Brussels

EU calls on Russia to substantiate claims of attacks

Russia MapBrussels  - The head of the European Union's monitoring mission in Georgia on Friday invited Russian and South Ossetian officials to substantiate their claims that attacks are being perpetrated in the region so that they may be investigated.

"In general, such reports are overblown. There may have been isolated shootings, but no major incident has been registered," Ambassador Hansjorg Haber, head of the EU's monitoring mission (EUMM), said at a press conference in Brussels.

EU to hold special financial summit on November 7

EU to hold special financial summit on November 7 Bru

US joins EU's legal mission to Kosovo

Serbia, KosovoBrussels - The United States formally joined the European Union's rule-of-law mission (EULEX) in Kosovo on Wednesday by offering 80 police officers and "up to" eight judges and prosecutors to the 3,000-strong operation, officials said.

"The European Union and the United States have a common desire to work together to support the development of Kosovo's democratic standards," a joint statement issued at a signing ceremony in Brussels read.

Greece exceeds eurozone budget deficit limit

Brussels - Greece's budget deficit surged to 3.5 per cent of gross domestic product (GDP) in 2007, according to revised figures published on Wednesday by the European Union's statistical office, Eurostat.

The figure is well above previous estimates and exceeds the 3-per cent limit by which countries which share the euro need to abide to.

The EU's executive arm, the European Commission, had earlier warned that it would open infringement procedures against Greece if its excessive deficit was confirmed.

However, national governments agree on the need to relax the strict rules governing the EU's Stability and Growth Pact in light of the "exceptional circumstances" resulting from the current financial crisis.

Brussels approves Germany's rescue of IKB bank

IKB BankBrussels - The European Union's executive body on Tuesday gave its blessing to the German government's rescue of troubled mortgage bank IKB, the country's first major victim of the current financial crisis.

The European Commission "has approved, under (EU) treaty state-aid rules, a 9-billion-euro (12.1-billion-dollar) restructuring package for German bank IKB," a statement released in Brussels said.

The bail-out "will allow for the restructuring of the bank, while the significant scaling back of IKB's activities will limit the distortion of competition created by the state support," it said.

Georgia seeks billion-dollar shot in the arm in Brussels

Brussels - Georgia is hoping for a billion-dollar shot in the arm on Wednesday when representatives of 67 nations and financial institutions gather in Brussels for a one-day donors' conference.

Pages