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Friday 3 February 2023 Dublin: 10°C

# Debt Crisis

All time
# Austerity
Spanish schoolchildren to be rationed toilet paper in new austerity drive
Cuts to education budgets mean that schools in the north east of the country are having to be more frugal.
# Referendum
EU plans to end debt crisis could be adopted ‘without treaty change’ – Kenny
The Taoiseach confirms that proposals put forward by Herman van Rompuy include options which would bypass a referendum.
# Eurozone
Germany welcomes S&P moves to downgrade eurozone
Wolfgang Schauble says threats that the entire eurozone could be downgraded are an “incentive” for EU leaders to strike a deal.
# Debt Crisis
S&P may downgrade 16 eurozone countries – and increase interest on our bailout
Standard & Poor’s says 16 eurozone nations could have their credit ratings cut – which would make Ireland’s bailout more expensive.
# Austerity
WATCH: Italian welfare minister cries during austerity announcements
Elsa Fornero breaks down in tears as she announces moves to cut the link between welfare payments and inflation.
# Eurozone
Merkozy: Europe needs a 'tougher' treaty
The leaders of France and Germany say that a new, “tougher” European treaty needed to be agreed upon by March of next year.
# Italy
PM Monti will forgo salary as Italy approves new round of austerity
As part of the political cost cuts, Mario Monti said he would forego his salary as prime minister.
# Daily Fix
The Daily Fix: Sunday
In tonight’s Fix: Enda preps for his address to the nation; some thoughts and opinions on a crucial week ahead for the country; and just what is the ‘Panda Express?’
Sitdown Sunday: 7 deadly reads
The very best of the week’s writing from around the world.
Column: We need big changes to the eurozone – or we need to leave
The eurozone is designed to help its strongest economies – and if this doesn’t change, Ireland needs out, writes Mike Hall.
# Euro
Euro 'architect' claims single currency was flawed from the start
Former EC president Jacques Delors says faults in the single currency were exposed when the global credit crunch struck.
# Bad timing
Um, really? ECB makes video celebrating 10 glorious years of the euro
They may have missed that whole eurozone crisis thing.
# Your Say
Poll: Does Ireland have a future in the euro?
France and Germany want updated treaties to create a greater fiscal union. Should Ireland be a part of that?
# European Union
Merkel: EU needs a new Treaty to end debt crisis
Angela Merkel sings from the same hymn sheet as Nicolas Sarkozy, but warns that the euro crisis will take “five years” to solve.
# crisis
Sarkozy: We need to rethink Europe to save the euro
In a dramatic speech this evening, the French president said that there needs to be a “rethink” of how Europe is structured – and possibly a new treaty.
# European Union
Gilmore gives strongest hint yet that Ireland opposes EU treaty change
As EU foreign ministers meet in Brussels, Eamon Gilmore insists changing EU treaties won’t act quickly enough to fix the debt crisis.
# Debt Crisis
Kenny tells Dáil: ‘I have an answer to the euro problem’
The Taoiseach says the only way to solve Europe’s debt crisis is to tap the European Central Bank’s “infinite capability”.
# Eurozone
Eurozone finance ministers look to IMF for help as bailout fund falls short
It’s now feared the European Financial Stability Fund does not have sufficient firepower to rescue distressed countries.
# Eurozone
Eurozone finance ministers hold talks amid fears of euro breakup
US president Barack Obama has weighed in with a call for EU countries to find a solution to the spiralling debt crisis.
# Daily Fix
The Daily Fix: Monday
Catch up on the day’s biggest stories, as well as the bits and pieces you may have missed….
# Eurozone
'The situation in the euro area is rapidly deteriorating,' says OECD
Fresh warnings over health of the eurozone as the OECD and Moody’s voice concerns over continuing spread of debt contagion.
# Belgium
Belgium follows Italy, Germany in seeing borrowing costs surge
Belgium successfully raises €450m in a bond auction, but pays its highest yield since 2000 – up by 1.3 per cent from last month.
# Eurozone
Eurozone 'has ten days to save itself, or collapse' - analyst
Wolfgang Münchau, associate editor of the Financial Times, believes catastrophe is coming if a deal is not struck by December 9.
# Your Say
Poll: Do you think the euro will collapse?
After another turbulent week for the single currency we’re asking the big question today as to whether or not you think the euro can survive?
# EU
Merkel, Sarkozy propose changes to EU Treaties
The proposals are expected to be outlined at the next EU leaders’ summit and concern stronger political cooperation in the eurozone.
# Debt Crisis
Student study: Ireland could write off 85 per cent of its European debt
The pan-European ESCP business school says Ireland could get rid of €184bn in debts – by simply cancelling them out with others.
# Spain
Spain goes to the polls in an election dominated by economic problems
The conservative Popular Party is expected to win the biggest majority in almost three decades.
# Eurozone
Martin says there's weeks to save the euro amid reports of French-German split
Micheál Martin has been critical of France and Germany’s role in the eurozone amid reports the region’s two largest economies are split on the role of the European Central Bank.
# Quitting Time
The CEO of Next offers €300,000 if you figure out how to leave the euro
Simon Wolfson, who is also in the House of Lords, offers a prize to anyone who comes up with a way to quit the currency.
# Meeting Merkel
Taoiseach in Germany to meet with Angela Merkel
Enda Kenny will see greater flexibility in Ireland’s EU-IMF bailout programme, it is reported.
# Meeting Merkel
Kenny to meet Merkel during first official visit to Germany
The Taoiseach is expected to brief the German Chancellor on Ireland’s economic situation and discuss developments in the wider eurozone.
# Micheál Martin
Martin: 'We did not play politics with the crisis'
The Fianna Fáil leader also said that the current government was continuing the policies put in place by the previous administration.
# Debt Crisis
Debt crisis is Europe's worst moment since WW2 - Merkel
Angela Merkel tells delegates at her party’s conference that the European debt crisis is the greatest crisis for seven decades.
# Italy
Italy prepares for Mario as Silvio steps down
Berlusconi resigned last night, ending a 17-year-long political era.
# Eurozone
Here's the cheaper solution to the eurozone debt crisis...
…and it involves the ECB, an interest rate cap and an end-point for bond market intervention.
# Eurozone
Berlusconi set to resign as Italian parliament mulls €60bn austerity plan
The Italian prime minister is expected to resign once the lower house passes the austerity plan aimed at reduced pressure on both Italy and the eurozone.
# Greece
Lucas Papademos named as Greece's new prime minister
He will head a new unity government it has been confirmed at last.
# Markets
Cost of Italian borrowing falls
The markets are looking a little better today.