European Union (EU)

2:00am

Wed February 8, 2012
Business

To Get Bailout, Greece Must Reduce Minimum Wage

Originally published on Wed February 8, 2012 4:42 am

Transcript

RENEE MONTAGNE, HOST:

The deal Greek officials are working on includes several more painful concessions. Among them, reducing the minimum wage.

Joanna Kakissis reports from Athens on how strong unions secured those wages and why some economists say those guarantees have to go.

JOANNA KAKISSIS, BYLINE: The minimum wage in Greece is about one $1,000 a month before taxes. International lenders say it must be reduced to about $780 a month to make the Greek economy more competitive.

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10:54am

Mon January 30, 2012
The Two-Way

At E.U. Meeting, Countries Expected To Agree That Austerity Is Not Enough

In this photo provided by the German Government Press Office, Italy's Prime Minister Mario Monti, France's President Nicolas Sarkozy and Germany's Chancellor Angela Merkel speak at a meeting at the European Council in Brussels ahead of the European Union leaders summit on Monday.
Getty Images

European Union leaders are meeting in Brussels today to discuss the monetary union's ongoing economic crisis. According to The New York Times, the countries will decide that austerity is not enough to curb the sovereign debt crisis.

The Times reports:

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3:48am

Sun January 29, 2012
Europe

In Iran's Oil Gambit, EU Nations Have Much To Lose

The Europeans are in the midst of their most serious economic crisis in 60 years, and now they're hearing it's not just their own fate they have to consider: The whole global economy hangs in the balance.

The International Monetary Fund last week warned that if Europe's problems get any worse, it could push the entire world back into recession.

European Union leaders, meeting in Brussels on Monday, are said to be close to resolving some of their most difficult issues — and they'd better be.

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11:53am

Fri January 27, 2012
The Two-Way

Fitch Downgrades Credit Of 6 E.U. Countries, Including Spain, Italy

Fitch Ratings announced it was cutting the ratings of Italy, Spain, Belgium, Slovenia, and Cyprus.

Italy and Spain, two of the biggest eurozone economies, suffered a two-notch drop. Italy went from A+ to A- and Spain went from A to AA-.

Bloomberg reports:

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10:01pm

Wed January 25, 2012
Planet Money

No, Hedge Funds Can't Foreclose On The Acropolis

Originally published on Mon May 7, 2012 10:12 am

DIMITAR DILKOFF AFP/Getty Images

Greece is broke. But there's no blueprint for a country to declare bankruptcy, so Greece's creditors are sort of making things up as they go along.

"You're taking some sort of loss," Hans Humes of Greylock Capital Management told me. "But it's like, how much of a loss do you take? There's this thing called sovereign immunity. You can't go in and take the Acropolis."

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