Tag Archives: Herman Van Rompuy

Cyprus president to ask EU for more help

Cyprus‘ president says he will ask the European Union to provide more help to the crisis-hit country, which has to pay for most of its 23 billion euro ($30 billion) bailout.

President Nicos Anastasiades said Friday that he will send letters to EU Commission President Jose Manuel Barroso and EU Council chief Herman Van Rompuy telling them of the “need for a change of EU policy” toward Cyprus by offering additional assistance.

Anastasiades didn’t specify what kind of help he will seek.

Cyprus has seen its share of the bailout cost swell to 13 billion euros according to a draft document by its creditors — the European Commission, the European Central Bank and the International Monetary Fund. That’s almost double what it was initially meant to pay.

From: http://feeds.foxnews.com/~r/foxnews/world/~3/aRWrPKH9NSA/

Europe eases the austerity whip _ a little

Three and a half years into its government-debt crisis, there are signs that Europe is adopting a gentler approach toward austerity.

Political leaders aren’t backing away aggressively from budget cuts and higher taxes, but they are increasingly trying to temper these policies, which have stifled growth and made it harder for many countries to bring their deficits under control.

The European Union is relaxing its enforcement of deficit limits until the region’s economy turns around; countries that were bailed out by their European neighbors are being given more time to repay loans, easing the pressure to cut budgets further; and financial leaders, including the head of the European Central Bank, say it’s time to place more emphasis on reviving growth.

“There has clearly been a shift in thinking,” says Christian Schulz, economist at Berenberg Bank in London.

After the crisis broke out in late 2009, governments dramatically slashed spending — either to meet conditions for bailout loans, or to reassure jittery bond markets that they were trustworthy borrowers. This fiscal belt-tightening was introduced to help countries reduce their deficits and pave the way for critical financial aid.

Promises of austerity gave the ECB political breathing room to get more aggressive. The bank’s pledge last summer to buy unlimited amounts of government bonds is largely responsible for taming Europe‘s financial crisis.

But austerity also inflicted severe economic pain in places like Greece, Ireland, Portugal, Spain and Italy. Over time — as the economy of the 17 European Union countries that use the euro descended into recession — evidence grew that slashing spending and raising taxes were less effective at reducing deficits than initially thought, and perhaps counter-productive.

Why? Because as economies shrink, so do tax revenues, making it harder to close budget gaps.

The latest eurozone recession, which began last year, is forecast to end in the second half of this year and was the main focus of Thursday’s summit of European Union leaders in Brussels.

“We are all fully conscious of the debate, the mounting frustrations and even despair of people,” said Herman Van Rompuy, president of the European Council, after the meeting ended.

“We also know there are no easy answers.”

…read more
Source: FULL ARTICLE at Fox World News

World leaders welcome Catholic church's new Argentine Pope Francis

World leaders sent in their congratulations and Catholics around the world were celebrating Wednesday after the Vatican announced the election of Argentine Cardinal Jorge Bergoglio to the papacy — making him the first pontiff from the Americas.

As bells tolled and crowds cheered across Latin America, President Barack Obama offered warm wishes to Pope Francis and said the selection speaks to the strength and vitality of the New World.

“I offer our warm wishes to His Holiness Pope Francis,” Obama said. “As a champion of the poor and the most vulnerable among us, he carries forth the message of love and compassion that has inspired the world for more than 2,000 years.”

In Europe, British Prime Minister David Cameron, French President Francois Hollande, and German Chancellor Angela Merkel also issued statements of congratulations.

Wednesday was “a momentous day for the 1.2 billion Catholics around the world,” Cameron said in a message posted to Twitter, while Merkel, the daughter of a Lutheran pastor, said millions of Catholics and non-Catholics alike would be looking to the new pope for guidance not just in questions of faith but in matters of peace, justice and protecting creation.

Merkel said she was particularly happy for Christians in Latin America, who now had one of their own called to be pope for the first time. Francis was elected after German-born Pope Benedict XVI stepped down last month, saying he lacked the strength to continue in the job.

U.N. Secretary-General Ban Ki-moon said he looked forward to cooperation with the Holy See under Pope Francis‘ “wise leadership,” while European Union leaders Herman Van Rompuy and Jose Manuel Barroso wished the new Catholic leader “a long and blessed pontificate.”

The atmosphere across Latin America brimmed with excitement and surprise, with people bursting into tears and cheers on streets from Buenos Aires to Caracas, Venezuela.

“It’s incredible!” said Martha Ruiz, 60, who was weeping tears of emotion in the Argentine capital. She said she had been in many meetings with the cardinal and said, “He is a man who transmits great serenity.”

At the St. Francis of Assisi church in the colonial Old San Juan district in Puerto Rico, church secretary Antonia Veloz exchanged jubilant high-fives with Jose Antonio Cruz, a Franciscan friar.

“It’s a huge gift for all of Latin America. We waited 20 centuries. It was worth the wait,” said Cruz, wearing the brown cassock tied with a rope that is the signature of the Franciscan order.

Arcilia Litchfield, a 57-year-old tourist from Albuquerque, New Mexico, was walking down the cobblestone streets when they glanced at a TV and saw that a new pope had been chosen. She and her husband then went to the San Juan Cathedral, where the remains of Spanish conquistador Juan Ponce de Leon are buried.

“It’s historic. It’s the first time a pope has been chosen from this part of the world,” she said. “It hasn’t sunk in yet.”

Even in Communist Cuba, there was pride as church bells rang to celebrate the news. Elsewhere on the continent, people traded stories about the new pontiff.

“You …read more
Source: FULL ARTICLE at Fox World News

EU's Van Rompuy Is Convinced Dijsselbloem Has Broad Support From Eurogroup

The president of the European Council, Herman Van Rompuy, said Monday he was confident that the incoming Eurogroup chief, Jeroen Dijsselbloem, would enjoy the full backing of his colleagues, despite his failure to win Spain‘s support.
Source: FULL ARTICLE at Fox Business Headlines