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Statement by the European Commission, ECB and IMF on the Second Review Mission to Cyprus
Cyprus's programme is on track; all fiscal targets have been met with considerable margins. The main challenge is to repair the banks' balance sheets and restore depositor confidence.
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ECB/Mersch: 'Greece today stands at a crossroads'
Mersch said that the process of restoring sustainability and growth in Greece is not yet complete nor so far secured. If the authorities fail to address the remaining challenges, they will put at risk what has already been achieved.
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Greek government survives no-confidence vote
The conservative-led coalition government of Greek Prime Minister Antonis Samaras has survived a vote of no-confidence in parliament. The vote had been tabled by the left-wing opposition party, SYRIZA, which is strongly opposed to the government's austerity measures.
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Statement by the EC, ECB and IMF on the Twelfth and Final Review Mission to Ireland
Ireland's programme remains on track in the context of the nascent economic recovery. Discussions with the authorities focused on the conclusion of the programme and the remaining challenges. (Includes comments from Kenny, Noonan and Draghi.)
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WSJ: As Ireland exits bailout, a life vest or just lifeguard?
This analysis suggests it is now looking increasingly likely that the Irish government will opt for a so-called 'clean exit' from its bailout programme, without the 'life vest' of a precautionary credit line from the eurozone rescue fund.
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Portugal: IMF completes 8th & 9th reviews under an EFF arrangement, approves €1.91 billion disbursement
The IMF's Executive Board completed the 8th and 9th reviews of Portugal's performance under an economic programme supported by a three-year, ca. €27.03 billion EFF arrangement. Risks to Portugal's bailout plan are still high and the Constitutional Court could further complicate policy-making.
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BoP/da Silva Costa: Portugal - Progress on financial stability
According to da Silva Costa, the Portuguese banking system is currently more capitalised, more transparent, in a more favourable liquidity position and in a much better position to handle financial strains than at the outset of the financial crisis.
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BoS/Restoy: European reform - Challenges for the Spanish banking sector
Restoy argued that monetary union is now unquestionably at a crossroads. Its stability and proper functioning depend directly on the adoption of far-reaching reforms to heighten the integration of the participating national economies.
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Reuters: Italian bank Monte Paschi submits restructuring plan to EU
The European Commission said it had received Italian bank Monte dei Paschi di Siena's restructuring plan, which needs the EU's approval for a €4.1 billion state bailout.
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EU to review excessive German trade surplus
The European Commission will launch an in-depth review into Germany's high current account surplus to see if its strong exports undermine EU markets. Germany stands accused of creating dangerous economic imbalances.
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VP Rehn's blog: Turning Germany's surplus into a win-win for the eurozone
German money fuelled the credit and housing bubbles of the eurozone's periphery states and must now act to aid recovery, Rehn warned.
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Simon Nixon: Germany's surplus isn't the problem
Efforts would be better directed towards urging weak economies to make themselves strong, rather than urging Europe's strongest economy to make itself weak, comments Nixon in the WSJ.
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German coalition negotiations halfway but many issues still disputed
With little time left until the self-imposed deadline to draft a coalition accord by the end of the month, the first agreements have been reached between the CDU/CSU and SPD, i.a. on Banking Union, the ESM and the division of Cabinet posts.
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German Council of Economic Experts publishes Annual Economic Report 2013/14 - "Against a back-oriented economic policy"
Taking the unusual step of interfering in the German coalition negotiations, the Council has leaked its report, which rails against the minimum wage, the introduction of rent controls, and other policies to water down the Schröder reforms.
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Barroso calls France's 2014 budget 'satisfactory'; OECD urges competitiveness
Barroso has called France's 2014 budget "satisfactory", but has said the eurozone's second-largest economy still needs to do more to reduce unemployment. Meanwhile, the OECD has urged France to reinforce competitiveness.
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Focus: Austria may face a budgetary crisis
It has emerged that Austria's budgetary deficit could reach up to €40 billion by 2018 – equivalent to around half of the country's federal budget.
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