Angry Greeks are taking to the streets, demanding the government back off plans to save the economy by privatizing their government jobs. Thousands of workers from state-run companies walked off their jobs Thursday, protesting in downtown Athens ahead of a key Cabinet meeting. Prime Minister George Papandreou and his ministers are to approve new austerity […]
Greek Workers Protest More Austerity Measures
Posted June 9th, 2011 at 5:00 am (UTC-5)
State workers in Greece have called a strike Thursday to protest government plans to privatize their jobs as part of an international bailout agreement. The work stoppage was called for the same day Prime Minister George Papandreou and his cabinet are set to meet to approve new austerity measures through 2015 that include higher taxes. […]
Japan Economic Figures Confirm Technical Recession-
Posted June 9th, 2011 at 4:40 am (UTC-5)
The Japanese economy technically slipped into a technical recession in the first quarter of 2011 as a result of the March earthquake and tsunami, but new figures show the decline was smaller than initially reported. The Cabinet Office released figures Thursday showing the country’s gross domestic product shrank at an annual rate of 3.5 percent […]
Credit Agency Warns Washington
Posted June 8th, 2011 at 3:45 pm (UTC-5)
One of the major global credit rating agencies says it is worried about the direction of political debate in Washington as members of Congress bicker over raising the legal limit on borrowing by the U.S. Government. U.S. officials say Congress must raise the “debt ceiling” by August 2, or the country will be in danger […]
Credit Agency Warns Washington
Posted June 8th, 2011 at 1:40 pm (UTC-5)
One of the major global credit rating agencies says it is worried about the direction of political debate in Washington as members of Congress bicker over raising the legal limit on borrowing by the U.S. Government. U.S. officials say Congress must raise the “debt ceiling” by August 2, or the country will be in danger […]
UN Report: Economy Struggling In West Bank
Posted June 8th, 2011 at 1:05 pm (UTC-5)
A new report from the United Nations agency for Palestinian refugees says the West Bank’s economy is not doing as well as recent reports suggest. The report says accelerating unemployment and a decline in the purchasing power of working people’s wages are slowing economic growth. The report, released Wednesday, says that although employment in the […]
Obama Says Greece Needs Europe’s Backing
Posted June 7th, 2011 at 9:10 pm (UTC-5)
U.S. President Barack Obama says Greece needs the support from the rest of Europe if it is to emerge from its economic calamity. Speaking at the White House next to German Chancellor Angela Merkel, Mr. Obama called Europe’s economic problems a tough and complicated issue. He said Greece needs structural reforms to make it more […]
Bernanke: US Economic Recovery Slow, but Progressing
Posted June 7th, 2011 at 5:40 pm (UTC-5)
The head of the U.S. central bank says the nation’s economic recovery has been “slower than expected” but the outlook for the second half of the year is more promising. In a speech Tuesday in Atlanta, Federal Reserve Chairman Benjamin Bernanke said the jobs situation remains “far from normal,” and that the recovery cannot be […]
Obama: Confident Nation Will Avoid 2nd Recession
Posted June 7th, 2011 at 1:40 pm (UTC-5)
Investors and economists will be watching closely Tuesday as the head of the U.S. central bank assesses the economy and describes possible policy changes intended to boost growth and employment. In a speech Tuesday afternoon, Federal Reserve Chairman Ben Bernanke may reveal if the bank will make more efforts to cut long-term interest rates. The […]
President Obama Loses Key Economic Advisor
Posted June 7th, 2011 at 10:55 am (UTC-5)
One of U.S. President Barack Obama’s key economic advisors will leave the White House in a few months and return to teaching at the University of Chicago. Mr. Obama calls Austan Goolsbee one of his “most trusted advisors” and a close friend who helped steer the country out of the worst economic crisis in decades. […]
