Economy

Monday, May 17th 2010 - 01:46 UTC
Europe living “truly dramatic times”, the most difficult since WWI, says Trichet

European Central Bank President Jean-Claude Trichet called for more effective sanctions against countries violating the region’s Stability and Growth Pact and said the ECB acted independently when it bought government bonds, Spiegel magazine reported, citing an interview.
Saturday, May 15th 2010 - 04:49 UTC
World Stock Markets Plunge and Euro Falls to 18-Month Low

World stock markets plunge Friday and the Euro hit an 18-month low against the dollar, on growing fears that the austerity packages unveiled across Europe could tip the continent back into recession and stifle global economic recovery.
Saturday, May 15th 2010 - 04:39 UTC
Volcker Fears Potential Disintegration of the Euro, Without Common Fiscal Policy

Former Federal Reserve chairman and advisor of the Obama administration is concerned that the Euro area may break up after the Greek fiscal crisis that sparked an unprecedented bailout by the region’s members.
Saturday, May 15th 2010 - 04:37 UTC
IMF Warns Developed Countries on “Urgent” Need to Cut Budget Deficits

The International Monetary Fund has warned developed nations they face an “urgent” need to cut their budget deficits. Its warning comes as a slew of European countries face public unrest over their attempts to do just that.
Saturday, May 15th 2010 - 04:20 UTC
German Economy Rebounds in the First Quarter of 2010 with 0.2% Expansion

The German economy—Europe's largest—expanded 0.2% in the first quarter of 2010, beating forecasts of zero growth. Many analysts predicted German GDP would stagnate in the quarter.
Friday, May 14th 2010 - 04:40 UTC
Portugal Joins Euro Belt-Tightening Bandwagon but with Strong Political Support

Portugal has become the latest country to introduce austerity measures, after both Greece and Spain took similar steps to stabilize public finances in the face of massive debt.
Friday, May 14th 2010 - 04:34 UTC
Mrs. Kirchner Promises to Refinance Provincial Government Debts

The Argentine government said it will refinance 89% of the debt that most of the country’s provinces hold with the federal government, announced President Cristina Fernandez de Kirchner and Economy Minister Amado Boudou.
Friday, May 14th 2010 - 04:20 UTC
Italian Defaulted Bond Holders Seem Prepared to Accept Argentine Debt-Swap Plan

In an extensive report, the Task Force Argentina (TFA)—which represents Italians holding some 4.5 billion US dollars in defaulted Argentine sovereign bonds—gave an ambiguous declaration over Argentina's debt-swap plan.
Friday, May 14th 2010 - 04:15 UTC
Unemployment Benefits Filing Dips but Labour Market Remains Weak

The number of US workers filing for unemployment benefits dipped again last week but by a tiny margin that experts say does not signal a strengthening of the US labor market.
Friday, May 14th 2010 - 04:10 UTC
Home Repossessions in the US Hit Record High; Candle at the End of the Tunnel

The number of US homes being repossessed hit an all-time high last month, but is set to start falling, says the body that tracks the figures. Banks took control of 92,432 properties in April, up 1% from March, and a 45% rise from a year earlier, said RealtyTrac.