eurozone

Eurozone Joblessness Rises to a Record 12%

Unemployment across the 17 European Union countries that use the euro has struck 12 percent for the first time since the currency was launched in 1999, official figures show.

Bank Shutdown Hammers Cyprus' Businesses

Banks across Cyprus remain locked Tuesday after financial authorities extended the country's bank closure, fearing worried depositors will rush to drain their accounts.

Behind Cyprus' Plan to Seize Bank Deposits

A plan to seize up to 10 percent of Cypriot's savings has been met with fury and raised concern, if not panic, in the rest of Europe about the security of bank deposits.

Cyprus Bailout, Bank Run Spook Markets

Markets around the world are lower today after a run on bank deposits in Cyprus over the weekend. That followed a decision by euro-zone officials to tax depositors to help pay for a national bailout. There's concern that the new bank crisis could spread to Italy, Spain and beyond.

Spanish Government Unveils Nearly $80 Billion Austerity Plan

A day after winning EU approval for a huge bank bailout, Spain's government imposed further austerity on the country Wednesday as it unveiled sales tax hikes and spending cuts aimed at shaving $79.85 billion off the state budget over the next two and a half years.

US Stocks Mixed as European Debt Crisis Festers

Crisis-weary investors scoffed Monday at what had appeared to be a hopeful turn in the European debt crisis: a victory for pro-Europe parties in a Greek election. U.S. stocks were little changed, and borrowing costs for Spain surged to alarming levels.

How Shock Waves Will Hit US If Greece Drops Euro

Bankers, governments and investors are starting to prepare for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system. The worst-case scenario envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.