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Wednesday 4 October 2023 Dublin: 16°C

# Debt Crisis

All time
Unemployment remains at 14.3 per cent, as 4,000 off the Live Register
The number of people on the Live Register fell by 4,000 last month, though unemployment remained at 14.3 per cent.
Eurozone unemployment reaches highest level in currency's history
The seasonally adjusted unemployment rate in the eurozone was 10.9 per cent in March – up by 1pc in twelve months.
ICTU meets today to determine Fiscal Compact stance
Three major trade unions have called on its members to vote No in the referendum next month.
Ireland recorded a 13.1 per cent deficit last year
Without the whole banking debt, it could have been down to 9.4 per cent.
Kenny wants ESM amended to allow direct loans to banks
The Taoiseach tells the German edition of the Financial Times: ‘There’s a widespread belief that the ESM should lend to banks.’
Finance ministers agree to pump €325bn more into IMF
The world’s 20 largest economies will put $430bn more into the IMF in order to boost its lending capacity.
Rabbitte: Ireland deserves ECB recognition for taking a hit on banks
The Communications Minister said that Labour’s poor showing the polls was to be expected given the economic situation and the historic problems for junior coalition partners.
Italian government puts back 'balanced budget' plan to 2015
Mario Monti’s government says the economy will shrink three times more than expected, and that they’ll need more time.
Two down, 23 to go: Portugal second country to ratify Fiscal Compact
Portugal’s parliament ratifies the treaty with a huge majority, following Greece in signing up to the new treaty.
Lagarde cites Ireland as role model in back-to-work policies
The IMF managing director said other countries should follow Ireland’s example by targeting training and providing incentives.
Spain village votes on growing cannabis to pay off debt
The town of Rasquera, with a population of 960 people, will decide on whether to lease land to cannabis-growers in order to pay off debts.
Cowen compares banking crisis to 'multiple plane crashes occurring at once'
In a speech in Washington, the former taoiseach also attacks conventional political thinking in advance of the crisis.
Translated: The Fiscal Compact rewritten in layman's terms
We’ve translated the treaty, sentence by sentence, to try and make the document easier to read for the general public.
Juncker hails "unique opportunity" as Greece gets new bailout funds
Eurozone members have agreed to release the first €39.4 billion of funds under Greece’s second bailout programme.
Spain wins budget concessions from Eurogroup - but more austerity will follow
A meeting of Eurozone finance ministers sees Spain encouraged to frontload budget cuts in order to achieve EU deficit targets.
Success for Greece as huge majority of investors agree to bond swap
The biggest sovereign bond swap in history will unltimately see 95.7 per cent of investors agree to write down their debts.
Cabinet to discuss timing of 'one-off' fiscal compact referendum
The Cabinet will this morning discuss a draft timetable for putting the fiscal compact referendum to the public.
12 major investors agree to write off parts of Greek debt
An organisation representing the biggest holders of Greek debt say they have agreed to a deal that paves the way for Greece’s second EU-IMF bailout.
Enda Kenny hails Irish 'resilience' through crisis
The Taoiseach acknowledged many people are concerned for the future, but said Ireland has “great potential”.
Deja vu: ECB gives banks new money - and banks save it in the ECB
Overnight deposits in the ECB surged to their highest ever, just a day after it issued €529 billion to boost credit markets.
ECB pumps €529bn of new cash into European banking system
The second round of unusually lengthy lending sees the ECB lend €529bn to banks, hoping the cash will be passed onward.
S&P downgrades Greece into 'selective default' territory
The ratings agency demonstrates it can read, by officially acknowledging that Greece’s bond-swap is a ‘selective default’.
IMF signs off on latest €3.2 billion loan to Ireland
The IMF signs off on the fifth review of its bailout, and is releasing €3.2 billion to Ireland – bringing its total IMF debt to €16bn.
'An offer they can't refuse': German minister wants Greece to leave eurozone
The interior minister Hans-Peter Friedrich tells Der Spiegel that instead of forcing Greece out, it should get offers it “can’t refuse”.
Fitch: 'Highly likely' that Greece will default soon
The ratings agency has downgraded Greece just one day after EU leaders agreed on a €130 billion bailout deal for the country.
Borrowing costs for eurozone bailout fund fall after Greek deal
The EFSF issues a new round of 6-month bills – with interest rates significantly lower than at the same time last month.
ECB steers clear of bond-buying for first time since August
Last week marked the first time in six months that the European Central Bank didn’t intervene in the sovereign bond markets.
Bailout for Greece likely to be decided by Monday
Eurozone finance ministers held a 3 1/2 hour conference call last night to discuss Greece.
Doubts remain over approval of Greece's second bailout
A meeting of eurozone finance ministers due today has been put back until Monday, due to concerns over “political assurances”.
Greece’s budget deficit for 2012 is already €1bn bigger than expected
Greece expected its income for January to be 8.9 per cent higher than last year. It actually fell… by 7 per cent.
Moody's downgrades six European countries - and warns of more to come
France and the UK were both warned that they could lose their coveted AAA credit rating.
Major riots in Athens as Greek parliament approves austerity deal
Fireballs light up the evening sky in the Greek capital as parliament approves new austerity measures to help secure a €130bn bailout.
Greek PM warns of ‘economic and social catastrophe’ if MPs vote No
Lucas Papademos goes on TV to warn that the cost of a Greek default is far greater than that of a second bailout.
Greek government warns rebel MPs of "dangerous path" to default
MPs vote tomorrow on approving the government’s new austerity plans – but many have threatened to scupper it.
Gilmore confirms Irish push for ‘flexibility’ in fiscal compact deal
Eamon Gilmore says Ireland DID look for the new ‘debt brake’ to be ‘preferably’ constitutional, but so did other countries.
Greece leaders reach deal on more austerity and cuts
The Greek Prime Minister said that there was “broad agreement” on all points of the new programme -with one exception.
Second bailout talks resume today as Greece tries to avoid bankruptcy
The leaders of the three coalition parties meet with the PM to agree on austerity measures so a €130bn bailout can be secured – and a default avoided.
Kenny 'acted like an eejit' with Sarkozy, insists angry Adams
The first Dáil exchanges since the EU treaty was finalised are angry ones, as Kenny and Adams exchange particularly harsh words.
Final text of Fiscal Compact deal may allow Ireland to avoid referendum
The final text of the treaty agreed by 25 EU leaders last night says the debt brake will only ‘preferably’ be constitutional.
Opposition parties disappointed in EU treaty
As the Cabinet meet today, both Fianna Fáil and Sinn Féin have spoken out against the outcome of yesterday’s informal EU meeting.