BRUSSELS - Just on the day EU leaders were hoping to present the final version of their plan to solve the region's debt crisis, their summit in Brussels was overwhelmed Thursday by debate over Portugal's political crisis and Ireland's banking woes. The meeting was supposed to be the event where governments signed off on closer economic cooperation and an overhaul of the size and powers of the region's bailout funds. Instead, all the focus turned to whether Portugal will take a bailout and how Ireland will cope with its banks' losses.
BRUSSELS - European leaders were wrestling Thursday over how much of their sovereignty they are willing to give up in a desperate attempt to save the ambitious project of continental unity that grew from the ashes of World War II. At stake at the summit in Brussels is not only the future of the euro, but also the stability of the global financial system and the balance of power in Europe.
It still seems unthinkable to most Europeans, but a growing number of outside analysts and investors believe the eurozone is headed toward a breakup as fast-moving market turmoil and a looming recession threaten to overwhelm the slow-motion response of European leaders. German Chancellor Angela Merkel and other European heads of government dismissed such dire scenarios as they headed to a much- hyped summit Thursday in Brussels that appeared likely yet again to dash market hopes for a grand solution that would stop the financial hemorrhaging on the Continent.
BRUSSELS - Just on the day EU leaders were hoping to present the final version of their plan to solve the region's debt crisis, their summit in Brussels was overwhelmed Thursday by debate over Portugal's political crisis and Ireland's banking woes. The meeting was supposed to be the event where governments signed off on closer economic cooperation and an overhaul of the size and powers of the region's bailout funds. Instead, all the focus turned to whether Portugal will take a bailout and how Ireland will cope with its banks' losses.
BRUSSELS - The European Union said Thursday that it is prepared to help debt-saddled Greece by reducing Greek co-financing for E.U. development aid to 15 percent. European Commission President Jose Manuel Barroso made the announcement at an E.U. summit in Brussels on Thursday.
BRUSSELS - Just on the day European Union leaders were hoping to present the final version of their plan to solve the region's debt crisis, their summit in Brussels was overwhelmed Thursday by debate over Portugal's political crisis and Ireland's banking woes. The meeting was supposed to be the event where governments signed off on closer economic cooperation and an overhaul of the size and powers of the region's bailout funds. Instead, all the focus turned to whether Portugal will take a bailout and how Ireland will cope with its banks' losses.
Belgium: Judge killed BRUSSELS -- A lone gunman killed a magistrate and a clerk in a Brussels courthouse Thursday, then fled on foot, setting off a manhunt in the center of the Belgian capital.
BRUSSELS - Eurozone leaders on Thursday agreed to a sweeping deal that will grant Greece a massive new bailout - but likely make it the first euro country to default - and radically reshape the currency union's rescue fund, allowing it to act pre-emptively when crises build up. The eurozone countries and the International Monetary Fund will give Greece a second bailout worth $155 billion, on top of the $158 billion already granted a year ago.
BRUSSELS - European leaders were wrestling Thursday over how much of their sovereignty they are willing to give up in a desperate attempt to save the ambitious project of continental unity that grew from the ashes of World War II. At stake at the summit in Brussels is not only the future of the euro, but also the stability of the global financial system and the balance of power in Europe.
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