measures are being submitted in a draft bill to the Greek Parliament today, and will be voted on by the [...]