Euro crisis heightens with Belgium’s downgrade

The latest country in the eurozone to be downgraded is Belgium which Moody’s has brought down by two notches. Amidst growing pressure to get a grip on the growing debt crisis in the EU, the ratings agencies are warning leaders in there to take advantage of the bailout package worth multibillion euros.

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EU 2012 budget resolved after 15 hours of talks

Member nations of the European Union had wanted a 5% increase in budgets for the coming year but other EU states, including the UK, argued that this was a bit much especially under these times of austerity measures around the region. This amount appeared unrealistic, according to sources cited by the BBC, and finally a 2% increase in the 2012 EU budget was agreed upon.

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