The head of the World Bank said Wednesday the world had entered a new economic danger zone and that Europe, Japan and the United States all need to make hard decisions to avoid dragging down the global economy.
The Italian parliament gave final approval on Wednesday to a much-altered austerity plan aimed at stemming a debt crisis engulfing the euro zone's third largest economy.
Moody's cut the credit ratings of two French banks Wednesday because of their exposure to Greece's debt, highlighting growing risks to Europe's financial sector from the deepening euro zone sovereign debt crisis.
Plans are being drawn up for celebrations to mark next year's 30th anniversary of the Falklands conflict, reports Wednesday the Evening Standard. The UK Ministry of Defence, Foreign Office and Falkland Islands government are working on how best to commemorate the 1982 conflict with Argentina.
Argentine President Cristina Fernández de Kirchner held on Wednesday a 45 summit meeting with her counterpart Nicolas Sarkozy on the third and last day of her official visit to France.
Brazil, Russia, India, China and South Africa, which make up the so-called BRICS group, will meet in Washington next week to discuss how to help the European Union avert a full-blown financial crisis as Greece veers toward default on its debt, Brazilian Finance Minister Guido Mantega said Tuesday.
US economy will grow slower than anticipated and joblessness will stay high as the fallout of the deepest recession since the Great Depression takes its toll, the Congressional Budget Office said on Tuesday.
Any discussions that UK has on Gibraltar with Spain “reflect our clear position on sovereignty, which is that the UK will never enter into arrangements under which the people of Gibraltar would pass under the sovereignty of another state against their wishes” Europe Minister David Lidington has said.
Developed countries are failing to cut unemployment, according to figures released this week by the Organization for Economic Cooperation and Development (OECD). July’s figures show unemployment at 8.2% for the 34-country group – unchanged for five consecutive months.The Euro zone is faring even worse, with unemployment sticking at 10%.
German Chancellor Angela Merkel said on Tuesday there were generally no taboos in politics but that the Euro zone crisis would not have a mechanism for ‘orderly insolvency’ of one of its members until its permanent rescue mechanism comes into power in 2013.