Humiliating phone call: It has been revealed that Nicolas Sarkozy contacted Chinese leader Hu Jintao to ask for investment and backing of the European fund. Further embarrassment as one trillion euro bailout fund announced yesterday does not really exist. Europe is holding out the begging bowl to China in an effort to keep the rescue package for the single currency alive. In a clear sign of how the... 

European banks agreed early on Thursday to write off 50 per cent of Greek debt. The deal was reached during an emergency summit in Brussels overnight. The EU and the IMF will also give the country another one hundred billion euros in rescue loans. An agreement on expanding the bailout fund to one trillion euros followed immense pressure on EU leaders after multiple delays in anti-crisis action. Athens... 

As the eurozone crisis continues to dominate European political business, Gunnar Wetterberg, an analyst at white collar union Saco, has stated the case for a Nordic Union and currency, to counter the threat of a euro collapse. Wetterberg argued in an opinion article in the Dagens Nyheter (DN) daily on Tuesday that a federal Nordic state would enable Scandinavian countries to be more resilient in the... 

Britain must decide on the nature of its relationship with the European Union European Union chiefs are drawing up plans for a single “Treasury” to oversee tax and spending across the 17 eurozone nations. The proposal, put forward by Herman Van Rompuy, the European Council president, would be the clearest sign yet of a new “United States of Europe” — with Britain left on the sidelines. The... 

The UK is facing the possibility of an additional £2.5 billion annual benefits bill for EU migrants as the European Commission accuses the country of violating EU laws by restricting foreigners’ access to the welfare system. Eurocrats have issued a “reasoned opinion,” giving the UK a two-month deadline to align its legislation with EU law or face court action. The European Commission... 

Obama slammed the Europeans at an event in Mountain View, California on Monday. US President Obama has given the Europeans a harsh lecture on the dangers of their ongoing debt crisis. Offended by the unsolicited advice, Europeans have suggested the US get its own house in order first. Obama’s remarks were “arrogant” and “absurd,” German commentators say on Wednesday. Europeans... 

EU foreign policy chief Catherine Ashton The European Union has criticized Israel for its illegal expansion of settlement units in the occupied Palestinian territories. EU foreign policy chief Catherine Ashton said on Tuesday that Israel’s plan to build 1,100 new illegal housing units in East al-Quds (Jerusalem) “undermines the talks with Palestinians and should be reversed,” AP reported. Ashton... 

Dollar exchange rate continues to rise, despite the enormous national debt and virtually pre-default state of the USA. Why? 
Mikhail Fedorov, analyst of “RIC-Finance”:
 “Today, because of the debt crisis the Eurozone and the U.S. became competitors in terms of their attractiveness to outside investment, and therefore their ability to fund their own public loans. In fact, they... 

European stock markets fall as Greece seeks to convince EU and IMF officials it can avoid a default, 2011-09-19. European stock markets have plunged once again amid fresh fears of Greece defaulting and more signs of economic weakness in the region. Frankfurt’s DAX 30 index fell by 3.20 percent, while in Paris the CAC 40 dived 2.73 percents on Monday, AFP reported. The London FTSE 100 index plunged... 

Beijing: Visitors have their photos taken at Tiananmen gate in Beijing on August 17, 2011. China has allowed its currency to hit a series of record highs against the USD over the past week in a move analysts say may signal a new strategy to combat the growing threat of inflation. With Italy second only to Greece in the Eurozone in terms of its debt-to-GDP ratio, the Italian government is eyeing China... 

An international survey of 23 countries by Ipsos has found opposition to immigration in numerous countries across the world, with majorities often considering its effects to be negative and its scale excessive. European nations were typical of this trend. Majorities in countries as diverse as Germany, South Africa, Russia, Turkey and the United States were found to consider immigration to have a... 

Facebook’s ubiquitous ‘like’ button found on countless websites accessible in Germany was declared in violation of the country’s strict privacy laws by a state data protection official on Friday. Thilo Weichert, who works for the data protection centre of the northern German state of Schleswig-Holstein, said the social network’s application allowing internet users to express their appreciation... 

Romanian Workers Spain has been given the green light by the EU executive to tighten restrictions on Romanian workers as it struggles with the highest unemployment in the 27-nation block. Spain will now require Romanians to have a work contract before settling in Spain and reverses a two and a half year moratorium that gave Romanian workers unrestricted access as fellow members of the European Union. The... 

European Central Bank's bond buying operation could re3ach €850bn according to analysts at the Royal Bank of Scotland. Letter to Italian PM Silvio Berlusconi demanded detailed list of reforms to timetable set by the bank. The European Central Bank’s decision to start buying up Italian and Spanish bonds has controversially extended its operations into detailed demands for economic restructuring,... 

North Kosovo, in orange, is Serb-run. Pristina aims to start trade war with Belgrade. Two policemen were wounded Monday, with one later dying of his injuries, in an operation to extend central control over North Kosovo. Since the region claimed independence in 2008, its largest remaining majority-Serb enclave has resisted rule from the capital, Pristina. The European Union, which normally backs Kosovo’s...