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Apr 24, 2013

What ever happened to France’s voice in Europe?

BRUSSELS/PARIS, April 24 (Reuters) – A few hours after
midnight one Sunday last month, as negotiations over a rescue
for Cyprus dragged into a second day, French Finance Minister
Pierre Moscovici fell asleep.

Most euro zone ministers in Brussels that night failed to
notice, continuing to pore over the details of the
multi-billion-euro deal. It fell to Christine Lagarde, French
director of the International Monetary Fund, to approach
Moscovici and nudge him awake, according to witnesses at the
March 24 talks.

Apr 15, 2013

Greece set to win more bailout aid, may seek debt relief

BRUSSELS/ATHENS, April 15 (Reuters) – Greece received a
clean bill of health from its international creditors on Monday,
securing more rescue aid and prompting its finance minister to
say he would ask for much more debt relief if Athens keeps
meeting its bailout targets.

Athens is on course to contain its debt and pull itself out
of a crippling recession next year, the creditors said, adding
that the next disbursement of aid to the country, of at least
2.8 billion euros ($3.7 billion), should be approved soon.

Apr 12, 2013

EU losing 1 trillion euros a year to tax dodging

BRUSSELS (Reuters) – Tax dodging causes the European Union to lose around 1 trillion euros of income each year, the president of the European Council said on Friday as he announced that EU leaders would discuss the issue at a summit next month.

This haemorrhage of tax revenues is equivalent to the entire annual economic output of Spain, and far exceeds a total of about 400 billion euros committed to bailouts of euro zone members Greece, Ireland, Portugal and Cyprus in coming years.

Apr 12, 2013

EU loses around 1 trillion euros a year to tax evasion

BRUSSELS, April 12 (Reuters) – Tax evasion is causing lost
income of around one trillion euros a year in the European
Union, the president of the European Council said on Friday, and
EU leaders will discuss how to combat the issue at a summit next
month.

“We must seize the increased political momentum to address
this critical problem,” Herman Van Rompuy, who chairs meetings
of EU leaders, said in a statement broadcast on the Internet.

Mar 25, 2013

Cyprus to shape future euro bank rescues: Eurogroup head

BRUSSELS (Reuters) – A rescue program agreed for Cyprus will serve as a model for dealing with future euro zone banking crises and other countries will have to restructure their banking sectors, the head of the region’s finance ministers said.

The approach would mark a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programs.

Mar 25, 2013

Interview: After Cyprus, eurozone faces tough bank regime: Eurogroup head

BRUSSELS (Reuters) – A rescue programme agreed for Cyprus on Monday represents a new template for resolving euro zone banking problems and other countries may have to restructure their banking sectors, the head of the region’s finance ministers said.

“What we’ve done last night is what I call pushing back the risks,” Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, told Reuters and the Financial Times hours after the Cyprus deal was struck.

Mar 25, 2013

After Cyprus, euro zone faces tough bank regime: Eurogroup head

BRUSSELS (Reuters) – A rescue program agreed for Cyprus on Monday represents a new template for resolving euro zone banking problems and other countries may have to restructure their banking sectors, the head of the region’s finance ministers said.

“What we’ve done last night is what I call pushing back the risks,” Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, told Reuters and the Financial Times hours after the Cyprus deal was struck.

Mar 22, 2013

EU rescue may tilt Cyprus from Moscow in regional power shift

BRUSSELS (Reuters) – On a hot morning in July last year, Cypriot President Demetris Christofias sat with a group of journalists on the stage of the sleekly modern National Theatre in Nicosia and beamed as he talked about his warm ties with Russia.

The communist party leader, who met his wife and earned his doctorate in Moscow, told the Brussels-based reporters that Cyprus could easily overcome its financial troubles with help from both Russia and the European Union.

Mar 21, 2013

Cypriot banks facing winding-up if no levy agreed -senior official

BRUSSELS, March 21 (Reuters) – If Cyprus cannot agree on a
levy on deposits it faces having its biggest banks wound down,
which would wipe out uninsured depositors, or could be forced to
leave the euro zone, a senior European Union official said on
Thursday.

“At the end of the day it is their own choice,” said the
official, who has direct knowledge of the negotiations between
the euro zone, the International Monetary Fund and Cyprus.

Mar 15, 2013

Exclusive: Draghi lectures euro zone leaders about labor costs

BRUSSELS (Reuters) – European Central Bank President Mario Draghi gave EU leaders a crash course in macroeconomics late on Thursday, emphasizing his concerns about low productivity and high labor costs hurting the euro zone’s prospects, officials said.

In a two-hour session with the euro zone’s 17 heads of state and government, Draghi, a former professor of economics and political science, took his audience through a range of slides and charts depicting the region’s divergences.

    • About Luke

      "Luke is bureau chief for Reuters in Brussels. The 25-strong, multimedia bureau covers all European Union issues, from trade, energy and agriculture to foreign policy, competition, regulation and economic affairs. The bureau is also responsible for coverage of NATO and Belgian politics, economics and company news. In his beat, Luke covers foreign affairs, with a focus on the Middle East and Iran, and writes about EU economic policy. He was previously based in London, where he was defence correspondent, and before that had postings in Jerusalem, Baghdad, Rome and Johannesburg."
      Joined Reuters:
      1997
      Languages:
      English, Italian, French, Spanish
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      Under Fire: Untold Stories from the Front Line of the Iraq War
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