Spain’s Minister of Finance and Public Administrations Cristobal Montoro The Greek stock market has plummeted 5.9 percent after Standard & Poor’s credit rating agency warned that the country has a one-in-three chance of leaving the eurozone. The minister made the remarks on Tuesday, admitting that Spain’s high borrowing costs have shut out bond markets at a time when the country seeks... 

China has accumulated enough financial resources to induce borrowers US and EU to share power, argues Arvind Subramanian, senior fellow jointly at the Peterson Institute for International Economics and the Center for Global Development. ­In an exclusive interview to RT the author of Eclipse: Living in the Shadow of China’s Economic Dominance explained how disputable currency policies from creditor... 

French Finance Minister Pierre Moscovici pictured on May 21, 2012at a press conference in Berlin, Germany French Finance Minister has warned that Greece’s exit from the eurozone will be on the agenda if Greek authorities do not respect the bailout deal after parliamentary elections in mid-June. “The question would be raised without a doubt…. if the Greeks themselves do not respect their... 

Logo of the Portuguese bank BPI The Portuguese bank BPI has reportedly asked for 1.3 billion euros in public aid to comply with the principles laid out by the European Banking Authority, as the financial crisis in the eurozone seems to be deepening. Banco BPI, which is Portugal’s third largest listed bank, said on Monday that it would also raise 200 million euros from private investors. The news... 

Revolution is in the air – Globally. At least the first wave of revolutionary fervour has struck the world. Commencing from unlikely Tunisia, spreading through dormant Egypt, toppling the Libyan strongman, the North African – Arabian Peninsula rejoiced in the Arab Spring. Yet the ‘Occupy Wall Street’ and western world change seekers are even more dramatic. Striking at the heart of... 

Ireland is voting in a referendum on an EU austerity pact. If Dublin does not accept tough budget deficit obligations, it would be a kiss goodbye to EU rescue money, which could be followed by default and a eurozone exit. The mooted European Fiscal Pact was initiated by Germany and France. If approved, it would oblige Dublin to strictly control its budget deficit, which reached 13.1 per cent last... 

The European Parliament has opposed the controversial ACTA treaty, after three of its influential committees said the trade agreement should be rejected. The Legal Affairs Committee (JURI), the Committee for Industry, Research and Energy (ITRE) and the Committee for Civil Liberties, Justice and Home Affairs (LIBE) all voted against implementing the agreement, which caused mass protests in several... 

A euro coin with the Spanish national flag in the background. The European Commission says Spain is on top of the list of the eurozone 12 critical economies as new reports show investors flee Spain amid the deepening financial crisis. Affected by Greece’s economic woes, the Commission on Wednesday listed Spain and Cyprus as two European states in “very serious” trouble. “Spain faces... 

Lawmakers in Holland have voted to strike down the international Anti-Counterfeiting Trade Agreement (ACTA), slammed by many as a free speech and information access choker. Dutch MPs have also ruled the government will never sign any such agreement. The Dutch parliamentarians have opted not to wait for the EU’s vote on ACTA which is set for June, with consultations kicking off already this Thursday. “The... 

Britain’s Home Office is drawing up contingency plans to restrict the number of economic migrants from Greece and other European Union nations in case the euro collapses. ­EU rules allow citizens to work anywhere in any country in the single market, including the UK, with the exception of new members Romania and Bulgaria. People looking for work abroad may see Britain as an attractive option as... 

Anders Fogh Rasmussen The European missile shield is up and running, says NATO Secretary-General Fogh Rasmussen, who announced its “interim capability” to shoot down incoming missiles. Earlier Russia voiced strong concern over the issue. The “interim operational capability”declared by Rasmussen at the NATO summit in Chicago on Sunday is the first step to fulfilling the controversial... 

Ten years ago, the world’s youngest and most ambitious currency – the euro – became materialized. Twelve countries of the European Union launched the new monetary unit in circulation. The new currency was born in one of the largest cities of Germany – Frankfurt-am-Main – where the European Central Bank is headquartered. Citizens of Austria, Belgium, Germany, Ireland,... 

The Netherlands has become the first EU member country to pass into law new net neutrality regulations, following in the footsteps of Chile, which became the first country in the world to make net neutrality laws back in July 2010. The new Telecom Law was approved unanimously by the Dutch Senate and is set to ensure that access to the internet remains neutral and unfiltered. The move follows plans... 

German Chancellor Angela Merkel left little ground to hope she would abandon or moderate the austerity program for Europe as she warned that growth on new loans would push the EU into deeper crisis. “Growth through structural reform is sensible, important and necessary,” she said during an address to the German Parliament. “Growth through debt would throw us back to the beginning of the... 

Greece’s leader of the leftist SYRIZA coalition, Alexis Tsipras Greece’s left-wing coalition leader has ruled out austerity measures, receiving a mandate to form a new government as elections produced a stalemate in parliament. Greece’s leader of the leftist SYRIZA coalition, Alexis Tsipras, has ruled out budget-cutting austerity measures, opting to meet President Karolos Papaoulias in talks...