Tag: crisis

• Saturday, May 1st 2010 - 02:16 UTC

  Taxes in UK Must Rise Sharply Anticipates Think Tank

  

  Taxes in Britain must rise sharply over the next decade to bring down borrowing, according to the National Institute of Economic and Social Research (NIESR). In a report, the think tank said taxes would have to rise by the equivalent of 6p on the basic income tax rate to get the budget deficit below 3% by 2020.

• Saturday, May 1st 2010 - 02:13 UTC

  US Economy Expands 3.2%, Third Consecutive Quarter of Growth

  

  The US economy grew in the first three months of this year, but at a slower rate than the previous quarter. US consumer spending saw its biggest increase in three years in the first three months of 2010, which drove the country's overall economy to its third consecutive quarter of growth.

• Thursday, April 29th 2010 - 06:34 UTC

  Europe’s Financial Seism Reaches Spain: S&P Downgrades Credit Rating

  

  International credit rating agency Standard and Poor's downgraded on Wednesday Spain's credit rating from “AA+” to “AA” with a negative outlook. The move comes a day after S&P gave Greek bonds a junk rating and lowered Portugal's credit rating from “A+” to “A-”.

• Thursday, April 29th 2010 - 03:12 UTC

  Federal Reserve Anticipates Exceptionally Low Level Rates for an Extended Period

  

  The US Federal Reserve decided on Wednesday to leave interest rates unchanged saying the current recovery will not result in rampant inflation and anticipated exceptionally low level rates for an extended period.

• Wednesday, April 28th 2010 - 18:18 UTC

  IMF Warns of Greek Crisis Contagion; Germany Reluctant to Support Aid

  

  The head of the International Monetary Fund has warned that the crisis in Greece could spread throughout Europe. Dominique Strauss-Kahn said that every day lost in resolving Greece's problems risks spreading the impact “far away”.

• Wednesday, April 28th 2010 - 01:09 UTC

  Unemployment in Spain Soars to 20.05%; 4.61 Million Jobless

  

  Spain's jobless rate has risen past 20% for the first time in 13 years, according to figures made public by the National Statistics Institute (INE) on Tuesday. Unemployment rate was 20.05% in the first quarter of this year, up from 18.83% in the last quarter of 2009.

• Wednesday, April 28th 2010 - 01:04 UTC

  Bernanke Warns White House About Failure to Reduce Federal Budget Deficit

  

  Federal Reserve Chairman Ben S. Bernanke said a failure to reduce the federal budget deficit may push up interest rates over time and impair economic growth, putting the recovery at risk.

• Tuesday, April 27th 2010 - 22:06 UTC

  US Senate Claims Goldman Sachs Knowingly Profited from Mortgage Collapse

  

  The chairman of an inquiry into the causes of United States' financial meltdown has attacked the role of Goldman Sachs. Senator Carl Levin spoke of the reckless greed that infected Wall Street's financial community.

• Monday, April 26th 2010 - 21:16 UTC

  Germany and France Strongly Condition Rescue Aid Package to Greece

  

  Greece will not get its multi-billion Euro aid package until it commits to bigger economic sacrifices, Germany’s finance minister warned over the weekend.

• Saturday, April 24th 2010 - 11:08 UTC

  Exchange Rate Disorder

  

  By Jose Antonio Ocampo – Two troubling features of the ongoing economic recovery are the depressed nature of world trade and the early revival of international global payment imbalances. Estimates by the International Monetary Fund and the United Nations indicate that the volume of international trade in 2010 will still be 7% to 8% below its 2008 peak, while many or most countries, including industrial nations, are seeking to boost their current accounts.