European leaders are poised for the second straight year to approve a financial bailout for Greece, but even then the debt-ridden country may temporarily default on some of its previous loans. Officials from the continent’s 17 nations that employ the common euro currency met in Brussels Thursday to discuss Greece’s financial woes. But their broader […]
European Leaders Poised to Adopt Second Greek Bailout
Posted July 21st, 2011 at 9:35 am (UTC-5)
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Eurozone Leaders Meet to Discuss Second Bailout for Greece
Posted July 21st, 2011 at 7:05 am (UTC-5)
Eurozone leaders are meeting Thursday to discuss a second economic bailout for Greece. Officials say the rescue plan could allow Greece to slip into a temporary debt default as part of a bond payback plan, but is unlikely to contain a bank tax levy. The leaders of France and Germany, Europe’s two largest economies, reached […]
Rebounding Exports Push Japan to Surprise Trade Surplus
Posted July 21st, 2011 at 3:00 am (UTC-5)
Japan posted an unexpected trade surplus in June, indicating that the world’s third-largest economy is quickly recovering from the March 11 earthquake and tsunami. Figures released Thursday by the Ministry of Finance show Japan enjoyed a $898 million trade surplus in June, its first in three months. Exports rose 5.4 percent from the previous month […]
German, French Leaders Reach Agreement on Helping Greece
Posted July 20th, 2011 at 10:10 pm (UTC-5)
The leaders of France and Germany, Europe’s two largest economies, have reached a joint agreement on helping Greece hours before an emergency European Union summit in Brussels. German Chancellor Angela Merkel and French President Nicolas Sarkozy held last minute talks in Berlin Wednesday to try and bridge their differences. Neither side gave any details on […]
Brazil Raises Benchmark Interest Rate
Posted July 20th, 2011 at 8:25 pm (UTC-5)
Brazil’s central bank has raised its benchmark interest rate by a quarter point, in an effort to curb inflation in the booming South American economy. The bank’s monetary policy committee Wednesday increased the Selic rate to 12.5 percent, marking the fifth time this year that the rate has been boosted. The government of President Dilma […]
US Housing Woes Persist, Existing Home Sales Slip Again
Posted July 20th, 2011 at 12:15 pm (UTC-5)
Sales of previously owned homes slipped to a seven-month low in June in another troubling sign for the U.S. economy. The National Association of Realtors said Tuesday that existing homes sales fell eight-tenths of a percent last month, putting the country on pace for just under 4.8 million home sales this year. That would be […]
US Experts See North Koreans Turning to Informal Markets
Posted July 20th, 2011 at 5:25 am (UTC-5)
An American expert on North Korea says a growing number of people in the impoverished state are depending on informal markets to make up for shortages of food and other necessities. Stephen Linton, chairman of the Eugene Bell Foundation, told an audience in Washington Tuesday that the communist government turns a blind eye to many […]
Report: Philippines Needs Stronger Private Sector, Infrastructure
Posted July 20th, 2011 at 12:15 am (UTC-5)
The Asian Development Bank says the Philippines economy would benefit from greater cooperation between large corporations and smaller businesses, and from improvements to its infrastructure. A new report released Wednesday by the Manila-based lender says the Philippines’ private sector is constrained by a disconnect between large companies and domestic small and medium enterprises, many of […]
IMF Warns European Debt Could Derail Global Economy
Posted July 19th, 2011 at 4:10 pm (UTC-5)
The International Monetary Fund says the lingering Greek debt crisis poses a significant risk to the global economy. An IMF statement Tuesday said markets around the world “remain unconvinced” that Europe’s leaders will be able to rescue Greece from its mounting debt. It also warned that the crisis could spread, first to other European countries […]
US Builders Putting Up More Homes
Posted July 19th, 2011 at 9:20 am (UTC-5)
Demand for housing kept U.S. builders busy last month, pushing the number of new home construction projects to a five month high. The U.S. Commerce Department said Tuesday so-called new housing starts increased 14.6 percent from May to June, led by a jump in construction on multi-family homes. The report said the number of permits […]
