Greece has “seriously considered” leaving the euro, an adviser to the country’s former prime minister has told Sky News. Richard Parker, who advised George Papandreou, the nation’s leader until late last year, said the government investigated the prospect of exiting the single currency in some depth even in the early stages of the crisis. Until [...]
The National Institute of Economic and Social Research (NIESR) estimated the economy scraped growth of 0.1pc in the first three months of the year. If that proves to be the case, the UK avoided dipping back into a technical recession of two successive quarters of economic contraction, following a 0.3pc fall in gross domestic product [...]
COPENHAGEN, Denmark (AP) — The 17 countries that use the euro have boosted their emergency funding for debt-troubled countries to €800 billion ($1.1 trillion) — an amount that falls short of what the currency union’s international partners had said is needed to calm financial markets. Of the €800 billion, which eurozone finance ministers agreed Friday [...]
The UK is heading back into recession and will be among the slowest of the world’s largest economies to recover in the first half of this year, according to a study by the Paris-based thinktank, the OECD. Only Italy will struggle over a longer period to return to growth, highlighting the difficult situation confronting the [...]
Greece’s struggling economy will contract by another 4.5 percent of output this year ahead of a possible rebound in 2013, the Bank of Greece said in an annual report on Monday. “The recession is expected to continue in 2012 and according to temporary estimates, the average annual contraction in gross domestic product will be in [...]
Fears are looming of a eurozone recession as its GDP fell by 0.3% over the last quarter, Italy was thrown into a recession and Germany’s economy shrunk. The fall in economic growth for the entire eurozone is its first contraction since the second quarter of 2009, raising concerns the area may fall into a mild [...]
UK inflation dropped sharply in December, with the biggest one-month fall in the consumer prices index since April 2009. CPI fell to 4.2%, from 4.8% in November, according to the Office for National Statistics. This was in line with expectations. It is now at the lowest level since June last year, with CPI reaching a [...]
The eurozone debt crisis has deepened with Germany, France and 13 other members of the single currency facing a credit rating downgrade. In a move that will pile pressure on eurozone leaders and is likely to hit markets, it emerged that ratings agency Standard & Poor’s had put all but two euro nations on credit [...]
Consumer confidence has hit an all-time low, fuelled by the fallout from the eurozone crisis and intense pressures on household budgets, a report found today. The Nationwide Consumer Confidence Index, which is based on a monthly survey, found that confidence fell for the fifth month in a row in October to a new rock bottom [...]
China’s export growth slowed further in October as the eurozone debt crisis and fears of a slowdown in the US dented demand for its goods, figures show. Shipments from China rose 15.9% from a year earlier, down from a 17.9% growth in September and 24.5% in August. Meanwhile, imports grew 28.7%, resulting in a trade [...]
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