Budapest, Hungary is facing historic flooding of the Danube River that is driving thousands from their homes after heavy rain across central Europe.
The river is expected to crest at 29.5, just a foot below the river’s flood fences at 30.5 feet. The previous record high was 28 feet in 2006. At least 1,200 people from 28 towns have been forced to leave their homes. Continue reading
Germany is preparing a proposal for new rules regarding European Union bailouts that would impose a tax on property.
The move would be aimed at “taxing the rich” to pay for the bailouts in a way that would keep wealthy landowners from moving money to other countries. German officials say that the problem with requiring bailouts to take funds from bank accounts is that wealthy account holders can transfer money out of the country before restrictions take effect. Continue reading
The Markit composite purchasing managers’ index, which measures the growth in manufacturing and services sectors, has reported significant downturns in major European economies. Continue reading
About 14,000 ducks at a German farm are being slaughtered following a bird flu outbreak.
A federal laboratory confirmed Friday the H5N1 virus was detected at the farm near Seelow, east of Berlin — the first such finding in Germany in more than three years. Continue reading
Eurozone unemployment surged to a new record high of 18.49 million in September, an increase of 146,000 from August. The unemployment rate of 11.6% is almost a point and a half higher than one year ago.
Spain once again lead the way with an unemployment rate of 25.8%. In Spain and Greece, over half the workforce under 25 is unemployed. Continue reading
Germany has called on the other members of the European Union to consider giving up more of their country’s economic sovereignty to the collective Union.
German Finance Minister Wolfgang Schaeuble is proposing that the EU create an “EU Economic and Monetary Commissioner” who will have power to regulate the national budgets of individual member nations. The Commissioner would have the ability to veto a nation’s budget if it breaks established EU deficit rules. Continue reading
A 28-year-old German woman has confessed to police that she killed five of her newborn children shortly after birth and dumped their bodies in various locations around northern Germany.
The confession brings to an end an investigation that started in 2006 when a newborn baby’s body was found in a paper-recycling plant near Flensburg. A second body was found in a parking garage in 2007. Continue reading
A German citizen and three Iranian-German duel nationals have been arrested for illegally supplying Iran with equipment necessary to build a nuclear reactor. Germany has laws in place prohibiting the sale of any nuclear-related equipment to Iran.
Iran is currently in the process of building a heavy-water reactor that they claim is only for peaceful purposes. Continue reading
On the same day that Italy’s prime minister proclaimed he could see a “light at the end of the tunnel” for the Eurozone debt crisis reports surfaced that the unemployment rate is at a record high.
Italian Prime Minister Mario Monti met with French President Francois Hollande in Paris for discussions on the euro. Hollande agreed their had been “significant progress” in recent weeks and that the euro should be “defended, preserved and consolidated.” Continue reading
Germany’s AAA credit rating is in danger of a downgrade after Moody’s changed the outlook for the nation’s credit to negative. The move is a possible first step into downgrading the country’s overall rating.
Moody’s stated that the exit of Greece from the Euro is increasing and the increasing financial decline in Spain. A full bailout of Spain is considered to be more likely as the cost of Spanish bonds remains at a record high. Continue reading
