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European debt crisis: The pain continues Britain’s economy shrinks by 0.7 percent, while fears about Spain’s financial health return, as the European debt crisis continues to have impact on the continent and in the United States.
July 30, 2012
German Finance Minister Wolfgang Schaeuble, left, speaks with U.S. Treasury Secretary Timothy F. Geithner in the house where Schaeuble is vacationing, in Westerland on Germany’s North Sea island of Sylt . The two met to talk about the euro-zone debt crisis.
Philipp Guelland
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AP
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July 25, 2012
Pedestrians pass stores on Carnaby Street in London. Britain’s economy shrank more than economists forecast in the second quarter, 0.7 percent compared with the January-March quarter, as record rainfall and an extra public holiday in the period sent output down the most in more than three years.
Simon Dawson
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Bloomberg
July 25, 2012
Catalonia's economy minister, Andreu Mas-Colell, reacts during a extraordinary parliamentary session on the fiscal pact at the Parliament of Catalonia in Barcelona, Spain. The powerful region in northeast Spain admitted Tuesday that it was studying a possible request for help but said no decision had been made and stressed that the credit line did not constitute a rescue or bailout of the region. Since Friday, two Spanish regions, Valencia and Murcia, have said they will tap an a multibillion-dollar emergency credit line the central government recently set up for cash-strapped regions.
Manu Fernandez
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AP
July 23, 2012
A trader works on the floor of the New York Stock Exchange as concerns about Europe’s debt crisis and its slowing economies affect U.S. investments. Key stock indexes plunged Monday on concerns about Spain’s debt problems and continued to fluctuate as news of Britain’s economic slowdown emerged. Meanwhile, yields on U.S. Treasury notes dropped as well, as investors sought shelter, raising concerns about bond-related indexes and the possibility of lower returns on savings accounts and certificate-of-deposit rates.
Jin Lee
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Bloomberg
July 15, 2012
People look at second-hand goods at a flea market in central Athens. Greece is suffering a fifth year of recession and depends on financial aid from the European Union and the International Monetary Fund, which have imposed budget cuts that have caused a wave of corporate closures and triggered job losses.
Petros Giannakouris
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AP
July 7, 2012
A Roma family takes eggs with an expired sell-by date from a bin outside a supermarket in the northern Greek city of Thessaloniki. While scavenging has long been practiced by gypsies, they have recently been joined by many other Greeks hit by the deepening economic crisis and soaring unemployment that has exceeded 22 percent of the active population.
Nikolas Giakoumidis
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AP
July 6, 2012
Emilio Celeste, a former executive and who is presently unemployed, protests in Milan. The Italian government has approved plans to save up to $32.2 billion dollars over the next three years. Premier Mario Monti's cabinet approved a decree law that includes a temporary hiring ban on civil servants and a gradual reduction of high-level bureaucrats, cutbacks in hospitals and judicial offices and a 50 percent reduction in use of official cars. The banner reads: "Unemployed: enlisted in social butchery".
Luca Bruno
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AP
July 6. 2012
A row of houses stand partially complete in Sesena, Spain. Sesena’s extensive building projects were initially intended to house 30,000 people and triple the population of the town, however most apartments still remain empty. Despite having the fourth largest economy in the euro zone, the economic situation in Spain remains troubled with their unemployment rate, the highest of any Euro-zone country.
Oli Scarff
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Getty Images
June 29, 2012
Demonstrators, including representatives of Die Linke left-wing political party, protest against the European Union fiscal pact outside the Reichstag in Berlin. Bundestag members were scheduled to vote on the ratification of the fiscal pact and the European Stability Mechanism later in the day.
Sean Gallup
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Getty Images
June 29, 2012
Anti-Bankia protesters hold banners outside the banking group's annual general meeting in Valencia, Spain. The group was nationalized this week, less than a year after its banking unit sold shares to the public, following an International Monetary Fund report that highlighted its balance sheet and management weaknesses.
Angel Navarrete
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Bloomberg
June 29, 2012
Angela Merkel, Germany's chancellor, center, gestures as she arrives for the second day of the European leaders summit in Brussels. Euro area leaders agreed to relax conditions on emergency loans for Spanish banks and possible help for Italy as an outflanked Merkel gave in on expanded steps to stem the debt crisis.
Jock Fistick
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Bloomberg
June 28, 2012
Government employees protest against cuts in Barcelona. Spain's central government budget deficit has soared to 3.41 percent of GDP in the first five months of 2012, just 0.09 percent below the figure agreed upon with the European Union for the entire year. Spain, with 24.4 percent unemployment, must slash its deficit to the E.U. limit of 3 percent of GDP by 2013. It was 8.5 percent in 2011, although the target had been 6 percent.
Manu Fernandez
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AP
June 28, 2012
A man stands in front of the stock exchange market building in Milan. Italy's borrowing costs in a pair of longer-dated bond auctions have spiked up to levels seen in December when concerns over the country's public finances were particularly acute. Italy is seeking help to ease its borrowing costs at the European summit this week. European leaders, including Italian Premier Mario Monti, are meeting later in Brussels to discuss a strategy to deal with their debt crisis.
Luca Bruno
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AP
June 28, 2012
Activists disguised as European leaders French President Francois Hollande, left, and German Chancellor Angela Merkel demonstrate in the Cinquantenaire Parc, near the E.U. Council building, prior to the start of the European Union meeting held in Brussels. European leaders will chart a course on measures to pull the euro zone out of crisis with further integration and central control after Spain and Cyprus requested rescue plans.
Thierry Charlier
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AFP/Getty Images
June 27, 2012
Spain's Economy Minister Luis de Guindos and Spain's Industry, Commerce and Tourism Minister Jose Manuel Soria enter a bar near the Spanish parliament in Madrid. Spanish Prime Minister Mariano Rajoy said on Wednesday he would ask other European Union leaders at a summit this week to use existing E.U .instruments to stabilize financial markets.
Andrea Comas
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Reuters
June 20, 2012
Evzone presidential guards perform ceremonial duties at the tomb of the unknown soldier in Athens. European Union President Herman Van Rompuy said after the election that "we will continue to stand by Greece," while German Chancellor Angela Merkel took a tougher line, declaring "there can be no loosening on the reform steps."
Chris Ratcliffe
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Bloomberg
June 19, 2012
Pedestrians stand in front of a graffiti-covered wall in central Athens.
Petros Giannakouris
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AP
June 16, 2012
A demonstrator is detained by police during a protest against Bankia, outside the bank's headquarters in Madrid. Spain became the fourth and largest country to ask Europe to rescue its failing banks, a bailout of up to $125 billion that leaders hoped would stabilize a financial crisis that threatens to break apart the 17-country euro zone.
Andres Kudacki
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AP
June 16, 2012
A pedestrian passes a Caja Madrid bank branch, part of the Bankia group, that was vandalized during a protest against Spanish banks in Madrid.
Angel Navarrete
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Bloomberg
June 14, 2012
Athens municipality contract workers sit by police officers during a protest outside the finance ministry in Athens. About a hundred contract workers from the Athens municipality and the Greek ministry of culture protested a decision issued by the Greek Finance Ministry that requires them to post guarantee checks in return for receiving their due salaries.
Petros Karadjias
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AP
June 26, 2012
A man rests on the sidewalk outside a temporary clothing store in Rome. Italy sold $11.2 billion in Treasury bills at the highest rate since December amid concerns a European Union summit this week will fail to solve the sovereign-debt crisis.
Alessia Pierdomenico
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Bloomberg
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