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Friday, August 3, 2012

Spain PM undecided on bailout, unveils new savings





MADRID (AP) — Spanish Prime Minister Mariano Rajoy has said he would consider asking for financial aid for his country only once the European Central bank has fleshed out its crisis-fighting plans for buying government bonds.

A day earlier, the ECB warned it would only help lower a country's borrowing costs if that country's government applied for rescue aid from the bailout funds set up by the 17 euro countries.

Spain borrowing costs are high due to concern over the country's ability to cover huge losses in its banking sector and big debts among regional governments.

With the ECB's role in helping Spain still uncertain, the government said Friday it had submitted to the European Commission a document outlining its spending cuts and revenue increases through 2014.

Greece, Ireland, Portugal and Cyprus have already sought bailouts but a Spanish sovereign rescue package would seriously test the European Union's coffers as it is the fourth largest economy of the 17 nations using the single euro currency.

[...] many of its 17 regional governments are now starting to run out of money while austerity measures and labor reforms brought in to try to calm financial markets and appease EU partners are stifling the economy.


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Greek New Democracy Lawmaker Excluded From Parliamentary Group


Greek New Democracy Lawmaker Excluded From Parliamentary Group - Source
Wall Street Journal
Greek New Democracy Lawmaker Excluded From Parliamentary Group - Source. Article. Email; Printer Friendly; Share: facebook ↓ More. StumbleUpon; LinkedIn; Twitter; Fark; Reddit; del.icio.us; MySpace. smaller Text larger ...
Greek New Democracy Lawmaker Excluded From Parliamentary GroupNASDAQ

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Greece to 'Seal' Border Against Syrian Refugees


Business Recorder

Greece to 'Seal' Border Against Syrian Refugees
Journal of Turkish Weekly
Greece will add 1800 guards along its northern border with Turkey and put 26 floating barriers along the river that divides the countries in an attempt to keep a potential wave of refugees fleeing Syria out of the country, officials said. Greece has ...
Turkey, Greece prepare for Syrian refugeesUPI.com
Greece spooked by Syrian refugeesEUobserver.com
Greece to place more guards at Turkey border to deter refugeesWorkpermit.com

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Greece's Creditors Seek Details on Austerity Plan

Greece's international creditors have called on Athens to provide more details on its $14.14 billion austerity plan that is crucial to keeping the country's funding lines open, as Athens faced dwindling cash reserves.

READ THE ORIGINAL POST AT online.wsj.com