EU sets economic reform strategy
The "Europe 2020" economic strategy aims to put all EU nations on the path of sound public finances, job creation and sustained growth.
The move comes after Greece’s national deficit spiralled out of control, flauting EU budget limits on debt and deficits and threatening to devalue the euro.
Jose Luis Rodriguez Zapatero said "a coordinated economic policy was absolutely essential" if the EU as a whole is to become more competitive.
The strategy, agreed on during a two-day summit in the Belgian capital, commits the bloc to boosting employment for citizens aged 20-64, increasing research spending by governments and companies and reducing the number of people living in poverty.
It also aims to generate more renewable power and reduce energy consumption as part of the EU’s ambition to slash greenhouse gas emissions by 2020.
Greek relief
On Thursday the bloc’s leaders agreed to help Greece if its own cost-cutting measures prove inadequate, causing a sigh of relief in the debt-stricken nation.
Greek markets rallied on Friday and the largest union said it would hold off on further strikes amid widespread relief in the debt-plagued country over a cash support program agreed by other euro countries.
Top-selling daily newspaper Ta Nea pictured George Papandreou, the prime minister, smiling on its front page, beside the banner headline "Phew! Double Breather."
“Without doubt, I think the ... announcement for Greece is a very positive development," Platon Monokroussos, head of financial markets research at Greece’s private Eurobank, told the AP news agency.
"The think the package removes the risk of sovereign default and ultimately is going to prove positive for the economy ... I expect sovereign bond yields to tighten in the next few days," he said.
Angela Merkel, the German chancellor said on Friday the move to help Greece was important to "protect euro stability".
"For all of us it is important that our common currency ... remains stable and that’s why yesterday was important for the euro," she said.
Under the accord Athens will receive co-ordinated bilateral loans from its eurozone partners as well as International Monetary Fund (IMF) assistance if it is unable to raise enough money from commercial markets.
No numbers were given of the eurozone deal but a senior European Commission source said the support package would be worth 20-22 billion euros ($27-29bn) if it was required.
Greece needs to borrow around $21.4bn between April 20 and May 23 to refinance maturing debt.
’Last resort’
Tough terms imposed by Merkel mean the mechanism may be activated only under strict conditions and would require the unanimous approval of the eurozone, giving Berlin a veto.
Eurozone countries would provide the majority of any funding on rigorous conditions recommended by the European Commission and the European Central Bank (ECB).
The IMF would contribute one-third of the money and its expertise if needed.
Many details remained unclear, such as the division of responsibilities between the IMF and the eurozone in a rescue.
Europe
Western military assistance to Ukraine tops 100 bln euros — minister
Ukraine to receive almost $600 million more from World Bank
Western military assistance to Ukraine tops 100 bln euros — minister
Opposition rally near parliamentary building in Tbilisi ends without incidents
NEWS FEED
US State Department says 10,000 North Korean soldiers deployed to Russia’s Kursk Region
North Korea fires missile, South Korea military says
285 migrants intercepted off Libyan coast in past week: IOM
Canadian police arrest four related to protests at Hindu temple
U.S. stocks close lower before election
Western military assistance to Ukraine tops 100 bln euros — minister
US election day: Voters to cast ballots at snipers’ gunpoint
Ukraine to receive almost $600 million more from World Bank
Western military assistance to Ukraine tops 100 bln euros — minister
Boat capsizes off Comoros islands, 25 killed, UN agency says
US State Dept OKs potential $4.9 bln sale of aircraft to S. Korea, Pentagon says
Opposition rally near parliamentary building in Tbilisi ends without incidents
Iranian President will visit Azerbaijan next week
Russian MFA: Elections in Moldova were most undemocratic in history
UK's Conservatives name new finance, foreign policy heads
German FM announces EUR 200M in humanitarian aid for Ukraine
Israeli strike hits civilian sites near Damascus, Syrian ministry says
Opposition parties hold protest rally in front of Georgian Parliament-PHOTO-VIDEO
Azerbaijan, Iraq explore prospects for bilateral cooperation
Cadets of the Military Institute attend 12th International Cadets Week in South Korea
NATO Secretary General visits Germany
Putin meets with visiting North Korean foreign minister - Kremlin spokesman
COP29 Public Catering Sustainability Assessment complete
Moscow hosted event dedicated to contemporary Azerbaijani poetry - PHOTO
Azerbaijan Defense Minister pays an official visit to Slovakia -PHOTO
APA Journalism School starts to function-PHOTO
Azerbaijan, China discuss COP29 preparations
Azerbaijan's Ministry of Digital Development and Transport introduces COP29 section on website
Azerbaijan detains 75 foreigners living illegally in Baku and Sumgait -VIDEO
At least 10 dead after volcano erupts in Indonesia -UPDATED
Canada to provide Ukraine with $3.7 billion
IDF says it killed 2 Hezbollah commanders, including chief of elite anti-tank missile unit
Participants of Baku Summit of World Religious Leaders visit Alley of Honors -PHOTO
Iranian President to participate in COP29 set to be held in Baku - EXCLUSIVE
Maia Sandu wins Moldova presidential elections with 55.33% votes
NATO intends to fight ‘defensive battles’ thousands of miles from its territory — Lavrov
4 injured in axe attack on RER E train in France - media
German prosecutor drops probe against Russian-Uzbek billionaire Usmanov, lawyers say
Azerbaijan introduces ‘COP29 Special Visa’ free of charge for registered participants
Mastercard and ABB launch sustainability hackathon
Israeli military denies strike on Gaza vaccination clinic
Brent oil surpasses $75 per barrel, first time since October 25
EU'S Borrell visits Seoul amid alarm over North Korean troops in Russia
Azerbaijan-Armenia regulation on delimitation is greatest victory for both countries, Speaker Simonyan says
Azerbaijan, Iran hold joint exercise of naval forces in the Caspian Sea -PHOTO
Azerbaijan prevents smuggling of 16 kg of drugs from Iran-PHOTO
Azerbaijan's ANAMA discovered 237 landmines, 7 421 UXOs in liberated territories last month
At least 36 killed as bus overturns in India's Uttarakhand state
President Ilham Aliyev inspected facilities created for COP29 at Baku Olympic Stadium area - UPDATED
Germany's Scholz to meet NATO chief Rutte in Berlin