News / Europe

    European Finance Ministers Meet on Eurozone Crisis

    German Finance Minister Wolfgang Schaeuble speaks with the media prior to a meeting of eurozone finance ministers in Luxembourg, June 21, 2012 (AP).German Finance Minister Wolfgang Schaeuble speaks with the media prior to a meeting of eurozone finance ministers in Luxembourg, June 21, 2012 (AP).
    x
    German Finance Minister Wolfgang Schaeuble speaks with the media prior to a meeting of eurozone finance ministers in Luxembourg, June 21, 2012 (AP).
    German Finance Minister Wolfgang Schaeuble speaks with the media prior to a meeting of eurozone finance ministers in Luxembourg, June 21, 2012 (AP).
    Lisa Bryant
    PARIS - European finance ministers are discussing how to tackle Europe's sovereign debt and banking crisis during a two-day meeting in Luxembourg.   The talks begin a series of critical economic meetings.

    The eurozone finance ministers have plenty on their plate in talks that stretch through Friday, and that will be complemented by a summit in Rome among French, German, Spanish and Italian leaders.  The subject is the same; how to contain and turn around the eurozone's financial crisis, now in its third year.

    Economist Tomasz Michalski, of the HEC business school in Paris, says there is no easy answer.

    "Each of these countries have different problems and the issue is there on one solution that would help save the day in every one of those countries," said Michalski. "Those that are the most distressed countries.  But in many European countries, growth has been lackluster."

    As usual, Greece's economic problems will be a top agenda item.  But more skeptical analysts like Michalski say the new, pro-eurozone government in Athens offers a breather, but not a solution.

    "The problem with Greece is that even if they renegotiate [their bailout terms] now, this does not mean the Greek economy is going to be saved at all," he said. "Because essentially what we are facing in Greece is a standstill."

    Spain's troubled banks will also be in the spotlight, with finance ministers expected to discuss the specifics of a bailout.  The EU ministers will also tackle two other problem economies, Italy and Cyprus, witch may be next in line for bailout funds.

    "Cyprus is suffering a banking crisis because the Cyprus banks were deeply involved in Greece," said Michalski. "So basically, they are suffering an economic contagion because of a larger neighbor's problems."

    Europe's ongoing financial worries were among the main topics of this week's Group of 20 summit.  European Commission chief Jose Manuel Barroso summarized the message that emerged from the Mexico meeting.

    "There is today an overall, an international plea to ask the European Union and namely the euro area to deepen its integration, to build a banking union, through economic and monetary union, and even making appeals to a political union," said Michalski.

    European leaders are expected to produce a more detailed plan to address the eurozone crisis during a summit next week.  But economist Michalski says that while they may discuss one major reform, a future banking union, they are unlikely to agree on others that experts say are needed.

    You May Like

    Russian-speaking Muslim Exiles Fear Possible Russia-Turkey Thaw

    Exiled from Russia as Islamic radicals and extremists, thousands found asylum in Turkey

    US Presidential Election Ends at Conventions for Territorial Citizens

    Citizens of US territories like Guam or Puerto Rico enjoy participation in US political process but are denied right to vote for president

    UN Syria Envoy: 'Devil Is in the Details' of Russian Aleppo Proposal

    UN uncertain about the possible humanitarian impact of Russian proposal to establish escape corridors in Aleppo

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Uganda Unveils its First Solar-powered Busi
    X
    July 28, 2016 4:16 AM
    A solar-powered bus described by its Ugandan makers as the first in Africa has made its public debut. Kiira Motors' electric bus, Kayoola, displayed recently at a stadium in Uganda's capital. From Kampala, Maurice Magorane filed this report narrated by Salem Solomon.
    Video

    Video Uganda Unveils its First Solar-powered Bus

    A solar-powered bus described by its Ugandan makers as the first in Africa has made its public debut. Kiira Motors' electric bus, Kayoola, displayed recently at a stadium in Uganda's capital. From Kampala, Maurice Magorane filed this report narrated by Salem Solomon.
    Video

    Video Silicon Valley: More Than A Place, It's a Culture

    Silicon Valley is a technology powerhouse and a place that companies such as Google, Facebook and Apple call home. It is a region in northern California that stretches from San Francisco to San Jose. But, more than that, it's known for its startup culture. VOA's Elizabeth Lee went inside one company to find out what it's like to work in a startup.
    Video

    Video Immigrant Delegate Marvels at Democratic Process

    It’s been a bitter and divisive election season – but first time Indian-American delegate Dr. Shashi Gupta headed to the Democratic National Convention with a sense of hope. VOA’s Katherine Gypson followed this immigrant with the love of U.S. politics all the way to Philadelphia.
    Video

    Video Philadelphia Uses DNC Spotlight to Profile Historic Role in Founding of United States

    The slogan of the Democratic National Convention now underway in Philadelphia is “Let’s Make History Again” which recognizes the role the city played in the foundation of the United States in the 18th century. As VOA’s Kane Farabaugh reports, local institutions are opening their doors in an effort to capitalize on the convention spotlight to draw visitors, and to offer more than just a history lesson.
    Video

    Video A Life of Fighting Back: Hillary Clinton Shatters Glass Ceiling

    Hillary Clinton made history Thursday, overcoming personal and political setbacks to become the first woman to win the presidential nomination of a major U.S. political party. If she wins in November, she will go from “first lady” to U.S. Senator from New York, to Secretary of State, to “Madam President.” Polls show Clinton is both beloved and despised. White House Correspondent Cindy Saine takes a look at the life of the woman both supporters and detractors agree is a fighter for the ages.
    Video

    Video Dutch Entrepreneurs Turn Rainwater Into Beer

    June has been recorded as one of the wettest months in more than a century in many parts of Europe. To a group of entrepreneurs in Amsterdam the rain came as a blessing, as they used the extra water to brew beer. Serginho Roosblad has more to the story.
    Video

    Video First Time Delegate’s First Day Frustrations

    With thousands of people filling the streets of Philadelphia, Pennsylvania for the 2016 Democratic National Convention, VOA’s Kane Farabaugh narrowed in on one delegate as she made her first trip to a national party convention. It was a day that was anything but routine for this United States military veteran.
    Video

    Video Commerce Thrives on US-Mexico Border

    At the Democratic Convention in Philadelphia this week, the party’s presumptive presidential nominee, Hillary Clinton, is expected to attack proposals made by her opponent, Republican presidential nominee Donald Trump, to build a wall along the U.S.-Mexico border. Last Friday, President Barack Obama hosted his Mexican counterpart, President Enrique Peña Nieto, to underscore the good relations between the two countries. VOA’s Greg Flakus reports from Tucson.
    Video

    Video Film Helps Save Ethiopian Children Thought to be Cursed

    'Omo Child' looks at effort of African man to stop killings of ‘mingi’ children
    Video

    Video London’s Financial Crown at Risk as Rivals Eye Brexit Opportunities

    By most measures, London rivals New York as the only true global financial center. But Britain’s vote to leave the European Union – so-called ‘Brexit’ – means the city could lose its right to sell services tariff-free across the bloc, risking its position as Europe’s financial headquarters. Already some banks have said they may shift operations to the mainland. Henry Ridgwell reports from London.
    Video

    Video Recycling Lifeline for Lebanon’s Last Glassblowers

    In a small Lebanese coastal town, one family is preserving a craft that stretches back millennia. The art of glass blowing was developed by Phoenicians in the region, and the Khalifehs say they are the only ones keeping the skill alive in Lebanon. But despite teaming up with an eco-entrepreneur and receiving an unexpected boost from the country’s recent trash crisis the future remains uncertain. John Owens reports from Sarafand.
    Video

    Video Migrants Continue to Risk Lives Crossing US Border from Mexico

    In his speech Thursday before the Republican National Convention, the party’s presidential candidate, Donald Trump, reiterated his proposal to build a wall along the U.S.-Mexico border if elected. Polls show a large percentage of Americans support better control of the nation's southwestern border, but as VOA’s Greg Flakus reports from the border town of Nogales in the Mexican state of Sonora, the situation faced by people trying to cross the border is already daunting.

    Special Report

    Adrift The Invisible African Diaspora