The New Europe

11:44am: Europe's last bastions of banking secrecy are crumbling as governments come under pressure to do more to tackle tax evasion. More
8:34am: Germany will be back in recession by September, partly due to its insistence on eurozone austerity that is prolonging the region's crisis, warned billionaire George Soros. More
Apr 8: Portugal will cut spending on education, health and welfare in a bid to meet the terms of its international rescue. More
Apr 5: The ruling from Portugal's highest court on the austerity package may force the recession-hobbled country to find additional sources of revenue. More
Apr 4: Despite worsening European recession, ECB leaves rates at July 2012 levels; Draghi due to speak later Thursday. More
Apr 2: Finance minister Michael Sarris stepped down from his post just as Cyprus finalized a 10 billion euro bailout. More
Mar 28: Banks in Cyprus open their doors for first time in nearly two weeks with strict controls on amount of cash people can withdraw. More
Mar 27: Cyprus made eurozone history as it introduced restrictions on moving cash within the currency union in a bid to prevent a catastrophic run on its banks when they reopen Thursday. More
Mar 27: British banks need to raise £25 billion in new capital this year to build an adequate cushion against future financial shocks. More
Mar 26: Banks in Cyprus were closed for an 11th day running Tuesday as officials tried to work out new controls that won't cause massive damage to the island's economy and unnerve depositors elsewhere in the eurozone. More
Mar 25: Cyprus' banks will remain shut until Thursday to give regulators time to guard against a run on deposits. More
Mar 25: Cyprus has avoided bankruptcy and exit from the eurozone but few will be celebrating given the tough times the country faces as it slashes its banking industry in half, throwing thousands out of work and choking an already depressed economy. More
Mar 24: Cyprus wins OK from European Union for plan to shrink financial industry and raid accounts of big depositors at two leading banks. Deal clears way for ?10 billion bailout. More
Mar 23: One thing is clear: A banking collapse would likely lead to Cyprus' exit from the eurozone. The ramifications of that are a big unknown. More
Mar 22: Cyprus OKs parts of a bank plan needed to secure EU bailout and avoid financial collapse, but talks continue. More
Mar 22: Talks between Russian investors and the government of Cyprus broke up early Friday without agreement for a cash infusion. More
Mar 21: Cyprus will overhaul its failing banking sector and raid state and church coffers in a bid to unlock a ?10 billion bailout from the European Union and avoid financial collapse. More
Mar 20: Britain said Wednesday it would further tighten the screw on general government spending as officials forecast weaker growth and higher borrowing than just three months ago. More
Mar 20: Government extends bank shutdown to prevent catastrophic flight of capital after officials were unable to come to terms on bailout. More
Mar 20: Political parties in Cyprus, after rejecting a ?10 billion bailout deal negotiated days ago, are under enormous pressure to head off a banking collapse but have few options. More
Mar 19: Opinion: Leaders have shown a legally easy way to destroy the value of deposit guaranty insurance, along with a willingness to use that approach under at least some circumstances. More
Mar 18: Cyprus has a population of less than a million and it's the third smallest economy in the eurozone, bigger only than Malta and Estonia. So what's so important about this ?10 billion bailout? More
Mar 18: Two days after the EU revealed a 10-billion euro rescue for Cyprus, the tiny island nation said its banks would not reopen at least until Thursday to give it more time to win the backing of parliament for a controversial tax on deposits. More
Mar 16: European authorities and the International Monetary Fund agree in principle to ?10 billion bailout of Cyprus to rescue its huge banking sector and avoid a default that could shake other weak eurozone states. More
Mar 15: Europe must do more to shore up its banks and take steps to create a banking union to protect itself against future financial shocks, the International Monetary Fund said Friday. More
Mar 15: Portugal's lenders have given it more time to meet EU debt targets as eurozone leaders hint at greater flexibility on austerity measures that threaten to snuff out growth in the region for a second consecutive year. More
Mar 14: Italian police have seized assets worth more than 46 million euros from executives linked to luxury goods group Bulgari over alleged tax evasion. More
Mar 13: Industrial production in Europe sank faster than expected in January, further raising the risk that a return to growth will take longer than policymakers expect More
Mar 12: A trans-Atlantic spat between Europe's fiscal enforcer Olli Rehn and feted U.S. economist Paul Krugman is beginning to turn ugly, inflamed by recent dire forecasts for the eurozone this year. More
Mar 11: The European Central Bank will eventually be forced to cut interest rates or risk an even deeper recession that could again put the eurozone to the test by inflaming political and social tensions, American economist Nouriel Roubini warns More
Mar 8: Fitch says the lack of a stable government in Rome put's the nation's fragile economy at risk. The outlook is negative, but Italian debt is still investment grade. More
Mar 8: The European Central Bank has room to cut rates further to support demand in the eurozone, the head of the International Monetary Fund said Friday. More
Mar 7: The European Central Bank downgraded its forecast for the eurozone economy Thursday but decided against cutting interest rates to a new record low despite tame inflation, record unemployment and political instability in Italy. More
Mar 6: Britain may be escaping the unemployment blight spreading across Europe, but its workers are paying a hefty price to keep their jobs, with the biggest pay cuts in the developed world. More
Mar 3: Few economists expect Europe's major central banks to do more this week to inject life into the recession-hit region but the reasons not to are fast disappearing and talk of action is getting louder. More
Mar 1: Unemployment in the eurozone hits a record high 11.9% in January as the recession grounds on, and young people are paying a particularly heavy price. More
Feb 28: Europe will impose a cap on bankers' bonuses in a bid to curb the kind of reckless risk taking that led to the financial crisis and huge taxpayer funded bailouts. More
Feb 27: Italy was forced to pay more to borrow on international markets Wednesday but investors held their nerves after this week's messy election cast doubt on its ability to form a stable government. More
Feb 26: The political uncertainty resulting from Italy's election could lead to market volatility but is unlikely to tip Europe back into crisis, as long as previous reforms are left intact. More
Feb 25: World markets retreated Tuesday as a big vote for anti-austerity parties in Italy's elections left the eurozone's third biggest economy in political deadlock, sparking fears of a revival of the region's debt crisis. More
Feb 25: Investors took fright at the prospect of political deadlock in Italy after elections which could leave pro-austerity parties unable to form a stable government. More
Feb 25: U.K. government pledges to stay the course on its austerity program even as sterling extends recent slide after the country loses AAA credit rating. More
Feb 22: The ailing eurozone economy will shrink further in 2013, making it harder still for governments to reduce borrowing and promising further misery for millions of unemployed. More
Feb 21: European markets were rattled Thursday as investors took a weak survey of business activity, talk of tighter monetary policy in the U.S. and rising uncertainty over a critical election in Italy as reasons to lock in profits. More
Feb 21: France looks set to drag the eurozone into a fourth quarter of recession as business activity slumps in the region's second biggest economy More
Feb 14: The eurozone suffered its third consecutive quarter of economic decline at the end of 2012 as exports from leading economies Germany and France sank, deepening a regional recession that has driven unemployment to record highs. More
Feb 7: Europe's central banks resist pressure to do more to support growth, keeping interest rates at record low levels as more evidence emerges that the region's economy may be on the mend. More
Feb 6: German factory orders bounced back in December, signaling a recovery in eurozone demand that could help Europe's biggest economy avoid a recession. More
Feb 4: Spanish and Italian stocks and bonds fall and the euro retreats from recent highs against the dollar as political uncertainty in both countries raises risk of a retreat from painful reforms aimed at restoring financial stability. More
Feb 1: Nationalization of a Dutch bank Friday provides a stark reminder that Europe is still struggling to shake off the legacy of the financial crisis. More
Jan 31: Two of Europe's biggest banks reported weaker than expected earnings Thursday as they took hefty charges to reduce their exposure to the region's economic woes and move on from past mistakes. More
Jan 30: The euro rose to a 13-month high, but a stronger currency is a potential blow to the already weak eurozone economy. More
Jan 30: Spain's second recession in three years deepened in the fourth quarter of 2012, as domestic demand collapsed in the face of government cuts and soaring unemployment. More
Jan 29: Italy is grappling with a banking scandal that could affect the outcome of elections next month and dent Mario Draghi's record as Europe's top central banker. More
Jan 27: If Europe's political and financial elite were having second thoughts this week about the wisdom of austerity, they were keeping them well hidden. More
Jan 25: European leaders came to the Swiss resort of Davos this week eyeing the potential windfall gains that could flow from a free-trade agreement with the United States. More
Jan 25: ECB president Draghi says Europe's economy has made substantial progress in recovering from the credit crisis, but the jury is still out on the eurozone. More
Jan 25: The latest GDP figures for the U.K. showed the economy slipped back into reverse in the final quarter of 2012, raising the prospect of a third recession since the financial crisis and increasing pressure on the government to ease up on its austerity drive. More
Jan 23: Hopes that Europe's economy may be on the mend were dented again Wednesday when the International Monetary Fund downgraded its forecast for the eurozone to a second consecutive year of recession. More
Jan 22: Investor sentiment in Germany stands at a 32-month high, according to a European research group. More
Jan 22: European Union finance ministers have cleared the way for 11 members of the eurozone to introduce a tax on trading aimed at raising billions in euros from the financial services industry and deterring speculation. More
Jan 16: The market for new cars in the European Union is at its weakest in nearly two decades and recession across much of the region could dent sales further this year. More
Jan 15: Germany's economy was hit by the eurozone crisis. And 2013 may be weaker than last year. More
Jan 10: The U.S. has stepped into a growing debate about the U.K.'s future in Europe, saying it wants to see a strong British voice in the European Union. More
Jan 10: The European Central Bank kept interest rates at a record low of 0.75% in the absence of evidence that the eurozone recession is deepening and as inflation remains above its target. More
Jan 9: Disappointing German industrial output and orders data rekindled fears Wednesday that Europe's powerhouse economy may have stalled at the end of last year. More
Jan 8: Unemployment in the eurozone hit a new high in November despite evidence suggesting businesses and consumers are becoming a little more confident. More
Jan 4: The eurozone's purchasing managers' survey hits 9-month high in December, suggesting a return to growth might be in sight for Europe's economy in 2013. More
Jan 2: Portugal's president has referred the country's 2013 budget to the constitutional court, warning the country is becoming trapped in a vicious circle of austerity and recession. More
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