France handed the presidency Sunday to leftist Francois Hollande, a champion of government stimulus programs who says the state should protect the downtrodden — a victory that could deal a death blow to the drive for austerity that has been the hallmark of Europe in recent years.
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France gets new leader, Europe new direction
An infusion of hundreds of billions of dollars will give the International Monetary Fund a badly needed boost to tackle Europe’s prolonged debt crisis. But global finance officials sent a strong message Saturday that struggling governments must speed reforms or risk spooking jittery markets and raising the economic danger.
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IMF warns Europe not to ease up debt battle
COPENHAGEN (Reuters) – Euro zone finance ministers agreed on Friday to increase their financial firewall to 700 billion euros to ward off a new flare-up of Europe’s sovereign debt crisis, drawing a positive initial reaction from G20 partners and markets. The 17-nation currency area agreed to combine two rescue funds to make 500 billion euros of new funds available in case of emergency until mid-2013, on top of 200 billion euros already committed to bailouts for Greece, Ireland and Portugal. …
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Euro zone agrees to boost rescue capacity
Reuters – Europe gave Greece until Wednesday to convince skeptical international creditors that it would stick to the punishing terms of a multi-billion-euro rescue package, endorsed by parliament as rioters torched downtown Athens.
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Greece still to convince Europe over rescue deal
(Reuters)
Reuters – China has a stake in helping euro zone countries get through their debt crisis, Chinese Premier Wen Jiabao said in comments published on Sunday, pointing to Europe’s importance as a market and hinting at more possible support for beleaguered exporters.
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Wen says China has stake in helping Europe
(Reuters)
Reuters – Europe divided on Friday in a historic rift over building a closer fiscal union to preserve the euro, with an overwhelming majority of countries led by Germany and France agreeing to forge ahead with a separate treaty, leaving the EU’s third biggest economy Britain isolated.
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Europe moves ahead with fiscal union, UK isolated
(Reuters)
AP – Just as the U.S. economy is making progress despite Europe’s turmoil, here come two new threats.
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Deep spending cuts pose a new threat to US economy
(AP)
Reuters – Europe has a new informal leadership directorate intent on finding a solution to the euro zone’s debt crisis, but it has yet to prove its ability to come up with a lasting formula.
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Insight: Euro has new politburo but no solution yet
(Reuters)
Reuters – Deep divisions between France and Germany mean they will make scant progress on strengthening the euro zone bailout fund at a summit on Sunday, in a sign that Europe’s leaders are still some way from getting a grip on the bloc’s debt crisis.
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Franco-German split over bailout fund threatens crisis plan
(Reuters)
Reuters – Group of Seven finance chiefs pledged on Friday to make a coordinated response to a slowdown in the global economy but offered few specifics and differed in emphasis on Europe’s debt crisis.
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G7 offers little to calm markets on growth, debt
(Reuters)