Relations between Europe and the International Monetary Fund (IMF), which have carried out several bailout programs together, may change dramatically as the eurozone intends to replace the fund’s presence in bailouts. The European Commission plans to give more responsibility to the European Stability Mechanism (ESM) which helps eurozone countries to borrow money. The ESM will monitor and enforce... 

Cypriot women hold a protest outside the parliament, which was to debate a 10-billion-euro EU bailout, in the capital Nicosia on April 30, 2013. The European Union has handed over the first installment of a 10-billion-euro bailout to Cyprus as part of the aid package agreed earlier this year. The bloc’s European Stability Mechanism said in a statement on Monday that Cyprus received two billion... 

The EU and Spain are trying to come to terms over a rescue plan for the debt ridden European economy. The government remains unwilling to apply for international aid, but analysts say asking for a bailout is essential. A new Spanish rescue programme to be announced next Thursday will be focused on the measures international lenders would ask in return for a bailout. As the ECB money always comes with... 

The German parliament has voted in favor of the EU’s permanent bailout scheme and more lenient budget rules. Chancellor Merkel has been criticized with making a U turn in policy, easing borrowing costs on flagging banks without additional austerity. “Today Germany, with the approval of the fiscal pact and the ESM [European Stability Mechanism] by all parties in both houses of parliament, will...