European unemployment hit a new record high in April. 12.2 percent, or about 20 million people, across the 17 countries that use the euro are out of work.
Cyprus has until Monday to come up with a new bailout package after the parliament rejected the initial plan that called for a controversial tax on the country’s bank deposits.
The European Central Bank has given the Cyprus just a few days to come up with a new bailout deal after the Cypriot parliament rejected a controversial tax on bank deposits as part of its original bailout plan.
European finance ministers struck a major new deal over their debt crisis. They agreed that the European Central Bank — Europe’s equivalent of the Fed — should take over the supervision of the continent’s biggest banks.