News

    Eurozone Finance Chiefs Discuss Spain's Deficit, Greece's New Bailout

    A shoeshine man sits in front of a closed shop with graffiti sprayed on its shutters in central Athens, Greece, March 12, 2012.
    A shoeshine man sits in front of a closed shop with graffiti sprayed on its shutters in central Athens, Greece, March 12, 2012.

    Finance ministers in the 17-nation eurozone met in Brussels Monday to discuss Spain's growing budget deficit and  Greece's new $172 billion bailout.

    The ministers sought explanations from Spain, the eurozone's fourth largest economy, about why its deficit is expected to reach 5.8 percent of the country's economic output this year - far above the 4.4 percent agreed upon with European leaders.

    Eurogroup chairman Jean-Claude Juncker said the finance ministers told Spain to bring its 2012 deficit down to 5.3 percent.  Delegates stressed Madrid must get back on target with its deficit in 2013 - below 3 percent of gross domestic product.

    Last week, Greece secured agreements with private creditors to eliminate $142 billion of the debt it owed them.  That cleared the way for the finance chiefs meeting in Brussels to give their assent to the Athens government's second international bailout in two years.  Greece says it needs the bailout to avert a default on its financial obligations later this month.

    German Finance Minister Wolfgang Schaeuble said "there is no more doubt" that the rescue package will be approved, and that it will be signed later this week.

    With Greece repaying its remaining debt over an extended period, the lenders will lose about three-quarters of their original investments on the country's bonds.

    Greece's new bonds started trading at heavily discounted levels on Monday, about a quarter of face value. That signaled that investors remain wary of the debt-ridden country's financial state and worry that it might not be able to carry out the sharp austerity measures the country has agreed to in order to win approval for the debt relief and bailout.

    Italy, with the eurozone's third biggest economy, confirmed that its economy has fallen into a recession, declining seven-tenths of a percent in the last three months of 2011, after a smaller slide in the third quarter.  The Italian economy shrank with the government's adoption of austerity measures to cope with its mounting debts.

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

    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.
    Chinese-Americans Heart Trump, Bucking National Trendi
    X
    May 27, 2016 5:57 AM
    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Chinese-Americans Heart Trump, Bucking National Trend

    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Reactions to Trump's Success Polarized Abroad

    What seemed impossible less than a year ago is now almost a certainty. New York real estate mogul Donald Trump has won the number of delegates needed to secure the Republican presidential nomination. The prospect has sparked as much controversy abroad as it has in the United States. Zlatica Hoke has more.
    Video

    Video Drawings by Children in Hiroshima Show Hope and Peace

    On Friday, President Barack Obama will visit Hiroshima, Japan, the first American president to do so while in office. In August 1945, the United States dropped an atomic bomb on the city to force Japan's surrender in World War II. Although their city lay in ruins, some Hiroshima schoolchildren drew pictures of hope and peace. The former students and their drawings are now part of a documentary called “Pictures from a Hiroshima Schoolyard.” VOA's Deborah Block has the story.
    Video

    Video Vietnamese Rapper Performs for Obama

    A prominent young Vietnamese artist told President Obama said she faced roadblocks as a woman rapper, and asked the president about government support for the arts. He asked her to rap, and he even offered to provide a base beat for her. Watch what happened.
    Video

    Video Roots Run Deep for Tunisia's Dwindling Jewish Community

    This week, hundreds of Jewish pilgrims are defying terrorist threats to celebrate an ancient religious festival on the Tunisian island of Djerba. The festivities cast a spotlight on North Africa's once-vibrant Jewish population that has all but died out in recent decades. Despite rising threats of militant Islam and the country's battered economy, one of the Arab world's last Jewish communities is staying put and nurturing a new generation. VOA’s Lisa Bryant reports.
    Video

    Video Meet Your New Co-Worker: The Robot

    Increasing numbers of robots are joining the workforce, as companies scale back and more processes become automated. The latest robots are flexible and collaborative, built to work alongside humans as opposed to replacing them. VOA’s Tina Trinh looks at the next generation of automated employees helping out their human colleagues.
    Video

    Video Wheelchair Technology in Tune With Times

    Technologies for the disabled, including wheelchair technology, are advancing just as quickly as everything else in the digital age. Two new advances in wheelchairs offer improved control and a more comfortable fit. VOA's George Putic reports.
    Video

    Video Baby Boxes Offer Safe Haven for Unwanted Children

    No one knows exactly how many babies are abandoned worldwide each year. The statistic is a difficult one to determine because it is illegal in most places. Therefore unwanted babies are often hidden and left to die. But as Erika Celeste reports from Woodburn, Indiana, a new program hopes to make surrendering infants safer for everyone.
    Video

    Video California Celebration Showcases Local Wines, Balloons

    Communities in the U.S. often hold festivals to show what makes them special. In California, for example, farmers near Fresno celebrate their figs and those around Gilmore showcase their garlic. Mike O'Sullivan reports that the wine-producing region of Temecula offers local vintages in an annual festival where rides on hot-air balloons add to the excitement.
    Video

    Video US Elementary School Offers Living Science Lessons

    Zero is not a good score on a test at school. But Discovery Elementary is proud of its “net zero” rating. Net zero describes a building in which the amount of energy provided by on-site renewable sources equals the amount of energy the building uses. As Faiza Elmasry tells us, the innovative features in the building turn the school into a teaching tool, where kids can't help but learn about science and sustainability. Faith Lapidus narrates.

    Special Report

    Adrift The Invisible African Diaspora