Greek budget for 2012 approved

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Source: Bloomberg

Greek PM Lucas Papademos gained parliamentary approval for the country's 2012 budget. Premier's plan is aimed at reducing the deficit shortfall close to 50% from a debt write-off and ensuring Greece stays in the Eurozone. The motion was approved by 258 in favour and 41 against in 300-seat Parliament. Next year budget predicts 5.4% deficit of Greece's GDP in comparison with 9% deficit in 2011.

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Wed, 07 Dec 2011 08:17:28 GMT

UniCredit to cut offices across Europe

Italy's biggest lender, UniCredit SpA announced its plans to reduce the number of bank's corporate offices by more than 50% over next four years, saving €50 m ($67 million) per year starting from 2015. UniCredit SpA is considering cut 85 of its 160 main offices (292 000 square meters) by shutting rental contracts and selling portion of its real-estate. 

Wed, 07 Dec 2011 08:10:36 GMT

Europe to consider creating 2 bailout funds

European leaders are considering creating and operating 2 bailout funds to boost region's capability to tackle debt turmoil. Discussions are concentrating on the possibility permitting Euro regions' 440 bn euro worth fund to stay in operation until a new €500 bn facility is implemented in 2012. The idea of double firepower will be introduced during Friday's EU summit. 

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