Europe Government

  • 2016-05-27 07:04


    By Martin Baccardax

    LONDON (MNI) - The European Central Bank's June monetary policy meeting in Vienna highlights an active week for economic data in the region as concerns over the strength of the Eurozone's recovery increase.

    ECB President Mario Draghi and his colleagues will gather in Vienna for the Bank's annual 'offsite' rate decision, this year hosted by Governing Council member Ewald Nowotny and the Austrian central bank.

  • 2016-05-24 22:57


    By Angelika Papamiltiadou

    BRUSSELS (MNI) - Greek Finance Minister Euclid Tsakalotos said Wednesday that the Eurogroup agreement for the conclusion of the first review, the disbursement of funding and the road-map for the restructuring of Greece's debt "is an important moment for Greece as investors will now have a clear picture of the country's course."

    Speaking at a press conference after the meeting, Tsakalotos said the disbursement of funds will help the state cover its own arrears, which could offset the austerity measures the parliament approved on Sunday.

    "There is some room for optimism that the vicious cycle of measures-recession-measures can be transformed to a virtuous cycle, as investors will have a clear picture and will be able to invest in Greece," he said.

  • 2016-05-24 22:14


    --Thomsen said all sides made concessions but IMF positions recognized

    BRUSSELS (MNI) - The International Monetary Fund's European Division head, Poul Thomsen, said Wednesday that the Fund will decide whether it will participate in Greece with a full new program at the end of the year and only after a revised Debt Sustainability Assessment is drafted.

  • 2016-05-24 09:22


    --Adds Comments From IMF France Mission Chief

    PARIS (MNI) - France's economy is recovering but not at a pace that is likely to reduce unemployment or the high level of public debt without further reforms, the International Monetary Fund said Tuesday.

    In a so-called Article IV review, the IMF said France's GDP should grow by "close to" 1.5% this year, upgrading its previous forecast of 1.1% and essentially matching the government's estimate.

    Over the next five years, however, growth is likely to very moderate, the IMF said, averaging around 1.75% at year.

    "With past drivers of aggregate demand fading and a still fragile euro area recovery, medium-term growth prospects are modest," the IMF said.

  • 2016-05-24 08:30


    By Jack Duffy

    PARIS (MNI) - France's economy is recovering but not at a pace that is likely to reduce unemployment or the high level of public debt without further reforms, the International Monetary Fund said Tuesday.

    In a so-called Article IV review of the French economy, the IMF said France's GDP should grow by "close to" 1.5% this year, essentially matching the government's forecast. Over the next five years, growth is likely to average an anaemic 1.75% at year, the Fund said.

    "With past drivers of aggregate demand fading and a still fragile euro area recovery, medium-term growth prospects are modest," the IMF said. The present growth trajectory will leave output "well below the level that would have been achieved on pre-crisis trends," the report said.

  • 2016-05-23 11:41


    --Greece Policy Plans Fall Far Short of What's Needed to Hit Targets
    --Upfront, Unconditional Component of Debt Relief Key, Signal to Mkts
    --Conditional Debt Relief Tied to Performance Can't Extend Beyond Program

    WASHINGTON (MNI) - A "substantial reprofiling" of European loans to Greece is required to bring the country's debt load down to the desired level, and even then the debt remains highly sensitive to shocks, the International Monetary Fund said in a report released Monday, which also warned that the debt relief must have an "upfront, unconditional" element.

    In its latest Debt Sustainability Report for Greece, the IMF staff said "revised projections suggest that debt will be around 174 percent of GDP by 2020, and 167 percent by 2022."

    Given those f

  • 2016-05-20 09:10


    By Martin Baccardax

    LONDON (MNI) - European investors will head into the final week of trading ahead of the European Central Bank's June policy meeting focused on a host of economic data from Germany that could provide important signals to the region's second-quarter growth story.

  • 2016-05-19 01:30


    By Jack Duffy

    PARIS (MNI) - France's unemployment rate held steady in the first first quarter as the number of unemployed showed little change despite a pick-up in the economy, the national statistics institute Insee said Thursday.

    The jobless rate, according to International Labour Organization standards, was 9.9% in the first quarter excluding France's overseas territories, unchanged from a revised 9.9% in Q4. The fourth-quarter rate was previously reported as 10.0%.

    Including overseas territories, the Q1 jobless rate was 10.2%, also unchanged from a revised Q4 rate of 10.2%. The fourth-quarter jobless rate was previously reported to be 10.3%.

  • 2016-05-18 08:53


    --Updates with budgetary decision for Italy; Moscovici quotes; events from

    commission College meeting

    BRUSSELS (MNI) - The European Commission Wednesday opted against punishing Spain and Portugal with sanctions under the region's budgetary rules, instead choosing to defer the decision until July by which time both countries should have taken measures to correct their overspending and Spain will have completed its national elections.

    "The Commission recommends to the Council to recommend a durable correction of the excessive deficit in 2016 and 2017 respectively, by taking the necessary structural measures and by using all windfall gains for deficit and debt reduction," the Commission said in a statement in reference to both Spain and Portugal an

  • 2016-05-18 07:23


    By Simon Marks and Silvia Amaro

    BRUSSELS (MNI) - The European Commission Wednesday opted against punishing Spain and Portugal with sanctions under the region's budgetary rules, instead choosing to defer the decision until July by which time both countries should have taken measures to correct their overspending and Spain will have completed its national elections.

    "The Commission recommends to the Council to recommend a durable correction of the excessive deficit in 2016 and 2017 respectively, by taking the necessary structural measures and by using all windfall gains for deficit and debt reduction," the Commission said in a statement in reference to both Spain and Portugal and will "come back to the situation of these two Member States in early July."

    Prior to Wednesday