Europe rows back on FTT plans

European countries pressing for a £30bn financial transaction tax are rowing back on their plans in the face of international opposition and concerns about the economic damage the levy could cause.

Bankia Shares Tumble After a New Stock Issue

MADRID — Shares in Bankia, the giant Spanish mortgage lender that was at the heart of the country’s banking crisis, fell sharply on Tuesday after a large share issue that was meant to herald a new start.

EU May Consider Easing Portugal Targets If Economy Worsens

The European Union may consider giving Portugal more time to meet its deficit targets if economic conditions worsen, Jeroen Dijsselbloem, head of the group of euro-area finance ministers, said.

Norway Unemployment Unexpectedly Rises as Euro Crisis Weighs

Norway’s jobless rate rose to the highest level in three years as a recession in Europe weighs on expansion in western Europe’s largest oil producer.

China PM says stable euro in best interests of China and world

BERLIN (Reuters) - China's Premier Li Keqiang said on Sunday a stable euro was in the best interests of China and the whole world.

ECB can't solve euro zone crisis alone - Weidmann

PARIS (Reuters) - Bundesbank chief Jens Weidmann said on Thursday it was not up to the European Central Bank to solve the euro zone crisis, resisting pressure from other ECB policymakers for the bank to widen its range of policy tools.

Slovenia adopts debt cap to stave off crisis

LJUBLJANA: Slovenia's parliament on Friday imposed a cap on public spending in an attempt to convince foreign investors that the small eurozone country will not need an international bailout.

ECB can't solve euro zone crisis alone - Weidmann

PARIS (Reuters) - Bundesbank chief Jens Weidmann said on Thursday it was not up to the European Central Bank to solve the euro zone crisis, resisting pressure from other ECB policymakers for the bank to widen its range of policy tools.

Nobel Laureate Phelps Warns Against EU as Iceland Abandons Talks

Nobel Laureate Edmund Phelps warned against the dangers of European Union membership as Iceland became the latest nation to question the sense of affiliation with a bloc mired in economic crisis.

British PM David Cameron urges more action on tax from UK territories

LONDON: Britain called upon its overseas territories to "get their house in order" over the sharing of tax information on Monday as the UK looks to lead a global fight against tax evasion ahead of a meeting of the world's wealthiest states.

Every cent helps: euro zone explores scrapping smallest coins

BRUSSELS (Reuters) - Saving pocket change may not end the euro zone crisis, but the European Commission hopes that scrapping the smallest coins could help penny-pinching governments cut costs.

France enters recession; Hollande under pressure

PARIS: President Francois Hollande holds a key press conference on Thursday, a day after his first anniversary in office was marred by news that holland France had fallen back into recession amid plummeting economic indicators.

Germany can't stop euro zone from sinking into longest recession

(Reuters) - Germany's economy crept back into growth at the start of the year but not by enough to stop the euro zone from contracting for a sixth straight quarter, and France slid into recession.

Hungary Exited Recession in First Quarter, Poll Says

Hungary’s economy probably exited its second recession in four years in the first three months of 2013, posting growth from the previous quarter for the first time since 2011, a survey of economists showed.

Europeans disillusioned and divided by debt crisis, survey finds

Public support for the European project has fallen and distrust between countries is growing, according to a new survey released overnight that shows the damage caused by the region's debt crisis over the last few years.

Cyprus receives EU-IMF bailout funds

Cyprus has received the first instalment of a 10bn-euro bailout package from international creditors, which was agreed earlier this year.

Spain, Portugal meet to find ways to help economy

MADRID (AP) — Spain and Portugal's premiers are meeting to discuss the economic turmoil plaguing their countries and the measures the European Union should take to ease the crisis.

Emerging economies suffering eurozone fallout, EBRD warns

The damage being inflicted on some emerging economies by the continuing eurozone crisis was highlighted on Friday by new figures from the European Bank for Reconstruction and Development.

Italian official industrial output shrinks in March

MILAN: Italy's industrial production shrank by 0.8 percentage points in March from the level in February in a far worse result than expected, according to official data released on Friday.

Cyprus considered exiting the euro zone in March

Cyprus seriously considered dropping out of the euro zone at the peak of its financial crisis in March as it faced a standoff over the terms of an international bailout, Cyprus Foreign Minister Ioannis Kasoulides said in an interview in Washington on Thursday.

UK industrial output beats forecasts, official figures show

UK industrial production was stronger than forecast in March, official figures show, boosted by manufacturing and a recovery in oil and gas output.

Euro Rallies as German Factory Orders Diverge from PMI Result

German manufacturing orders increased by 2.2% in March (seasonally adjusted), thereby vastly outperforming expectations for the factory orders to decline by 0.5%, and the March rise in orders was the same as the revised 2.2% rise reported in February.

Italy economy to shrink 1.4% in 2013, figures forecast

Italy's economy will shrink by 1.4% this year, a much sharper contraction than previously forecast, according to the national statistic agency.

Eurozone crisis deepens as German 'sado-monetarists' refuse to back QE

The countries of the eurozone are running into austerity fatigue and no wonder, with unemployment at catastrophic levels, except in Germany.What scope is there to take action to boost the economy?

Europe Warns of Harder Economic Times to Come

BRUSSELS — A deteriorating economy in the European Union is expected to drive unemployment to new highs this year in countries including Spain and Portugal that already are feeling acute pain, the Union’s top economics official warned on Friday.

EU sees deeper recession in gloomy outlook

BRUSSELS: Recession in the crisis-hit eurozone will be deeper than expected for the rest of the year, hitting even Europe's biggest economies and leaving unemployment at record levels, the EU warned Friday.

Euro Drops as Draghi Open to Negative Rates; Dollar Strengthens

The euro fell for the first time in five days against the dollar after European Central Bank President Mario Draghi said policy makers may take the unprecedented step of charging banks to hold excess reserves.

Greeks stage 24-hour anti-austerity general strike

A general strike against tough austerity measures is under way in Greece, with trade unions calling for "mass mobilisation" of protesters.

New Italian premier urges EU to focus on growth

BERLIN (AP) — Italy's new prime minister called Tuesday for European countries to prioritize economic growth over debt reduction, adding his government believes Europe needs to integrate further to overcome its current crisis.