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Sunday, May 20, 2012

European leaders fight to battle economic turmoil

Al Jazeera gives you the latest developments affecting the eurozone, as European leaders fight to battle economic turmoil. 10 hours 24 min ago - eurozone Francois Hollande, the French president, has said he would make proposals for eurobonds at an upcoming European summit as he outlines his ideas to stimulate growth and help ailing economies within the eurozone. "I will outline all growth proposals at this informal meeting on May 23," Hollande told reporters at the end of a G8 leaders meeting in Camp David. "Within this packet of proposals there will be eurobonds and I will not be alone in proposing them. I had confirmation on this at the G8." The Brussels meeting is expected to focus on the French president's call for measures to kick start growth across the 27-country bloc, especially in the 17-nation eurozone, while maintaining efforts to cut budget deficits. Hollande has said he will press Berlin to lift its veto on issuing common eurozone bonds - debt issued for the whole currency and implicitly guaranteed by countries such as Germany, or to allow the European Central Bank to lend directly to governments.

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