World Bulletin / News Desk
The European Union said it will honor its commitments to Greece in an effort to make sure it remains within the euro area but said Athens too must meet its obligations to the EU, the head of the head of the European Commission said on Thursday.
"As far as Greece is concerned, I would like to reaffirm very clearly that we want Greece to stay in the euro area. And the European Union will do all it takes to ensure it," EC President Jose Manuel Barroso said in prepared remarks to the United Nations.
Barroso made reference to upcoming Greek elections after attempts to form a government failed following an inconclusive vote on May 6. New elections are set for June 17 in which rising leftist leader of the SYRIZA party, 37-year-old Alexis Tsipras, is calling for an end to "barbaric" austerity policies he said were bankrupting the nation.
"We will honour our commitments toward Greece and we expect the Greek government - current and future - to fulfill jointly agreed conditions for financial assistance," Barroso said.
Barroso said that while the EU respects the will of the Greek people and their vote, it also must bear in mind the will of the 16 other euro area nations that have agreed on conditions for giving Greece financial assistance.
Greece's long-running economic crisis turned into a full political crisis after parties opposed to the terms of a 130-billion-euro ($168 billion) bailout made strong gains in the May 6 vote, leaving the country without a government and raising the chances that it would renege on terms of the deal.
Barroso is taking part in the United Nations General Assembly High-Level Thematic Debate on the State of the World Economy and Finance in 2012. It is bringing together high level ministers, mainly from emerging market nations in Europe, Middle East, Africa and Latin America.
EU Commissioner for Jobs, Growth and Investment and Competitiveness Jryki Katainen told reporters "we should forget this phrase" when asked if that meant granting market economy status to China.
Militancy has reduced revenue from oil industry by half, senior official says
The grant was signed Monday in Nairobi to mitigate impact of forced displacements on refugee hosting communities in East Africa
The EU Trade Commissioner Malmstrom made the comment while speaking to Chinese students in Beijing ahead of a China-EU summit.
Trade Ministers Meeting in Shanghai concludes with pledge to push efforts toward trade liberalization and facilitation
Brexit raises uncertainty for consumer, investor confidence, ratings agency says
Bank of England Governor Mark Carney eases lending rules after vote for Brexit
Banca Monte dei Paschi di Siena, or BMPS, is among the banks at the forefront of those concerns with gross bad loans amounting to 46.9 billion euros ($52 billion).
Fund to be used in support of education, health, municipal, socio-economic support for refugees in Turkey
Turkish Statistical Institute says energy prices drive fall in imports
Given all the uncertainty, investors were pricing in a chance of a rate cut with some analysts expecting the Bank of England to consider quantitative easing to cushion the economy
The Egyptian stock index was down 5.8 percent in early afternoon.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.