News / Europe

EU Finance Ministers Fail to Agree on New Debt Measures

European Central Bank governor Jean-Claude Trichet attend a news conference during an informal meeting an informal meeting of the Economic and Financial Affairs Council (ECOFIN) in Wroclaw, Poland, September 17, 2011.
European Central Bank governor Jean-Claude Trichet attend a news conference during an informal meeting an informal meeting of the Economic and Financial Affairs Council (ECOFIN) in Wroclaw, Poland, September 17, 2011.
TEXT SIZE - +

Anti-austerity protesters put an early end to a two-day European Union finance ministers meeting in Poland that failed to achieve a breakthrough on key measures to tackle Europe's growing financial crisis.

The two-day meeting of European finance ministers concluded earlier than expected Saturday, when police allowed thousands of people protesting economic austerity measures to vent their anger in the Polish city of Wroclaw. Austerity is the catch-word these days in Europe, as the European Union tries to deal with a spiraling financial crisis gripping the 17 nations sharing the euro currency.

In an interview on Britain's Sky News Saturday, British Chancellor George Osborne offered a stark assessment of the challenge.

"I think everyone here understands the severity of the situation," said Osborne. "People know that time is running out. The eurozone needs to know it needs a grip on the situation."

Eurozone ministers postponed until October a decision to give debt-strapped Greece $11 billion more in emergency loans pending clear indications that Athens was holding to their bailout conditions. But France's Finance Minister Francois Baroin told reporters that the Europeans were close to reaching a solution on another sticking point, demands by Finland for collateral in exchange for lending more money to Greece.

U.S. Treasury Secretary Timothy Geithner attended part of the talks in Poland, underscoring growing alarm that Europe's problems might threaten America's own shaky economic recovery. But news reports suggest that European officials reacted coolly to Geithner's suggestions for handling their sovereign debt and banking woes.

The financial crisis that began with Greece's skyrocketing debt and deficit has since spread to Portugal and Ireland, which have also received bailout packages. It now threatens to spread even further, touching larger economies like Italy and possibly even France. A number of European banks are also exposed to Greek and other debts.

Many analysts have been highly critical of Europe's handling of the crisis, saying governments are acting too slowly and timidly, and as a result, fanning further alarm in the markets.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Multimedia Anti-Keystone XL Protests Continue

Demonstrators are worried about pipeline's effect on climate change, their traditional way of life, health and safety More

Thailand's Political Power Struggle Continues

Court gave Prime Minister Yingluck Shinawatra until May 2 to prepare her defense over abuse of power charges but uncertainty remains over election timing More

Malaysia Plane Search Tests Limits of Ocean Mapping Technology

Expert tells VOA existing equipment’s maximum operating depth is around 6 kilometers as operation continues on ocean bed for any trace of MH370 More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Pet Kangaroo Helps Spread Environmental Messagei
X
Penelope Poulou
April 22, 2014 5:53 PM
Children’s author Julia Heckathorn travels the world to learn about different ecosystems and endangered animals. She pours her knowledge into children’s books, hoping the next generation will right the environmental wrongs of our times. As in many children's books, the main character in Heckathorn's stories is an animal. Unlike those other characters, though, this one is real - a kangaroo, that lives in the author’s backyard. VOA’s Penelope Poulou has more.
Video

Video Pet Kangaroo Helps Spread Environmental Message

Children’s author Julia Heckathorn travels the world to learn about different ecosystems and endangered animals. She pours her knowledge into children’s books, hoping the next generation will right the environmental wrongs of our times. As in many children's books, the main character in Heckathorn's stories is an animal. Unlike those other characters, though, this one is real - a kangaroo, that lives in the author’s backyard. VOA’s Penelope Poulou has more.
Video

Video Pro-Russian Separatists Plan 'Federalization Referendum' in Eastern Ukraine

Pro-Russian separatists in eastern Ukraine say they plan to move forward next month with a referendum vote for greater autonomy, despite the Geneva agreement reached with Russia, the U.S. and Ukraine to end the political conflict. VOA's Brian Padden reports from the city of Donetsk in Eastern Ukraine.
Video

Video Pope Francis Hopes Dual Canonizations Will Reconcile Church

On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

French filmmaker Luc Jacquet won worldwide acclaim for his 2005 Academy Award-winning documentary "March of the Penguins". Now Jacquet is back with a new film that takes movie-goers deep into the heart of a tropical rainforest - not only to celebrate its grandeur, but to make the case for its survival. VOA's Rosanne Skirble reports.
Video

Video Boston Marathon Bittersweet for Many Runners

Monday's running of the Boston Marathon was bittersweet for many of the 36,000 participants as they finished the run that was interrupted by a double bombing last year. Many gathered along the route paid respect to the four people killed as a result of two bombings near the finish line. VOA's Carolyn Presutti returned to Boston this year to follow two runners, forever changed because of the crimes.
Video

Video International Students Learn Film Production in World's Movie Capital

Hollywood - which is part of Los Angeles - is the movie capital of the world, and many aspiring filmmakers go there in hopes of breaking into the movie business. Mike O'Sullivan reports that regional universities are also a magnet for students who hope to become producers or directors.
Video

Video Pacific Rim Trade Deal Proves Elusive

With the U.S.-led war in Iraq ended and American military involvement in Afghanistan winding down, President Barack Obama has sought to pivot the country's foreign policy focus towards Asia. One aspect of that pivot is the negotiation of a free-trade agreement among 12 Pacific Rim nations. But as Obama leaves this week on a trip to four Asian countries he has found it very difficult to complete the trade pact. VOA's Ken Bredemeier has more from Washington.
Video

Video Autistic Adults Face Housing, Job Challenges

Many parents of children with disabilities fear for the future of their adult child. It can be difficult to find services to help adults with disabilities - physical, mental or emotional - find work or live on their own. The mother of an autistic boy set up a foundation to advocate for the estimated 1.2 million American adults with autism, a developmental disorder that causes communication difficulties and often social difficulties. VOA's Faiza Elmasry reports.
AppleAndroid