France and Germany Lead Euro Zone to Higher Growth

By DAVID JOLLYFEB. 14, 2014

The New York Times

PARIS — The euro zone economy grew slightly faster than expected in the last three months of 2013, an official report showed on Friday, bringing welcome news for the global economy amid signs of slowing in the United States and China.

Although growth in the 18-nation currency union is still weak, at a 1.1 percent annualized rate, it was the euro zone’s third straight quarter in positive territory, indicating that the bloc is well beyond the year-and-a-half recession that ended in mid-2013.

EU Said to Weigh Extending Greek Loans to 50 Years

By Nikos Chrysoloras and Rebecca Christie  Feb 5, 2014 5:44 PM GMT+0200

Bloomberg

The next handout to Greece may include extending the maturity on rescue loans to 50 years and cutting the interest rate on some previous aid by 50 basis points, according to two officials with knowledge of discussions being held by European autorities.

The plan, which will be considered by policy makers by May or June, may also include a loan for a package worth between 13 billion euros ($17.6 billion) and 15 billion euros, another official said. Greece, which got 240 billion euros in two bailouts, has previously had its terms eased by the euro zone and International Monetary Fund amid a six-year recession.

Irish industrial production growth highest in EU

Pamela Newenham

Last Updated: Tuesday, January 14, 2014, 10:41

Ireland recorded 13.2 per cent growth in industrial production between November 2012 and November 2013, according to the latest figures from the EU’s statistics office Eurostat.

This is the highest increase in the EU ahead of Slovakia (+12.7 per cent), the Czech Republic (+8.8 per cent) and Romania (+8.7 per cent).

Ireland also had the highest month on month increase between October and November last year, rising 11.7 per cent, compared to EU average growth of 1.5 per cent and a Euro Area average of 1.9 per cent.

Greece Takes EU Helm, Still Focused on Self

Six-Month Presidency Could be Overshadowed by Demands of Bailout

By MATINA STEVIS

Updated Jan. 9, 2014 2:26 p.m. ET

Greece's turn at the helm of the European Union, a largely administrative role that rotates every six months, could find itself overshadowed by something close to home: Greece's own bailout.

According to EU etiquette, the country holding the presidency is expected to leave aside its national agenda and focus on managing legislative drafts and negotiations, wearing a neutral, EU hat. That option isn't available to Athens.

Can Greece repair its reputation?

Is Greece, the country that nearly brought Europe to its knees, fit to take over the EU presidency?

By Colin Freeman7:49PM GMT 02 Jan 2014

The Guardian

Brussels bureaucrats are not known for their humorous side, nor indeed are German politicians or Eurozone finance chiefs. But anyone wandering through Syntagma Square in Athens these days could be forgiven for thinking that someone in the EU hierarchy clearly has a sense of mischief.

In recent weeks, after five years as a battleground between Greek police and anti-austerity protesters, the square has been undergoing repairs to its marble. The refurb marks not the end of Greece’s austerity years – far from it – but the start of what many might otherwise assume was a drunken New Year’s prank by someone in Brussels’ protocol and scheduling department.

Greece takes charge of the European Union

For the next six months, Greece holds the presidency of the European Union. The country is virtually bankrupt, and has been bailed out several times by the EU. Now it's in charge of the EU's daily agenda.

Greece is still in serious economic crisis. Unemployment is at a record high of 27 percent. Taxes are rising, and public spending is down. The country is hundreds of billions of euros in debt. Konstantinos Karagkounis, a member of the Greek parliament, describes the situation as a "humanitarian catastrophe," and the situation is improving only very slowly.

Debt-laden Greece prepares "Spartan" EU presidency to burnish image

BY HARRY PAPACHRISTOU

ATHENS Tue Dec 17, 2013 8:00am EST

Dec 17 (Reuters) - Barely 18 months after it almost crashed out of the euro zone, Greece takes over the rotating presidency of the European Union with the hope of using the podium to show it is bouncing back.

Greece, which takes on the job for six months from Jan. 1, has a reputation for being the Europe's biggest problem child and will be negotiating for debt relief from other European states while it holds the presidency.

The position requires the holder to organise hundreds of ministerial gatherings and policy negotiations, giving Athens an opportunity to drive the agenda, if only for a few months.

Euro Zone Economy Stalls as Germany and France Backtrack

November 14, 2013

By DAVID JOLLY and JACK EWING

The New York Times

PARIS — The euro zone economy marked time in the third quarter of the year, growing just 0.1 percent from the second quarter, a report on Thursday showed, disappointing hopes that a full-fledged recovery was finally taking hold after five years of recession and stagnation.

On the edge

The mood in the Greek capital is at the boiling point

Sep 21st 2013 | ATHENS |From the print edition

A WHIFF of tear gas, the first in the city centre for almost a year, signalled the start of a new round of protests led by Greek teachers, school and university administrators, and members of the capital’s recently disbanded municipal police. All face being laid off in a long-awaited cull of public-sector workers. Riot police resorted to firing the tear gas on September 16th to dissuade a group of school guards from occupying the ministry of public administration.

Why Greece Is Not Weimar

By ROGER COHEN

Published: September 19, 2013

The New York Times

ATHENS — The perfect political storm for violent extremism has descended on Greece. It consists of national humiliation, economic disaster, high immigration, political division and international tutelage. Look no further than Weimar Germany to understand its ingredients

In the subdued streets of the Greek capital, where a vague menace hangs like a pall, tempers are frayed. The economy is turning slowly, after draconian cuts and two bailouts totaling €240 billion, but not enough yet to be felt. The cry of the extreme right resounds: We, the fathers of civilization, have been sold out by the international loan sharks!