Eurozone News

Brussels - The Euro zone economy of 17 nations contracted by 0.2 per cent during the first quarter of 2013. This is the longest recessionary period since the Euro was introduced back in 1999.

A political party calling for the dismantlement of the euro zone has been officially launched in Berlin. It's founding congress made clear it hopes to capitalize on disillusioned voters in the run up to the September elections in Germany.

On Friday, the rating agency Moody’s stripped the United Kingdom of its much prized AAA credit rating blaming “feeble growth prospects”.

Brussel - Unemployment in the European Union rose to 26 million last November. The rate for the Eurozone rose to 11.8%. This is the highest rate in the zone since the Euro was introduced back in 1999.

New Year cheer from German Chancellor Angela Merkel as she warns that the economy in 2013 "will be even more difficult." Her words contradict those of Finance Minister Wolfgang Schäuble who said "I think we have the worst behind us."

Athens - Greek Prime Minister Antonis Samaras has urged the Eurozone and IMF to live up to their commitments and release the next tranche of already overdue bail-out loans.

The major European bank UBS has announced it will cut 10,000 jobs worldwide. This is an attempt by the bank to reduce its costs. The restructuring is a result of the bank's exposure to the global financial crisis.

German government auditors have requested the Bundesbank, Germany’s equivalent of the Federal Reserve, to check up on Germany’s gold reserves much of which are in secure storage at banks abroad.

Western economic prosperity in the twentieth century, relative to the rest of the world, was hinged essentially on a balance of payments advantage, powered by monopoly of technological know-how, that the West enjoyed over the rest of the world.

German Finance Minister Wolfgang Schäuble was in top form this weekend as he sent advice to President Barack Obama on handling U.S. finances, before throwing more barbed commands to Greece.