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

Algerians Vote in Presidential Election

There were few media reports of protests and clashes around the country, but so far no significant violence More

Sharks More Evolved than Previously Thought

The discovery could “profoundly affect our understanding of evolutionary history” More

Pakistan Military Asked to Protect Polio Workers

Request comes as authorities say a Taliban ban on vaccinations in 2012 and deadly attacks on anti-polio teams have prevented thousands of children from getting inoculated 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.
Google Buys Drone Companyi
|| 0:00:00
...
 
🔇
X
George Putic
April 15, 2014
In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Ray Bonneville Sings the Blues and More on New CD

Singer/songwriter Ray Bonneville has released a new CD called “Easy Gone” with music that reflects his musical and personal journey from French-speaking Canada to his current home in Austin,Texas. The eclectic artist’s fan base extends from Texas to various parts of North America and Europe. VOA’s Greg Flakus reports from Austin.
Video

Video Millions Labor in Pakistan's Informal Economy

The World Bank says that in Pakistan, roughly 70 percent work in the so-called informal sector, a part of the economy that is unregulated and untaxed. VOA's Sharon Behn reports from Islamabad on how the informal sector impact's the Pakistani economy.
Video

Video Passover Celebrates Liberation from Bondage

Jewish people around the world are celebrating Passover, a commemoration of their liberation from slavery in Egypt more than 3,300 years ago. According to scripture, God helped the Jews, led by Moses, escape bondage in Egypt and cross the Red Sea into the desert. Zlatica Hoke reports that the story of the Jewish Exodus resonates with other people trying to escape slave-like conditions.
Video

Video Police Pursue Hate Crime Charges Against Kansas Shooting Suspect

Prosecutors are sifting through the evidence in the wake of Sunday’s shootings in a suburb of Kansas City, Missouri that left three people dead. A suspect in the shootings taken into custody is a white supremacist. As VOA’s Kane Farabaugh reports, he was well-known to law enforcement agencies and human rights groups alike.
Video

Video In Eastern Ukraine, Pro-unity Activists Emerge from Shadows

Amid the pro-Russian uprisings in eastern Ukraine, there is a large body of activists who support Ukrainian unity and reject Russian intervention. Their activities have remained largely underground, but they are preparing to take on their pro-Moscow opponents, as Henry Ridgwell reports from the eastern city of Donetsk.
Video

Video Basket Maker’s Skills Have World Reach

A prestigious craft show in the U.S. capital offers one-of-a-kind creations by more than 120 artists working in a variety of media. As VOA’s Julie Taboh reports from Washington, one artist lucky enough to be selected says sharing her skills with women overseas is just as significant.
Video

Video UN Report Urges Speedier Action to Avoid Climate Disaster

A new United Nations report says the world must switch from fossil fuels to cleaner energy sources to control the effects of climate change. The Intergovernmental Panel on Climate Change released the report (Sunday) following a meeting of scientists and government representatives in Berlin. The comprehensive review follows two recent IPCC reports that detail the certainty of climate change, its impacts and in this most recent report what to do about it. VOA’s Rosanne Skirble has the details.
AppleAndroid