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On 14 September 2011, in a move to further ease Ireland's difficult financial situation, the European Commission announced it would cut the interest rate on its €22.5 billion loan coming from the European Financial Stability Mechanism, down to 2.59 per cent—which is the interest rate the EU itself pays to borrow from financial markets. [130]
Although the idea was fought for a moment Angela Merkel and the German government approved a €50 billion strong rescue plan to protect the German economy of the crisis, making of it Western Europe's biggest rescue plan for now in this crisis. [22] Germany's industrial output was down 2.4 percent in May, the fastest rate for a decade.
2008–2010 automotive industry crisis; Global catastrophic risk; Social situation in the French suburbs; Causes of the Great Recession; Great Recession in Europe; 2010 European sovereign debt crisis timeline; 2007–2008 financial crisis; Russia–Ukraine gas disputes; Fuel protests in the United Kingdom; 2008 European Union stimulus plan ...
There has been substantial criticism over the austerity measures implemented by most European nations to counter this debt crisis. US economist and Nobel laureate Paul Krugman argues that an abrupt return to "'non-Keynesian' financial policies" is not a viable solution [18] Pointing at historical evidence, he predicts that deflationary policies now being imposed on countries such as Greece and ...
A survey of 3,500 people across seven European countries shows historically high inflation, rising interest rates, and the energy crisis have led to a massive drop off in the amount of money ...
Coin exchange crisis of 692.Byzantine emperor Justinian II refuses to accept tribute from the Umayyad Caliphate with new Arab gold coins for fear of exposing double counting in the Byzantine financial system (actual weight less, than nominal quantity), which leads to the Battle of Sebastopolis and the revolt of taxpayers who burned financial officials in a copper bull.
The German economic crisis is a significant downturn of Germany's economy that marked a dramatic reversal of its previous "labour market miracle" period of 2005–2019. The country, which had been considered to be Europe's economic powerhouse in prior decades, became the worst-performing major economy globally in 2023 with a 0.3% contraction, followed by minimal growth in 2024 leaning on ...
"The French crisis, together with the German one, must not slow down the implementation of the economic reforms," Enrico Letta, author of a 147-page, EU-commissioned report this year on the ...