The European Central Bank has left its main interest rate unchanged at 1% for the 12th consecutive month as it prepares a response to the escalating eurozone debt crisis

Eurozone governments have borrowed a record €110bn from the markets so far this year, forcing up borrowing costs for those countries with the weakest public finances as they pay a heavy price for their ballooning debt levels

The EU's decade-old single currency experiment faces failure as early as this week, as Greece's debt crisis becomes critical. In a new bid to shore up investor confidence, eurozone countries together with the International Monetary Fund (IMF) over the weekend agreed a £26bn (€30bn) package of loans to be made available to Greece at a below-market interest rate of 5%. The need ...

European leaders have come under pressure from financial markets to seize the initiative at an emergency summit and stop the eurozone's sovereign debt crisis from spreading out of control

As eurozone leaders prepare to meet in Brussels tomorrow (7 May) to back a bailout mechanism for debt-laden Greece, the European Commission is considering new policy measures to prevent public debt from exceeding acceptable limits. 

Moody's rating agency yesterday (6 May) warned of a severe risk of contagion as it expects the euro zone's debt crisis to destabilise the banking sector in several EU countries.

The US is heading for a public debt crisis unless action is taken soon to stabilise debt relative to national income, a bipartisan group of former congressmen, White House officials and budget experts warned

The eurozone's debt crisis hangs like a dark cloud over Europe's economic prospects. But it is not yet clear that the Continent's slow recovery from its worst recession since the second world war will be blown off course

Charting a crisis So once again, it's taxpayers to the rescue. The bill will be big and will have several chunky elements: Debt - governments are taking on a stack of debt from floundering banks; in the US the transfer...

Eurozone finance ministers yesterday (17 May) tried to rapidly iron out wrinkles in the 750 billion euro plan they hatched a week ago to calm markets and stem fears of serial Greek-style debt crises in the currency area.