October 28, 1997 |
The British government on Monday ruled out joining the European single currency until after the next election early in the coming century, but it said Britain should prepare to enter the monetary union soon after that if conditions appear favorable to the country's economy.
January 8, 2002 |
The euro may be causing headaches for cashiers across Europe, but the single currency has been a windfall for one group: beggars. "The euro conversion has been a blessing for me," said Emil Osmetzki, 58, a homeless man in Berlin. "The people seem eager to toss away their leftover [German] marks. The old mark change is burning a hole in their pockets." Britain is not part of the euro, introduced in 12 European nations Jan. 1, but beggars there are being flexible.
March 24, 2013 |
ATHENS - After hours of tortuous threats and talks, Cyprus reached a draft deal with its international lenders Monday to keep the island's failing banks from collapsing and its economy anchored to Europe's single currency. Information seeping out of the talks was both confusing and conflicting. But after 10 hours of intense negotiations in Brussels, officials from the island republic, the European Union and the International Monetary Fund said they had agreed to shut down the island's second-biggest bank, lock down deposits of more than $130,000 and slap hefty levies on large bank deposits.
June 27, 1989 |
European Economic Community leaders today agreed on a compromise plan for gradually unifying their economies after Britain succeeded in blocking attempts to create a single currency and a central bank. "We have conceded nothing at all," British Prime Minister Margaret Thatcher said at the end of a two-day summit. However, France and West Germany, which were aligned against Britain in the dispute over broad plans to unify the economies, also declared themselves pleased with the compromise pact.
March 24, 2013 |
ATHENS -- Officials from Cyprus and international lenders were locked in long and tortuous talks Sunday, trying to strike a deal on a rescue plan that would keep the island's failing banks from collapsing while maintaining membership in Europe's single currency. Information seeping out of the talks was both confusing and conflicting. Still, as of late Sunday, officials from the island republic, the European Union and the International Monetary Fund showed no sign of a breakthrough, delaying an urgent meeting in Brussels of finance ministers of the 17 nations that use Europe's single currency.
December 8, 2011 |
On New Year's Day almost a decade ago, cash registers and ATMs across Europe started spitting out the shiny coins and crisp notes of the world's newest currency, the euro. They were the most radical, tangible symbol of the long march toward reconciliation and harmony on a continent still haunted by the memories of two world wars. A single currency, proponents said, would set the seal on an era of European unity that already boasted free markets and free movement. Now, officials are working feverishly to ensure that the currency survives a raging debt crisis that threatens its 10th birthday.
March 25, 2011 |
European leaders agreed Friday to set up a permanent $700-billion rescue fund to try to contain the continent's debt crisis as fear mounted that Portugal will soon be forced to seek a bailout. Wrapping up a two-day summit in Brussels, the European Union hoped the announcement of the permanent safety net after weeks of haggling would boost investor confidence and demonstrate the bloc's commitment to ensuring the survival and stability of the euro. But the meeting was overshadowed by political turmoil in Portugal, where lawmakers' rejection of new austerity measures caused the government to collapse Wednesday and pushed Lisbon closer to asking for emergency aid. Many economists now feel it's only a matter of time before underperforming, debt-ridden Portugal becomes the third EU nation to require an embarrassing financial bailout.
September 13, 1998 |
This dour, sleepy corner of Europe is staying up late for a change as it celebrates its coming-out party--a $3-billion, summer-long binge known as Expo '98. The daily show at the world's fair goes on until 3 a.m., featuring 10,000 sea creatures in a giant oceanarium, polyglot performances on 10 stages and midnight fireworks over a 150-acre global village in Lisbon's new riverfront park.
April 16, 1997 |
Members of Bosnia's joint presidency reached agreement on a currency for both halves of the country, a sticky issue that has underscored continued aspirations for division. The BH Press news agency said the Muslim, Serb and Croat members of the presidency agreed on a coupon with a value equal to one German mark, worth about 57 cents. Currently, Bosnian dinars are accepted on territory controlled by the Sarajevo government. Croatian kunas are accepted on land controlled by Bosnian Croats.
December 9, 1989 |
Leaders of the 12 governments of the European Community agreed Friday, over British objections, to a conference next year that will prepare the ground for a single European currency. The leaders also agreed, again over British objections, to adopt a non-binding "social charter" that spells out workers' rights in the 12 countries. Britain's Prime Minister Margaret Thatcher, who has long opposed a common currency and a common policy on labor, signed neither of the agreements.