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22 Jun 2010: Euro Up
The euro kept recovering for a second week, while the dollar was headed south to fall below key chart level.
The reason for the dollar vulnerability is due to new U.S. economic data showing “a rise in jobless claims, weaker-than-expected manufacturing data and a big drop in consumer prices.” The data was discouraging enough to bring the U.S. ...
16 Jun 2010: Germany's Austerity Measures Released
German government hopes to save 80 billion euros by 2014, according to the country’s austerity package unveiled on June 7.
The largest economy in Europe was expected to come up with an austerity plan, which would also set an example to the highly indebted economies such as Greece, Spain and Portugal. The German Chancellor Angela Merkel finally announced a package that includes initial spending cuts of 11.2 billion euros by 2011, and savings of 80 billion by 2014. ...
01 Jun 2010: EU Unemployment for April 2010
Unemployment in the eurozone is reaching sky-high levels as it just hit 10.1% in March, per Eurostat, the statistical office of the European Union.
This rate of unemployment is the highest it ever got since the euro was introduced in 1999. Sixteen million people across the 16 eurozone countries are jobless or 23.3 million across all the 27 countries that form the European Union. ...
31 May 2010: Italy – Next with an Austerity Plan
Italy also took austerity measures to reduce its spending as a result of the growing economic panic in the eurozone.
The government plans to cut down the public sector pay and pensions and the local government spending, as well as freeze new recruitment. It will also take measures to prevent tax avoidance. ...
25 May 2010: Germany Takes Action to Defend the Euro
After long debates and public opposition, the German parliament finally approved to contribute 148 billion euros to the emergency debt package on Friday. The new bill came into effect after 319 votes favoured it, compared to the 73 against and 195 abstained.
Despite the clear public anger (51 percent of Germans polled opposed the German aid euro package, according to a survey), the German chancellor Angela Merkel along with the finance minister Wolfgang Schaeuble defended the bill noting that this action is vital for the euro. ...