Economy

• 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.

• Friday, May 14th 2010 - 04:05 UTC

  US Looking into Possible Banks-Credit Rating Agencies Collusion

  

  Eight banks are facing a US investigation into the rating of their mortgage products, the BBC understands. New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain better ratings for risky securities.

• Friday, May 14th 2010 - 02:43 UTC

  Chilean Household Debt Increases with a Larger Portion of Non-Bank Personal Loans

  

  A recent study from the Central Bank of Chile written by economists José Miguel Matus, Nancy Silva, Alejandra Marinovic y Karla Flores found that Chilean household debt increased from 23% of GDP in 2000 to 39.1% in 2009.

• Thursday, May 13th 2010 - 11:01 UTC

  Europe Calls on Bulgaria, Cyprus, Denmark and Finland to Reduce Budget Deficits

  

  Government deficits in Bulgaria, Cyprus, Denmark and Finland have gone too far over the 3% of GDP reference value for the European Union and need to be brought down through stronger budget consolidation measures, concluded the European Commission in reports considered on Wednesday.