European Central Bank news stories on Newser

Greek Euro Exit May Cost $1T

Kevin Spak — Thu, 17 May 2012 07:44:49 CDT

Europe has hundreds of billions of reasons to try to keep Greece from unceremoniously ditching the eurozone. If Greece leaves, the rest of Europe would face catastrophic losses, Reuters reports. Greece would default on the roughly $250 billion in debt held by the ECB, IMF, and other eurozone nations, and...

Eurozone Set to Finalize Greece Bailout

Kevin Spak — Mon, 20 Feb 2012 14:27:32 CST

Eurozone finance ministers met in Brussels today, in a meeting that they believe will finalize a $171 billion second bailout for Greece, in exchange for roughly $264 billion in Greek government bonds. "I'd like to assume that we will come to a final and definitive agreement tonight," Luxembourg Prime Minister...

ECB Makes Massive $639B Loan to Banks

Wed, 21 Dec 2011 10:25:29 CST

The European Central Bank loaned a massive $639 billion to 523 banks for an exceptionally long period of three years to steady a financial system that is under pressure from the euro zone debt crisis. It is the biggest ECB infusion of credit into the banking system in the 13-year...

As Summit Looms, ECB Slashes Rate Again

Kevin Spak — Thu, 08 Dec 2011 07:47:58 CST

The European Central Bank slashed rates for the second time in as many months today, ahead of a crucial EU summit that could determine the fate of the euro. Analysts had expected the cut, which brings the key rate from 1.25% down to 1%, but sources tell Bloomberg that...

Clutching at Straws

Mark Russell — Mon, 05 Dec 2011 03:55:12 CST

With the survival of the eurozone at stake, European leaders are aiming to complete a plan this week that will transform the region and save the euro, reports the New York Times . Despite major differences that remain between Angela Merkel and Nicolas Sarkozy, a four-point deal is taking shape, including...

Sarkozy: Change—or Kiss Eurozone Goodbye

Mark Russell — Fri, 02 Dec 2011 04:08:57 CST

French President Nicolas Sarkozy yesterday called for changing the eurozone treaty to make a tighter, stronger union, and demanded more budget discipline, increased help for foundering economies, and replacing countries' veto rights with qualified majorities, reports Reuters . He also called for the European Central Bank to be more interventionist and...

Central Banks Move to Ease Market Strains

Kate Schwartz — Wed, 30 Nov 2011 07:59:35 CST

Central banks around the world plan to ease the strain on the global financial system by taking coordinated action to prevent a lack of liquidity, they announced in a statement this morning—news that sent stock futures soaring more than 250 points . The Bank of Canada, Bank of England, Bank...

Eurozone Agrees to Huge Spain, Italy Bailouts

Polly Davis Doig — Sun, 07 Aug 2011 16:18:45 CDT

Europe's central banking system has agreed to buy huge quantities of Spanish and Italian government bonds in an attempt to stem the debt crisis overwhelming the eurozone, a source told Reuters after an ECB conference call today. “The Euro system will intervene very significantly,” the source said. He didn’t say...

Eurozone Mulls Greece Bailout

Rob Quinn — Tue, 09 Feb 2010 02:32:58 CST

Greece won't be getting a bailout from the EU itself, officials said yesterday, but they're scrambling to put together a package of loans from member nations to shore up the staggering Greek economy. The EU charter forbids the European Central Bank and national central banks from bailing out countries, but...