Ukraine Rejects EU Financial Aid for Russian Deal

On Tuesday, December 17,Ukrainian President Viktor Yanukovich struck a deal with Russia, investing $15 billion (€11 billion) into the failing economy of the former Soviet nation. Russia also offered to reduce the price of its natural gas exports to the Ukraine by one-third, minimizing the amount paid by Naftogaz, Ukraine’s chief industrial gas company. These […]

Disappointing EU Factory Data Raises Doubts About Recovery

Eurozone manufacturing numbers plunged in July to their lowest level in three years, according to newly-released macroeconomic data. A fall of 1.5% in industrial output was reported across the 17-country Eurozone, instead of the 0.1% increase forecast by economists. The drop, reported by European Union statistics agency Eurostat, raises serious questions about whether European leaders […]

Manufacturing Improvements are Good Omen for French Economy

French manufacturing output for July shrank at the slowest rate in the last 17 months, in what some analysts are taking as a sign that the worst of France’s recession is over. According to financial information company Markit, France’s purchasing managers’ index (PMI)—a measure of factory activity that factors in output, hiring, and other economic […]

IMF Report Predicts Modest Recovery but Worsening Unemployment

In an official report on Tuesday, the International Monetary Fund (IMF) forecast a modest return to growth for France in 2014 while warning that unemployment would continue to rise, and advised the French government to ease its deficit reduction measures. In its review of the French economy—the Eurozone’s second largest after Germany, with a GDP […]

Strauss-Kahn faces charges for alleged role in pimping circle

Former IMF chief Dominique Strauss-Kahn faces trial in Paris on charges of “aggravated pimping as part of a group.” A Lille court had previously decided in November 2012 to push back the hearing, but now the trial will occur in spite of recommendations from prosecutors to drop allegations. Aggravated pimping, as listed under France’s penal […]

An Austerity Success Story? Latvia to Join Eurozone

Speaking at a press conference last Wednesday in Brussels, the European Union’s Economic Affairs Commissioner Olli Rehn announced that the European Commission has approved Latvia’s application to become the 18th member of the eurozone. Latvia’s desire to join the zone comes at an critical moment for the other 17 members, many of which continue to […]

Pierre Estoup, Referee Judge in the Tapie Affair, Indicted as Evidence Emerges

The latest chapter of the “Tapie Affair” is unfolding, based upon evidence and speculation that places the spotlight on Pierre Estoup, one of the three judges of the arbitration tribunal that presided over the case. At the age of 86, the former referee judge has been indicted for charges of fraud as evidence of a […]

EU Commission Warns France over Public Debt Levels

On Wednesday, April 10, the European Commission singled out France, issuing harsh warnings over serious public sector debt levels that could possibly weaken the entire Eurozone. A Commission report stated that high and increasing public debt is “reducing the capacity of public finances to face potential adverse shocks,” which could negatively affect the entire Union’s […]

Home of Christine Lagarde, IMF chief, most recent raid over the Tapie Affair

The house of Christine Lagarde, current head of the International Monetary Fund (IMF) and former Minister of Economy and Finance, was raided by French police on March 20. The raid on her Parisian home occurred as part of an ongoing investigation into the sale of Adidas sports equipment to the French bank, Crédit Lyonnais, known […]

Tapie Affair Continues to Raise Questions of Fraud

On Thursday, January 24 the houses of two prominent French businessmen were raided by police in Paris. The homes of chief executive of France Telecom SA Stéphane Richard and business tycoon Bernard Tapie were searched as part of an ongoing investigation into what is now well-known in France as the “Tapie Affair.” The legal drama […]