Arab Today, arab today eu finance ministers tackle slumping economy budget
Last Updated : GMT 16:40:38
Arab Today, arab today
Arab Today, arab today

EU finance ministers tackle slumping economy, budget

Arab Today, arab today

Arab Today, arab today EU finance ministers tackle slumping economy, budget

Brussels - AFP

European finance ministers focus on how to boost the slumping economy and the bloc\'s hotly contested budget after their eurozone peers reported progress on solving Greece\'s bailout problems. The gathering of all 27 EU ministers comes in the run-up to what is likely to be a fractious November 22-23 European summit on the 2014-20 budget, with many insisting there can be no increase in EU spending when austerity is the order of the day. They will also be looking ahead to a December 13-14 leaders summit which will try to nail down key elements of Europe\'s new debt defences, among them a single bank regulator, a major bone of contention between euro- and non-euro states led by Britain. France and Germany meanwhile differ over the scope of the new regulator, with Paris saying it should oversee all banks while Berlin argues it should only cover the biggest and most important, at least initially. The finance ministers convene Tuesday with the economy showing every sign of slipping deeper into recession, with Germany, Europe\'s powerhouse and paymaster, recently displaying signs that it is no longer immune to the ravages of the debt crisis. The economic slump has been made worse by the grim national austerity measures adopted to tackle the debt crisis, with governments everywhere cutting spending and hiking taxes so as to balance the public finances. The austerity hardline, championed by Germany along with smaller member states such as Finland and the Netherlands, plays badly in those such as Spain and Greece where unemployment has soared to around 25 percent, while youth jobless rates run at an incredible 50 percent.On Monday eurozone finance ministers agreed that while Greece had made substantial progress on its debt bailout programme, they would still have to meet again on November 20 to clear the way for a long-delayed aid payment. Greek Prime Minister Antonis Samaras had said his country would go broke by Friday if Monday\'s meeting failed to produce the loan payment, but Eurogroup head Jean-Claude Juncker said there would be no problem with Athens rolling over its debt due on that day. Ministers acknowledged \"the considerable efforts\" made by Greece and accordingly agreed that revised fiscal targets \"would be an appropriate adjustment.\" Athens wants its current 240 billion euros bailout accord running to 2014 to be extended to 2016, giving it more time to meet targets which have been torpedoed by a much deeper economic slump than expected. There is however a cost involved -- a draft report by the troika of the EU, International Monetary Fund and the European Central Bank seen Monday put the total extra funding needed for the two years at nearly 33 billion euros, with the bill rising as the economic outlook darkens.Tuesday\'s meeting will also take up the Financial Transaction Tax. The tax was originally an EU proposal, partly intended to raise new funds and partly to put a cap on the banking sector excesses blamed for the global financial crisis of 2008 which morphed into the debt crisis. Following broad opposition, the idea was dropped but 11 eurozone states led by France and Germany have returned to the charge, seeking to implement it on their own. With the backin g of more than a third of the 27 EU member nations, the measure can be implemented under an \"enhanced cooperation\" procedure but it will still need the blessing of the other EU member states who will not be adopting it.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu finance ministers tackle slumping economy budget Arab Today, arab today eu finance ministers tackle slumping economy budget

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday