The jobless rate in the 17-nation euro currency bloc has hit a new high, but European leaders are voicing confidence that the continent’s two-year governmental debt crisis is nearing an end. The European Union said Thursday that the eurozone’s unemployment rate hit 10.7 percent in January, the worst figure since the euro was first used […]
US Economy Grows Faster Than First Thought
Posted February 29th, 2012 at 3:55 pm (UTC-5)
The U.S. economy grew a bit faster than first thought in the last few months of 2011, as incomes grew and businesses started hiring more workers. The Commerce Department Wednesday said the nation’s overall economic output expanded at a 3 percent annual rate in the October-to-December period, its fastest growth in a year-and-a-half. The government […]
US Economy Grows Faster Than First Thought
Posted February 29th, 2012 at 1:20 pm (UTC-5)
The U.S. economy grew a bit faster than first thought in the last few months of 2011, as incomes grew and businesses started hiring more workers. The Commerce Department said Wednesday the nation’s overall economic output expanded at a 3 percent annual rate in the October-to-December period, its fastest growth in a year-and-a-half. The government […]
US Economy Grows Faster Than First Thought
Posted February 29th, 2012 at 9:55 am (UTC-5)
The U.S. economy grew a bit faster than first thought in the last few months of 2011, as incomes grew and stores stocked up shelves to meet growing demand. The Commerce Department says the nation’s gross domestic product expanded at a three percent annual rate. The GDP sums up all the goods and services produced […]
European Banks Tap Central Bank for More Loans
Posted February 29th, 2012 at 9:50 am (UTC-5)
The European Central Bank has handed out another $712 billion in loans to 800 banks throughout the continent in a new effort to boost Europe’s economy and help it recover from the governmental debt crisis. The three-year loans the central bank issued Wednesday carry a very low 1 percent interest rate. The central bank is […]
Greek Parliament Approves More Deep Spending Cuts
Posted February 28th, 2012 at 7:45 pm (UTC-5)
The Greek parliament late Tuesday approved another $4 billion in spending cuts, as demanded by the European Union so that Greece can get a new economic rescue loan. Tuesday’s measure includes deep cuts in civil service pensions — part of a broad package of spending cuts and other economic reforms. Finance Minister Evangelos Venizelos called […]
Top German Court Limits Panel’s European Debt Role
Posted February 28th, 2012 at 3:05 pm (UTC-5)
Germany’s top court has ruled that a special parliamentary panel created to ensure the country could take quick action on Europe’s debt crisis when it needed to is “in large part” unconstitutional. The Constitutional Court ruled Tuesday that the nine-member group, which meets in secret, cannot approve loans or credit lines for financially troubled countries […]
Moody’s: Greek Debt Default Risk ‘Remains High’
Posted February 27th, 2012 at 8:35 pm (UTC-5)
The Moody’s credit rating company says the risk of a Greek default on its loans “remains high,” even after European leaders approved a new financial rescue for the country. Moody’s calls the $172 billion Greek rescue package “an important step forward.” But it says Greece’s debt will “remain large” for years, even after private creditors […]
Moody’s: Greek Debt Default Risk ‘Remains High’
Posted February 27th, 2012 at 7:15 pm (UTC-5)
The Moody’s credit rating company says the risk of a Greek default on its loans “remains high,” even after European leaders approved a new financial rescue for the country. Moody’s calls the $172 billion Greek rescue package “an important step forward.” But it says Greece’s debt will “remain large” for years, even after private creditors […]
Greek Cabinet Mulls Austerity Mandates
Posted February 18th, 2012 at 1:35 pm (UTC-5)
Greek cabinet members are discussing how best to implement a series of budget cuts and other austerity measures that have already sparked rioting in the streets. The officials gathered Saturday in Athens, facing several difficult choices. The austerity measures are needed in order to secure a $170 billion bailout from the European Union and again […]
