Europe | GlobalPost

Most Portuguese reject latest bailout conditions

Agence France-PresseMay 20, 2013 08:00

The latest draconian measures to shore up the Portuguese economy will make matters worse and the government should break the agreement with the IMF and European Union or obtain better terms, an opinion poll found on Monday. But most Portuguese people also hold that when a bailout programme with the so-called troika of the IMF, EU and European Central Bank ends in June 2014, the economic crises in Portugal will worsen and unemployment will rise.

Serbia arrests eight over pharma firm embezzlement

Agence France-PresseMay 18, 2013 10:00

Serbian police on Saturday arrested eight people suspected of embezzling some 12 million euros ($15 million) from the country's main pharmaceutical firm Galenika. The eight, including a former Galenika manager, are suspected of misappropriating the money through fraudulent deals while buying raw materials for medicine and through illegal sales of medicine, Serbian police head Milorad Veljovic told reporters. The arrests were carried out in Belgrade and two other Serbian towns, he added.

Top officials seek to address euro currency's institutional failings, seek end to IMF role

The Canadian PressMay 17, 2013 12:00

BERLIN - Engineering a financial bailout for Cyprus in March was such a chaotic process that top European officials say it is time to rethink how the region manages its crisis — and who should be involved. Officials say the International Monetary Fund, which has contributed financial expertise and billions in emergency loans, may no longer be needed as a key decision-making partner. And they say that the eurozone would be able to make decisions and take action more quickly if it wasn't bound by the need for unanimous agreement among its 17 member countries.

European Commission predicts Greek recession to end in 2014 but unemployment to stay high

The Canadian PressMay 17, 2013 09:46

ATHENS, Greece - Greece's deep, six-year recession is likely to end in 2014, but growth will be weak and unemployment will remain above 20 per cent for another three years, the country's international debt inspectors said. The European Commission issued the gloomy predictions Friday in a 237-page assessment of Greece's bailout agreement, as the country formally received its latest emergency loan payout, worth 4.2 billion euros ($5.4 billion).

Golf: Madeira Islands Open scores

Agence France-PresseMay 16, 2013 19:15

Leading and selected first round scores in the European Tour and Challenge Tour Madeira Islands Open on Thursday (GBR/IRL unless stated, par 72): 64 - Lloyd Saltman 66 - Richard Bland 67 - Craig Lee, Mark Tullo (CHI), Joakim Lagergren (SWE) 68 - Ross McGowan 69 - Jarmo Sandelin (SWE), Max Glauert (GER) 70 - Mikael Lundberg (SWE), Kim Sihwan (NOR), Roope Kakko (FIN), John Parry, Peter Whiteford, Soren Hansen (DEN), Guillaume Cambis (FRA), Christophe

Norwegian economy grows official 0.7% in first quarter

Agence France-PresseMay 16, 2013 16:30

Economic growth in oil and gas-rich Norway grew by 0.7 percent in the first quarter, the Norwegian statistics office said on Thursday. This was an acceleration from growth in the previous quarter when mainland gross domestic product, which excludes the highly cyclical offshore oil and shipping sectors, grew by 0.2 percent in the latest revised figure. The result was in line with analysts' expectations, and came on the back of solid household demand, export growth and real estate activity.

SocGen's Russian head faces jail over alleged bribe

Agence France-PresseMay 16, 2013 16:00

The head of Societe Generale's Russian unit was facing up to seven years in prison after investigators charged him Thursday with soliciting a $1.5-million bribe in what one banking source said was a possible setup to muscle the French lender out of the country. The detention of Rosbank chief Vladimir Golubkov has sent shock waves through Russia's banking community, and a senior Western banker said the arrests appeared to be a state-orchestrated move to drive out Societe Generale amid a Kremlin drive to consolidate strategic assets.

Bulgaria's ex-premier to challenge election result

Agence France-PresseMay 16, 2013 13:15

Bulgaria's outgoing conservative GERB party will challenge the results from Sunday's elections in the EU's poorest country and seek a new snap vote, ousted ex-premier Boyko Borisov said Thursday. "For the first time in Bulgaria's history maybe, the party that won the elections will challenge their results. The motive is grave violations of the regulations" on the day before the election, Borisov told journalists in his first public appearance since the vote. ds/stu/lc

Pope denounces "cult of money" that tyrannizes poor and rejects God; urges financial ethics

The Canadian PressMay 16, 2013 12:46

VATICAN CITY - Pope Francis has denounced the global financial system, blasting the "cult of money" that he says is tyrannizing the poor and turning humans into expendable consumer goods. In his first major speech on the subject, Francis demanded Thursday that financial and political leaders reform the global financial system to make it more ethical and concerned for the common good. He said: "Money has to serve, not to rule!"

Slovenia's govt' confirms austerity wage cuts in public sector agreed with unions

The Canadian PressMay 16, 2013 10:01

LJUBLJANA, Slovenia - Slovenia's government has formally approved an agreement it reached with trade unions to cut public sector wages by up to 4.8 per cent as part of budget austerity measures the country needs to avoid an international bailout. The agreement, which was confirmed Thursday, is expected to save 108.6 million euros ($141 million) this year and 182.6 million euros in 2014 for debt-laden Slovenia, which is struggling to avoid becoming the sixth of the 17 European Union countries that use the euro to need financial aid.