Sunday, May. 20, 2012 |
EU leaders back fiscal pact, bigger firewall
Page last updated at 15:19 GMT, Monday, January 30, 2012 - 20:19 EST
CNN Money:
All photographs come from the aforementioned news sources, and full copyright ownership is maintained by those sources. This site uses the images purely for reference to the original source and educational purposes, and does not profit in any way from their use.
Most members of the European Union will sign a new fiscal compact. But the first summit of the year ended without new solutions for the debt crisis in Greece.
European Union leaders agreed Monday to strengthen a financial firewall and most members of the 27-nation group will sign a new fiscal compact. But the first summit of the year ended without new solutions for the debt crisis in Greece.
The leaders of all but two members the 27-nation EU agreed to sign a pact designed to prevent governments from running excessive deficits and racking up unsustainable debts.
For now, the Czech Republic could not sign up, while Britain already rejected the treaty, which was first announced in October.
The leaders also agreed to implement the European Stability Mechanism, a permanent rescue fund, in July. The €500 billion ESM was originally set to enter into force next year, when a temporary bailout fund expires.
"The early entry into force of this permanent firewall will prevent contagion in the euro area and further restore confidence," said European Council president Herman Van Rompuy.
Read the whole story: CNN Money
- Login or register to post comments
Greece-World News
Greece tourism hit by euro crisis (AFP: May. 20)
Nightmare foretold if Greece heads for euro exit (Reuters India: May. 18)
Former Thessaloniki mayor sent to court (May. 16)
Greeks withdraw money from banks as worries grow (BBC: May. 16) 
2 comments
2 comments Suicides up 22% in 2009-2011 (May. 12)
Greek exit talk edges euro towards tipping point (AFP: May. 20)
Greece 'needs austerity programmes' (AFP: May. 20)
Greece bridles at Merkel referendum suggestion (AFP: May. 19)
Merkel 'suggests Greek referendum on euro membership' (BBC: May. 18) 5 comments
5 comments Threats against the country will be faced effectively, caretaker FM said (May. 18) 2 comments
2 comments Greek bank credit ratings cut (May. 18)
Greek banks strain for cash (CNN Money: May. 18)
End of the Marathon: The Meaning of Greece's 'Bank Jog' (The Atlantic: May. 17)
Greek banks may be nearing complete collapse (CBS News: May. 16)
Greek GDP dives as crisis hammers economy (Reuters UK: May. 15)
Deadly northern Italy earthquake hits heritage sites (BBC: May. 20)
A random act of kindness lifts spirits in London (MSNBC: May. 19)
Cameron backs Hollande deficit plans (AFP: May. 18)
Europe thinks the unthinkable on Greece (Reuters: May. 18)
Beckham thrilled about carrying Olympic flame (Associated Press: May. 18)
Chinese entities world's biggest economic spies-Pentagon (Reuters: May. 19)
G8 leaders take up eurozone crisis, possible Greek exit (CNN: May. 19)
Thousands protest in Chicago ahead of NATO summit (Reuters India: May. 18)
Forget Greece, China Biggest Risk to Global Economy: Faber (CNBC: May. 18)
Greek euro exit looms as G8 gathers (AFP: May. 18)
Top Stories - Picks
Greek exit talk edges euro towards tipping point (AFP: May. 20)
Apocalypse Fairly Soon (IHT: May. 19) 1 comment
1 comment Greece bridles at Merkel referendum suggestion (AFP: May. 19)
G8 leaders take up eurozone crisis, possible Greek exit (CNN: May. 19)
Chinese entities world's biggest economic spies-Pentagon (Reuters: May. 19)
Rising Greek political star, foe of austerity, puts Europe on edge (New York Times: May. 19)
Deadly northern Italy earthquake hits heritage sites (BBC: May. 20)
Greece tourism hit by euro crisis (AFP: May. 20)
A random act of kindness lifts spirits in London (MSNBC: May. 19)
Greece 'needs austerity programmes' (AFP: May. 20)
The Greek run (The Economist: May. 17) 4 comments
4 comments Greeks withdraw money from banks as worries grow (BBC: May. 16) 2 comments
2 comments Greek Syriza leader Tsipras attacks EU and Merkel (BBC: May. 16) 2 comments
2 comments Santos names experienced Greece provisional squad (Reuters: May. 17) 1 comment
1 comment JPMorgan executive out after $2bn loss (BBC: May. 14)
Chrysi Avgi blasted over Holocaust comments (eKathimerini: May. 15) 1 comment
1 comment Light-powered bionic eye invented (BBC: May. 14)
Athens in limbo as radical leftist waits in the wings (The Telegraph: May. 16) 2 comments
2 comments Nightmare foretold if Greece heads for euro exit (Reuters India: May. 18)
Merkel 'suggests Greek referendum on euro membership' (BBC: May. 18) 5 comments
5 comments The Greek run (The Economist: May. 17) 4 comments
4 comments Wordpress suspends Chrysi Avgi's blog (May. 10) 4 comments
4 comments Thessaloniki mayor proposes ban on any 'Nazi parties' (May. 9) 4 comments
4 comments Greece stalls on cabinet as EU pressure mounts (AFP: May. 11) 3 comments
3 comments Greek conservatives must form coalition government (May. 7) 3 comments
3 comments Greek coalition talks end in stalemate (May. 7) 3 comments
3 comments Greek party most extreme of Europe's far right (CBS News: May. 18) 2 comments
2 comments Threats against the country will be faced effectively, caretaker FM said (May. 18) 2 comments
2 comments Greeks withdraw money from banks as worries grow (BBC: May. 16) 2 comments
2 comments -
Merkel 'suggests Greek referendum on euro membership'
-
Merkel 'suggests Greek referendum on euro membership'
-
Merkel 'suggests Greek referendum on euro membership'
-
Greek party most extreme of Europe's far right
-
Apocalypse Fairly Soon
-
Greek party most extreme of Europe's far right
-
Merkel urges Greece to resolve political instability
-
Threats against the country will be faced effectively, caretaker FM said
-
Merkel 'suggests Greek referendum on euro membership'
-
Credit conditions deteriorate in Greece
