Economy

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 - 03:34 UTC
European Financial Regulators Clear the Way for Argentina’s Bonds Swap Offer

European financial regulators approved the outlines of the Argentine swap offer on up to 20 billion US dollars in defaulted bonds, putting Argentina a step closer to launching the exchange. The country aims to return to international debt markets by striking a deal with “holdout” creditors who rejected a tough 2005 restructuring of nearly 100 billion US dollars in defaulted debt.
Wednesday, April 28th 2010 - 03:18 UTC
Delayed Planned Bailout Forcing Greece Closer to Technical Default

Shares across the globe fell sharply after German chancellor Angela Merkel said bond investors in Greece may have to take a hit even if a bail-out is agreed. With Merkel facing increased domestic opposition to the planned bailout and with elections imminent she has been talking tough, demanding Greece pay higher interest on any money it borrows than was originally agreed.
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.
Tuesday, April 27th 2010 - 21:57 UTC
IMF Warns Latam “Cheap and Abundant Credit” Rises Risk of Boom-Bust Cycle

Latin American economies as a whole are recovering nicely from the global economic downturn but “cheap and abundant external finances raise the risk of a boom-bust cycle”, said Nicolas Eyzaguirre, IMF Western Hemisphere Department Director.
Tuesday, April 27th 2010 - 18:13 UTC
UK Think Tank Warns About Drastic Spending Cuts After Election Day

All three British major political parties are failing to come clean on spending cuts that will need to be at least as deep as the 1970s, a leading think tank warned Tuesday. Repairing the public finances will be the 'defining domestic policy task of the next government', the Institute for Fiscal Studies said at a special election briefing.
Tuesday, April 27th 2010 - 06:08 UTC
Brazil will Impose Import Levies to Face “Cheap” US Dollar, Unless Accord is Reached

Brazil’s government may take additional steps to limit gains in the local currency Real should advanced economies favor policies that keep their currencies weak, Finance Minister Guido Mantega said.