Greece is offering to spend $13 billion to buy back bonds held by private creditors in hopes of trimming its crippling debt. The Athens government said Monday it would try to repurchase $39 billion in debt, with investors selling their securities at slightly more than their current price on international financial markets but at substantially […]
Greece Offers to Buy Back Bonds to Trim Its Debt
Posted December 3rd, 2012 at 10:30 am (UTC-5)
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Eurozone Jobless Rate Still Worsening
Posted November 30th, 2012 at 10:25 am (UTC-5)
The jobless rate in Europe’s euro currency bloc is continuing to worsen. The latest eurozone report Friday pegged the unemployment rate at 11.7 percent in October, the highest level since the currency union was formed in 1999. Another 173,000 workers were added to the unemployment rolls, pushing the total in the 17-nation region to nearly […]
EU Rescues Four Spanish Banks
Posted November 28th, 2012 at 12:10 pm (UTC-5)
The European Union is sending a $48 billion rescue package to four debt-ridden Spanish banks, but only after ordering them to sharply cut their loans and investments, slash their workforces and impose heavy losses on their investors. European Commission Vice President Joaquin Almunia said Wednesday the bailout aid would be sent to lenders Bankia, NCG […]
OECD Sees ‘Uneven” Global Economic Recovery
Posted November 27th, 2012 at 11:20 am (UTC-5)
A new report says the world’s economy will make “a hesitant and uneven recovery” over the next two years. A group representing 34 of the world’s largest economies — the Paris-based Organization for Economic Cooperation and Development (OECD) — predicted Tuesday that the global economy would advance 3.4 percent in 2013. That would be up […]
Eurozone, IMF Reach Deal on Greek Bailout
Posted November 26th, 2012 at 9:25 pm (UTC-5)
Eurozone finance ministers have reached a deal with the International Monetary Fund on reducing Greece’s debt and releasing immediate bailout money, in an effort to help the country avoid bankruptcy. Greece’s international lenders Monday agreed to reduce its debt to 124 percent of gross domestic product by 2020. The original goal had been 120 percent. […]
Eurozone Finance Ministers Meet on Greek Bailout
Posted November 26th, 2012 at 1:10 pm (UTC-5)
Eurozone finance ministers are trying to reach a deal on immediate bailout money for Greece in an effort to help the country avoid bankruptcy. Monday’s meeting in Brussels is the third time in as many weeks that the ministers from the 17-nation group have attempted to reach an agreement to release a $40 billion rescue […]
Greek Bailout Money Still in Limbo
Posted November 21st, 2012 at 10:20 am (UTC-5)
Greece’s international lenders have failed for the second week in a row to reach an agreement on releasing more bailout money to the debt-ridden Athens government. Eurozone finance chiefs, the International Monetary Fund and the European Central Bank ended a lengthy meeting in Brussels early Wednesday without agreeing on terms for sending a $40 billion […]
US Housing Construction Advances to Four-Year High
Posted November 20th, 2012 at 1:30 pm (UTC-5)
U.S. housing construction surged in October to its highest level in more than four years. The American housing market has perhaps been the weakest link in the country’s sluggish, but steady recovery from its worst economic downturn since the Great Depression in the 1930s. Millions of homeowners lost their homes to bank foreclosures, often after […]
Eurozone Finance Chiefs Resuming Greek Bailout Talks
Posted November 20th, 2012 at 11:40 am (UTC-5)
Eurozone finance chiefs are meeting in Brussels in another effort to decide whether to release more bailout money to debt-ridden Greece. Greece hopes the finance ministers on Tuesday will approve a $40 billion rescue segment the Athens government says it needs to avoid a default on its financial obligations. The payment is part of Greece’s […]
Obama, Congress to Continue Negotiations on ‘Fiscal Cliff’
Posted November 17th, 2012 at 2:45 pm (UTC-5)
U.S. President Barack Obama will resume negotiations with congressional leaders later this month to try to resolve crucial government financial issues before the end of the year. Mr. Obama is on a three-nation trip to Asia beginning Sunday in Bangkok. Aboard the president’s plane Saturday, White House spokesman Jay Carney told reporters Mr. Obama is […]
