france italy hail progress on eurozone crisis
Last Updated : GMT 16:22:18
Arab Today, arab today
Arab Today, arab today

France, Italy hail progress on eurozone crisis

Arab Today, arab today

Arab Today, arab today France, Italy hail progress on eurozone crisis

Paris - AFP

France and Italy sought on Tuesday to boost confidence that Europe can tackle its debt crisis, with Italian Prime Minister Mario Monti saying he sees "light at the end of the tunnel" for the eurozone. With European leaders keen to maintain momentum following a series of well received statements, Monti and French President Francois Hollande hailed progress in addressing the eurozone's debt woes after talks in Paris. But new data provided a stark reminder of the devastating effects of the crisis, with the European Union saying unemployment across the eurozone hit a record 11.2 percent in June. France and Italy "are determined to do everything to protect" the euro, Hollande and Monti said in a joint statement, praising recent remarks by European Central Bank chief Mario Draghi suggesting ECB intervention. "Member states, like European institutions... must meet their obligations in order to maintain the stability and proper functioning of the eurozone," they said, calling for the rapid implementation of eurozone reforms. Speaking to journalists, Hollande said the eurozone must be "defended, preserved and consolidated" and hailed "very significant progress in recent weeks." Ahead of the talks Monti expressed confidence the eurozone was finally preparing to take the necessary steps. "We and the rest of Europe are getting closer to the end of the tunnel. There's light at the end of the tunnel," Monti said in an interview with Rai Radio. Monti said he could sense "greater willingness on the part of European institutions and governments" to implement reforms agreed at an EU summit in June and to take action to help debt-ridden countries. After Paris, Monti will travel to Helsinki and Madrid as part of a tour he said would help "secure the euro and give a decisive boost to European growth." Hopes for a concerted effort to address the two-and-a-half-year debt crisis were raised last week when Draghi vowed to do "whatever it takes" to preserve the euro. The markets are now waiting for direct intervention to help bring down dangerously high borrowing costs for Italy and Spain and so prevent them needing what would be hugely costly bailouts. Such hopes were bolstered by a verbal offensive from top European policymakers, including Eurogroup chief Jean-Claude Juncker who said the eurozone had reached a "crucial point" and vowed action with the ECB. In telephone calls with Monti and Hollande, German Chancellor Angela Merkel also agreed to do "everything possible" to save the euro. The statements had an immediate effect, with stock markets soaring, Spain's 10-year borrowing costs falling on the bond markets and Italy selling benchmark 10-year bonds on Monday at 5.96 percent -- below the key 6.0-percent danger threshold. In the United States, President Barack Obama also urged Europe to take action. "I don't think ultimately that the Europeans will let the euro unravel. But they're going to have to take some decisive steps," Obama said. As well as record European unemployment, both economic powerhouse Germany and struggling Italy reported rises in joblessness in Tuesday. German unemployment rose to 6.8 percent in July from 6.6 percent in June while Italy's jobless total hit a record 10.8 percent in June, up from 10.6 percent in May, with youth unemployment at 34.3 percent. Asian stock markets were generally higher on Tuesday meanwhile, their third consecutive positive session, as traders looked for new stimulus measures from both the European and US central banks, while European stocks mostly declined.  

arabstoday
arabstoday

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*

france italy hail progress on eurozone crisis france italy hail progress on eurozone crisis

 



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*

france italy hail progress on eurozone crisis france italy hail progress on eurozone crisis

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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