Economy

Tuesday, May 11th 2010 - 21:54 UTC
Current Development Model Can’t Continue, Warns One of Brazil’s top Economists

“With no new international order in sight following the crisis, the only certain thing is that the model of development which caused it can not continue”, said Brazilian economist Maria da Conceição Tavares during a magisterial conference before the United Nations Economic Commission for Latin America and the Caribbean, ECLAC, in Santiago de Chile.
Tuesday, May 11th 2010 - 03:35 UTC
Euro Support Package Approved by Soaring Global Markets, but Doubts Linger

Global stock markets soared after the European Union and International Monetary Fund intervened to stop the Greek debt crisis spreading and support the weakened Euro.
Monday, May 10th 2010 - 05:35 UTC
EU Reacts and Unveils Package of 962 Billion US Dollars to Bolster the Euro

European leaders unveiled an unprecedented loan package worth almost one trillion US dollars and a program of bond purchases in an attempt to bolster the Euro that has become highly vulnerable because of the Greek sovereign-debt crisis.
Monday, May 10th 2010 - 03:29 UTC
German Highest Court Rejects Attempt to Block Rescue Aid to Greece

Germany's highest court on Saturday rejected a request by a group of academics to block the immediate release of Berlin's multi-billion-euro loan to debt-stricken Greece.
Saturday, May 8th 2010 - 06:39 UTC
Spanish Recession and Lack of Jobs Forces Latam Immigrants to Return Home

More immigrants from non-European Union countries are returning to their native lands this year with help from the Spanish government, a situation similar to 2009, when the number of immigrants forced to pack up and go doubled because of the economic crisis.
Saturday, May 8th 2010 - 06:28 UTC
Brazil’s Bovespa Confirms Biggest Weekly Decline since February

Brazil’s Bovespa stock index fell for a second day on Friday closing with the biggest weekly decline since February 2009, on concern that Europe’s debt crisis is worsening and rescue packages could have to be extended to Portugal and Spain.
Saturday, May 8th 2010 - 06:17 UTC
Fearing Global Impact from Greece, World Markets Close Sharply Friday

Global stock markets closed sharply Friday amid investor fears that Greece's debt crisis could halt the global economic recovery.
Saturday, May 8th 2010 - 06:03 UTC
US Private Sector adds Jobs in April and More People Re-Enter Labour Market

Companies in the United States added 290,000 jobs in April, mostly in the private sector, the United States Department of Labor said Friday, a strong sign that the job market has begun recovering from last year's damaging recession.
Saturday, May 8th 2010 - 01:42 UTC
EU Full Support for Euro (and Greece) to Fight Contagion: Creates Stabilization Mechanism

Leaders of the 16 EU member states that use the Euro have approved a 110 billion Euro loan to Greece to prevent its debt crisis from spreading. European Commission President José Manuel Barroso said the Eurozone would do whatever it took to safeguard Greece's financial stability. In return for the three-year loan, Athens must cut public spending.
Friday, May 7th 2010 - 05:36 UTC
Greek Default “Is Not an Option” and “Never Has Been” Says IMF

A default by Greece on its debt obligations is not and has never been an option, a spokeswoman for the International Monetary Fund (IMF) said on Thursday. A Greek “default is not on the table, has not been on the table” insisted IMF director of external relations Caroline Atkinson.