MILAN (Reuters) – Euro zone finance ministers on Friday backed Ireland’s plan to repay part of its 2010 bailout package early, making it likely that Dublin can start paying some 18 billion euros (23.24 billion US dollar) of loans from the International Monetary Fund by the end of the year.
Dublin has been pushing to pay back loans from the IMF early to lower its debt servicing costs after a successful return to the bond markets but needs approval from all creditors, including the European Union, before it can go ahead with the plan.
MILAN Italy (Reuters) – Euro zone finance ministers cast around on Friday for ways to revive the bloc’s stagnating economy as their post-crisis strategy of budget rigor was left in tatters by France’s admission it needs two more years to put its finances in order.
Investment is the new buzz word among ministers, overriding the German mantra of budget cuts, which were meant to reduce swollen public finances and win back investors. Instead, they have been blamed for suffocating the fragile economic recovery.
CERNOBBIO Italy (Reuters) – The annual meeting of Italy’s business elite on the shores of Lake Como was – again – dominated by calls for reforms and gloomy discussion of an economic crisis now well into its sixth year.
With Italy’s economy back in recession, business leaders sounded a note of impatience for Prime Minister Matteo Renzi, the energetic 39-year-old who took office in February, to get on with the task.
ROME (Reuters) – Prime Minister Matteo Renzi returned from holiday this week with his customary vim, tweeting that he was back at work on a new plan to speed up Italy’s sluggish justice system, reform its schools and spur investment.
With Italy in recession for the third time in six years, Renzi badly needs to restore waning international confidence and show that he can finally come good on his repeated pledges to revive the eurozone’s third-largest economy.
ROME, Aug 8 (Reuters) – Italy’s Senate passed a first
reading of a hotly contested constitutional reform bill on
Friday, drawing a line under a parliamentary battle that has
absorbed government attention as pressure grows for faster
action on the economic crisis.
The bill, aimed at transforming the upper house into an
unelected body and drastically reducing its legislative powers,
requires many more months and perhaps a popular referendum in
order to become law.
ROME (Reuters) – Italy slid into recession for the third time since 2008 in the second quarter, underlining the chronic weakness of the euro zone’s No.3 economy and pressuring Prime Minister Matteo Renzi to complete promised reforms.
Figures on Wednesday from statistics agency ISTAT showed gross domestic product unexpectedly declined by 0.2 percent in April-June from the previous three months. A Reuters poll of economists had forecast growth of 0.2 percent.
ROME (Reuters) – L’Unita, the left-wing daily founded by Antonio Gramsci, one of the fathers of Italian communism, will suspend publication from Friday after its shareholders failed to reach agreement on future strategy, the newspaper said.
“They have killed L’Unita,” the paper headlined its front page on Wednesday. Apart from three pages devoted to the closure and a one-page advertisement for its e-bookstore, the remainder of the 20-page edition was left blank.
Pope Francis called for nature to be protected from criminal abuse on Saturday during a visit in the southern Italian town of Caserta, near Naples, in a region long blighted by illegal toxic waste dumps and the pervasive grip of the Camorra mafia.
ROME (Reuters) – Pope Francis called for nature to be protected from criminal abuse on Saturday during a visit in the southern Italian town of Caserta, near Naples, in a region long blighted by illegal toxic waste dumps and the pervasive grip of the Camorra mafia.
During a televised open air mass before around 200,000 people, Francis said that the love of God meant respecting life, the environment and nature.
ROME, July 18 (Reuters) – The Bank of Italy on Friday cut
its estimate for 2014 growth to just 0.2 percent and warned that
there was significant uncertainty about the outlook for the euro
zone’s third-largest economy.
In its latest quarterly bulletin, the central bank said it
expected gross domestic product in the second quarter to be
“approximately stationary” after it contracted by 0.1 percent in
the first three months of the year.