US Treasury Secretary Timothy Geithner has called on European leaders to take urgent new steps to create a 'firewall' against the crisis spreading. He added that decisions on how to tackle Euro zone debt could not wait until the crisis gets more severe.
United States regulators on Friday closed banks in Virginia and California, lifting to 73 the number of US bank failures this year. The number of closures has dropped significantly this year as banks have worked their way through the bad debt accumulated in the recession. By this time last year, regulators had shuttered 127 banks.
Swiss bank UBS's Chief Executive Oswald Gruebel resigned, shouldering the blame after its scandal-hit investment banking business lost 2.3 billion dollars in alleged rogue trading.
Argentina's industrial output growth slowed in August to 5.2% year-on-year, while month-on-month economic activity contracted in July for the first time in 13 months, the government said on Friday.
“The recapitalization of European banks is something that is ongoing, it is something that is already happening,” Commission spokesman Olivier Bailly told a regular briefing.
Greek Finance Minister Evangelos Venizelos was quoted by two newspapers as saying an orderly default with a 50% haircut for bondholders was one of three possible scenarios for resolving the heavily indebted euro zone nation's fiscal woes.
Guatemala will purchase six Brazilian military aircraft Super Tucano, radars and other equipment to combat the narcotics trade traffic of which the Central American country is considered a crucial link between South America and the United States.
Uruguay is reconsidering the situation and links with Mercosur, given the recent trade obstacles and tariffs imposed by Mercosur senior partners Brazil and Argentina, announced President Jose Mujica in an interview.
The Argentine Central Bank Governor Mercedes Marcó del Pont dismissed the IMF’s warning on the risk of overheating economies in developing countries.
History's first sovereign default came in the 4th century BC, committed by 10 Greek municipalities. There was one creditor: the temple of Delos, Apollo's mythical birthplace.