Two of the world’s biggest economies — China and the 17-nation euro currency bloc — are cutting key lending rates in a new effort to boost their flagging economic fortunes. The Chinese central bank Thursday cut its benchmark lending rate for the second time in a month, signaling that the world’s second largest economy is […]
Spanish Bank Fraud Investigation Targets Ex-IMF Chief
Posted July 4th, 2012 at 10:00 am (UTC-5)
A Spanish court has launched a fraud investigation against former executives of key lender Bankia, including the one-time chief of the International Monetary Fund. Spain’s top National Court said Wednesday it would examine fraud, embezzlement and stock price manipulation charges against 33 officials. Among them is Rodrigo Rato, the bank’s former chairman and the IMF’s […]
IMF: Europe’s Problems Slow US Economic Recovery
Posted July 3rd, 2012 at 1:35 pm (UTC-5)
The head of the International Monetary Fund, Christine Lagarde, says the “tepid” U.S. economic recovery could be hurt by two problems: Europe’s economic troubles and U.S. political gridlock. “The first one is clearly an exposure to potential contagion from an intensification of the euro area debt crisis….” She says Europe’s problems could hurt the American […]
Greece: ‘Alarming’ New Information About Its Economy
Posted July 3rd, 2012 at 11:15 am (UTC-5)
Greece says its recession is deepening and will present “alarming” information about the state of the country’s economy this week to international auditors in a new effort to ease the terms of the government’s latest bailout. A government spokesman described the economic data as “astounding” in a television interview Tuesday, but gave no details. He […]
Eurozone Jobless Rate Hits Record as Manufacturing Contracts
Posted July 2nd, 2012 at 11:15 am (UTC-5)
Twin reports are showing new economic weakness in the 17-nation euro currency bloc, with the jobless rate reaching a record level and manufacturing activity unchanged at a three-year low. The European Union said Monday the eurozone’s unemployment rate edged up in May to 11.1 percent, the highest rate since the euro was launched in 1999. […]
Eurozone Jobless Rate Hits Record as Manufacturing Contracts
Posted July 2nd, 2012 at 10:15 am (UTC-5)
Twin reports are showing new economic weakness in the 17-nation euro currency bloc, with the jobless rate reaching a record level and manufacturing activity unchanged at a three-year low. The European Union said Monday the eurozone’s unemployment rate edged up in May to 11.1 percent, the highest rate since the euro was launched in 1999. […]
Spain Warns of Increasing Debt Costs
Posted June 27th, 2012 at 2:45 pm (UTC-5)
With Spain’s economy sliding at a faster pace, Prime Minister Mariano Rajoy is warning that the government will not be able to sustain its high borrowing costs for much longer. Mr. Rajoy told parliament Wednesday that European leaders need to adopt strong banking and fiscal ties when they hold a two-day summit, starting Thursday in […]
Spain Warns of Increasing Debt Costs
Posted June 27th, 2012 at 11:25 am (UTC-5)
With Spain’s economy sliding at a faster pace, Prime Minister Mariano Rajoy is warning that the government will not be able to sustain its high borrowing costs for much longer. Mr. Rajoy told parliament Wednesday that European leaders need to adopt strong banking and fiscal ties when they hold a two-day summit, starting Thursday in […]
Spain Warns of Increasing Debt Costs
Posted June 27th, 2012 at 10:35 am (UTC-5)
With Spain’s economy sliding at a faster pace, Prime Minister Mariano Rajoy is warning that the government will not be able to sustain its high borrowing costs for much longer. Mr. Rajoy told parliament Wednesday that European leaders need to adopt strong banking and fiscal ties when they hold a two-day summit, starting Thursday in […]
Key European Leaders Call for Tighter Financial Control
Posted June 26th, 2012 at 3:40 pm (UTC-5)
Key European leaders are calling for much tighter central control of spending by the 17 countries that use the euro in the latest effort to resolve the continent’s unrelenting debt crisis. Four officials produced the plan Tuesday — European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, Eurogroup President Jean-Claude Juncker and […]
