Eurozone

Euro zone slips back into recession

The 17-member euro zone has slipped into recession following two quarters of economic output contraction, the first time it has been in recession since it experienced five consecutive quarters of recession leading up to 2009.

There is some gold in the euro zone

There is some gold in the euro zone

Most of the balance of each country's reserves would be in foreign currency denominated sovereign bonds. One tonne of gold is 35,274oz. At the recent global spot price of $US1600 an oz, a tonne is worth $US56.4 million ($NZ72.7 million).

New hopes for 'fiscal consolidation'

New hopes for 'fiscal consolidation'

The new buzz words "fiscal consolidation" are giving some hope austerity measures in Europe will be replaced by stimulus to strengthen euro-zone economies and reduce unemployment.

Eurozone double dip recession tipped

Eurozone double dip recession tipped

New Zealand exporters could feel some early benefits if, as expected, the euro zone confirms this morning it is in a double dip recession.

Eurozone seals second bailout for Greece

Eurozone seals second bailout for Greece

Eurozone finance ministers have approved a second bailout for debt-laden Greece that will resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy.

EU, Russia to discuss Russian euro zone help

The presidents of the European Union and Russia are likely to discuss possible Russian contributions to stability in the euro zone when they meet for a summit in Brussels on Wednesday and Thursday, EU and Russian officials said.

ECB plays down role as EU seeks crisis deal

ECB plays down role as EU seeks crisis deal

The European Central Bank has acted to soften a looming recession and avert a credit crunch by cutting interest rates and offering banks long-term funds but spooked markets by dousing hopes of dramatic crisis-fighting action in the euro area.

Treaty change demand in EU master plan

Treaty change demand in EU master plan

The leaders of France and Germany have agreed a master plan for imposing budget discipline across the euro zone, saying the EU's basic treaty will need to be changed in the search for a sweeping solution to its debt crisis.

Greek referendum depresses markets

Greek referendum depresses markets

New Zealand and Australia's sharemarkets followed global markets down yesterday, after the world-wide bourses went into a tailspin after Greece announced an unexpected referendum on whether to accept part of a $US1 trillion ($NZ1.26 trillion) European bail-out package.

Eurozone gets ECB boost, summit deal uncertain

Eurozone gets ECB boost, summit deal uncertain

The incoming head of the European Central Bank threw the euro zone a lifeline hours before a crucial summit which looked set to fall short of a definitive plan to tackle the bloc's debt crisis.

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