News

Negotiations between Greece, France and Germany within the EU leaders summit in Riga, Latvia have been interrupted without any of significant progress, Bloomberg reports.

The reports from Germany have released a statement, that Greece has agreed with the extension of sanctions against Russia at the EU summit which will take place in June. The agreement on this with Athens has been reached in March. Earlier the Bloomberg agency has put Greece in line with other potential…

The details of two bills which are included on the list of requirements of three main European creditors in order to end the report on the implementation of reforms, have been leaked to the Cypriot press.

The European film forum supported by European Commission took place on Sunday last week, within the Cannes Film Festival. This year the forum is devoted to the protection of copyright.

The Ukrainian economy looks to be plunging deeper into a recession. According to the report published by Gosstat, within the first quarter of this year the country's GDP has fallen by 6.5%, and in comparison to January-March last year for 17.6% annually. The worst result was the period between October to December in 2014 with a drop even further to 14.8%.

Yesterday in Frankfurt violence broke out hours before the ECB building's official opening was due to take place, reportedly costing €1.5B. Police cars were set alight and stones were thrown in a protest against the opening of a new base for the European Central Bank (ECB).

The Eurogroup are gathering in Brussels next week to discuss a recent letter of pledged reforms sent by Greece. The meeting will be the first since finance ministers of the Eurozone approved a four month extension to Athens, provided that the government goes ahead with reforms.

During a bleak economic outlook, the only winners have been wealthy countries, resulting in growing inequality. According to the IMF, during the first decade of this century, annual global growth averaged 3.8%, compared to 3.4% in the 90s.

The left-wing party Syriza won a historic victory in Greece's election yesterday, after challenging the current situation with the EU over plans to renegotiate the country's bailout terms.

This week has seen the euro hit a nine year trough after concerns over the global economy and borrowing costs in Germany and Australia reached all-time lows.