International

• 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 - 06:06 UTC

  Spain Emerges from Two-Year Recession with More Doubts than Certainties

  

  Spain’s economy emerged from an almost two-year recession in the first quarter, trailing the Euro area by six months. GDP expanded 0.1% in the first three months of 2010, the Madrid-based Bank of Spain estimated in its monthly report today.

• 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 - 05:42 UTC

  Hung Parliament in UK: Labour Looses but Cameron Short of a Majority

  

  British Conservative Leader David Cameron said the Labour government has lost its mandate to govern, as exit polls suggested the Tories have won the largest number of seats in Britain's national election, but will not gain a majority.

• 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.

• Friday, May 7th 2010 - 05:33 UTC

  ECB Leaves Euro Policy Unchanged; European Leaders Set to Approve Greek Rescue

  

  European Central Bank president Jean-Claude Trichet faced down pressure for new moves to shore up the weakest Eurozone countries, but kept options open even as he said Spain and Portugal were “not Greece”.

• Friday, May 7th 2010 - 05:31 UTC

  Chinese Shares Plunge to 8 Month Low on Fears of Tight Credit

  

  Chinese shares plunged to an eight-month low Thursday on persistent concerns over weak overseas markets and government measures to tighten credit and curb property speculation, dealers said.

• Friday, May 7th 2010 - 03:33 UTC

  French Navy Locates Black Box from Air France that Plunged into the Atlantic

  

  The French navy has located the black box flight recorders from the Air France (EPA:AF) jet which plunged into the Atlantic killing 228 people last summer. However, officials said there was still no guarantee the recorders—that could explain the cause of the crash—would ever be brought to the surface.

• Friday, May 7th 2010 - 00:47 UTC

  Greek Contagion Threatens South Europe and UK Banks Warns Rating Agency

  

  Banks in the United Kingdom and Europe risk their credit ratings being damaged because of “contagion” from Greece's debt crisis, a ratings agency has warned. Moody's said banking systems faced “very real, common threats” if doubts were raised about their governments' abilities to pay debts. It referred specifically to UK, Irish, Italian, Portuguese and Spanish banking systems.

• Friday, May 7th 2010 - 00:38 UTC

  Greece Shocked by Riot Deaths; Parliament Approves Draconian Saving Reforms

  

  Greece's parliament approved Thursday the hefty cuts and reforms proposed by the government to address the country's financial crisis. Members voted 172-121 to pass the bill, which includes tax rises and cuts in pensions and public sector bonuses. Police used tear gas to disperse protestors who rallied outside. On Wednesday, three bank workers died in a petrol bomb attack as demonstrations over the planned austerity measures turned violent.