Euro Economy & Business

Greece, battling for bailout, finds extra budget savings (Reuters)

ATHENS/BERLIN (Reuters) – Greece said on Thursday it had found extra budget savings demanded by its international lenders, suggesting a new rescue package is within reach even though acrimony simmered between Athens and its European partners. Greece is scrambling to clinch the 130 billion euro ($170 billion) bailout at a meeting of euro zone...
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Summary Box: Nestle sales beat hopes (AP)

RISING PROFIT: Nestle SA, the world’s biggest food and drinks maker, managed to brush aside the impact of a soaring domestic currency to post a solid increase in profits in 2011 as sales rose strongly. TOPPING EXPECTATIONS: Nestle’s 7.5 percent sales growth in continuing sales during the year was better than expected. CLOUDY HORIZON:...
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Source: Greek plan cannot sufficiently reduce debt (AP)

BRUSSELS – Current plans to save Greece from financial collapse would still leave the country with debt far above the maximum level set by its international creditors, a European diplomat said Thursday. When they tentatively agreed on more help for Greece in October, the leaders of the 17 euro countries said the country’s debt...
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Greece battles mistrust to target bailout deal (Reuters)

ATHENS (Reuters) – Greece expressed hope it was within days of finally securing a 130-billion-euro EU/IMF bailout to ease its debt crisis but markets reacted skeptically on Thursday as acrimony grew between Athens and euro zone partners led by Germany. Frustrations exploded as Greek President Karolos Papoulias, an 82-year-old veteran of the resistance to...
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Nestle sales beat hopes but tough year expected (AP)

GENEVA – Nestle SA, the world’s biggest food and drinks maker, managed to brush aside the impact of a soaring domestic currency to post a solid increase in profits in 2011 as sales rose strongly, particularly in developing countries. However, the maker of Nescafe, Perrier, Jenny Craig and Haagen Dazs accompanied its full-year statement...
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Contagion fears back on Greek bailout uncertainty (AP)

LONDON – Mounting confusion over whether Greece will get vital bailout cash to avoid defaulting next month is rekindling fears that Europe’s debt crisis will spread to bigger countries like Italy. As stocks and the euro fell sharply on Thursday, borrowing rates rose for Italy and Spain, an indication of renewed investor concerns that...
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A look at the eurozone’s growth rates (AP)

In the last three months of 2011, the 17-nation eurozone’s economy suffered its first quarterly contraction since the second quarter of 2009. The figures are adjusted for seasonal factors. Here’s how the individual countries compare. Not all figures are in, and in the case of Greece, only annual unadjusted figures are available. Q3/Q4 quarterly...
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