Governor of Bank of Canada Mark Carney Governor of Bank of Canada has warned Europe that it faces a “decade of stagnation” if it does not apply sustained and significant reforms to put its fiscal house in order. Mark Carney issued the warning on Tuesday while making a speech to the Montreal board of trade. “Europe remains in recession, with economic activity constrained by fiscal austerity,... 

Millions of Italians cannot afford to heat their homes properly or eat meat as their country is racked by recession and soaring unemployment, an official report has revealed. The report released on Wednesday by Italy’s National Statistics Institute, ISTAT, said the number of people considered seriously deprived has doubled in the past two years. The findings underlined the scale of the challenge... 

Demonstrators marching during a protest against austerity measures in Italy’s capital, Rome. Thousands of Italians have taken to the streets in the capital Rome to protest against tough austerity measures adopted by the government of Prime Minister Mario Monti. Thousands of anti-austerity demonstrators gathered in Rome’s Piazza della Repubblica on Saturday, expressing their anger at the government’s... 

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... 

Rise: A man walks outside a Greek Manpower Employment Organisation office,in central Athens. Greek youth unemployment rose above 60 percent for the first time in February Greek youth unemployment rose above 60 per cent for the first time in February, reflecting the pain caused by the country’s crippling recession after years of austerity under its international bailout. Greece’s jobless... 

In order to deal with its economic problems and further develop, Europe needs to deregulate its market and cut bureaucracy, but it does exactly the opposite, Chris Clarke, from Nottingham Trent University Business School told RT. In Clarke’s opinion, Europe is not even making an attempt to do the right thing to turn-around its economic woes. RT: Greece is the worst-hit in these latest figures and... 

Eurozone unemployment rate hits a record 12.1 percent in March 2013. The Eurostat data agency says eurozone unemployment rate has hit a record-high 12.1 percent in March, up by 62,000 from the previous month. According to the data, some 19.2 million people in the eurozone are receiving government financial assistance. As the jobless rate in the 17-nation eurozone climbed for the 23rd consecutive month,... 

An office of the French state-run employment agency, Pole Emploi, in the northern Paris suburb of Pantin. The French Labor Ministry says the number of unemployed people in France increased by 36,900 in March, reaching 3.224 million for the first time since 1997. The French ministry said on Thursday that the number of registered jobseekers in the eurozone’s second-largest economy surged by 1.2... 

Giorgio Napolitano is reelected as Italy’s president. Giorgio Napolitano has been reelected as the president of Italy, after accepting an appeal by the country’s major political parties to stand for a second term. In their sixth round of voting, 1,007 Italian lawmakers and regional representatives voted for Napolitano, 87, on Saturday, putting an end to a two-month political deadlock. “I... 

Italy’s main union leaders speak to crowds outside Parliament in Rome April 16, 2013. Thousands of Italians have protested against the deteriorating conditions for the country’s workforce, blaming the political stalemate for the worsening economic situation. The country’s three major unions organized the rally outside Parliament on Tuesday, where workers demanded more money to a state... 

Cyprus will offer citizenship to foreigners who lost at least €3 million in state banks under the bailout deal, the country’s president has announced. The new measure, to a great extent affecting Russians, is expected to be approved on Monday. In remarks to Russian businessmen and media in the city of Limassol, President Nicos Anastasiades stated that his cabinet is seeking to approve the relaxation... 

A homeless man in Athens Homeless people in Greece have staged a silent march, calling on the government to provide them with healthcare and improved social services. The protestors took to the streets of central Athens on Friday, urging the authorities to provide basic medical and sanitation facilities. The demonstrators were carrying placards reading, “We have no slogans. We have demands.” The... 

Italians staging a protest against austerity in Rome Official figures show that Italian households have experienced a record fall in income for 2012, as the country’s economy is expected to remain bleak. Italy’s national statistics agency Istat reported on Tuesday that the households’ purchasing power contracted by 4.8 percent last year, making it the worst result since 1990 for Eurozone’s... 

Portuguese people protesting against austerity measures The economic crisis in Portugal is forcing an increasing number of people in the recession-mired eurozone country to turn to food banks for help. “We have more people asking for our help every year, the list is growing so fast that we had to do something that isn’t our policy: create a waiting list,” said Rogerio Figueira, a volunteer with... 

Traders at work at the Frankfurt Stock Exchange European stock markets have plunged after Cyprus struck a 10-billion-euro ($13 billion) bailout deal to save the country from bankruptcy. The stocks fell on Monday afternoon after Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of eurozone finance ministers, said that the Cyprus model, which includes a heavy tax on bank deposits, could...