European officials are moving to add new funding for troubled banks on the continent that are weighed down by the possibility of a Greek default on its debts. German Chancellor Angela Merkel, leader of the country with Europe’s strongest economy, lent her support Wednesday. She said there should be a Europe-wide cash infusion for the […]
IMF Pushes Eurozone to Resolve Debt Crisis
Posted October 5th, 2011 at 7:10 am (UTC-5)
The International Monetary Fund has released its economic outlook report for Europe. The report urges the eurozone to fix its debt crisis, saying countries in the region should use their resources more creatively. The IMF’s Europe chief, Antonio Borges, added, the fund “should encourage other investors to invest alongside them.” Belgium and France Tuesday guaranteed […]
Belgium, France Step In to Save Ailing Bank
Posted October 4th, 2011 at 8:20 pm (UTC-5)
Belgium and France have guaranteed that no depositor will lose money, under their plan to save troubled Dexia bank from collapse. Shares in Dexia plummeted almost 40 percent Tuesday before rebounding, still ending the day down about 20 percent. Dexia, owned in part by the Belgian and French governments, is burdened by billions of dollars […]
Fed Chair Warns US Congress on Spending
Posted October 4th, 2011 at 11:40 am (UTC-5)
The chairman of the U.S. central bank is warning lawmakers not to cut government spending too sharply too soon, saying it could further harm the economy. Federal Reserve Chairman Ben Bernanke testified before Congress Tuesday, telling members of both the House of Representatives and the Senate the U.S. recession was deeper than the Fed initially […]
Fed Chair Warns US Congress on Spending
Posted October 4th, 2011 at 10:30 am (UTC-5)
The chairman of the U.S. central bank is warning lawmakers not to cut government spending too sharply too soon, saying it could further harm the economy. Federal Reserve Chairman Ben Bernanke testified before Congress Tuesday, telling members of both the House of Representatives and the Senate the U.S. recession was deeper and the recover weaker […]
Europe Wavers on Terms of Its Second Greek Bailout
Posted October 4th, 2011 at 9:45 am (UTC-5)
European leaders are wavering on the terms of their planned second international bailout of debt-ridden Greece because of the country’s worsening financial condition. One key European financial leader, Luxembourg Prime Minister Jean-Claude Juncker, suggested Tuesday that private creditors will have to take bigger losses on the Greek loans they hold, part of the $211 billion […]
US Fed Chairman to Offer Economic Outlook
Posted October 4th, 2011 at 9:25 am (UTC-5)
The chairman of the U.S. central bank testifies before Congress Tuesday to offer his latest insights into the country’s struggling economy. Federal Reserve Chairman Ben Bernanke is scheduled to appear before lawmakers from both the House of Representatives and the Senate. Bernanke has repeatedly assured lawmakers and investors that the central bank has tools to […]
Hong Kong Leads Asian Markets in Broad Slump
Posted October 4th, 2011 at 7:15 am (UTC-5)
Hong Kong’s stock index slumped to a two-and-a-half-year low Tuesday as concerns about the Greek debt crisis continued to play out in Asia. The Hang Seng index fell 3.4 percent after a fall of 4.38 percent Monday, hitting its lowest level since April 2009. The pessimism was felt across the region, with Japan’s Nikkei index […]
Vietnamese Official Urges Reforms to Spur Green Growth
Posted October 4th, 2011 at 6:25 am (UTC-5)
A Vietnamese official says the government must remove harmful subsidies and policy barriers if its wants to join in a worldwide shift toward a more environmentally sensitive economy. Nguyen Van Tai, an official with the Natural Resources Ministry, told a policy forum Tuesday that Vietnam’s economy is overly dependent on the exploitation of natural resources […]
Eurozone Finance Ministers Push Greek Aid Decision to November
Posted October 4th, 2011 at 12:45 am (UTC-5)
Finance ministers from the 17 member eurozone have delayed a decision on giving Greece another installment of bailout cash. But chief eurozone negotiator Jean-Claude Juncker is strongly denying allegations that some in the EU want Greece to default on its debt and be tossed out of the eurozone. Juncker said Monday the eurozone finance ministers […]
