Greece has vowed to meet its international bailout debt obligations and remain in the 17-nation bloc that uses the common euro currency. In a 25-minute telephone call late Wednesday, Greek Prime Minister George Papandreou told German Chancellor Angela Merkel and French President Nicolas Sarkozy that Greece would continue with its austerity budgeting plan in order […]
Greece Vows to Meet Its Debt Obligations
Greece Vows to Meet Its Debt Obligations
Greece is vowing to meet its international bailout debt obligations and remain in the 17-nation bloc that uses the common euro currency. In a 25-minute telephone call Wednesday night, Greek Prime Minister George Papandreou told German Chancellor Angela Merkel and French President Nicolas Sarkozy that Greece would continue with its austerity budgeting plan in order […]
Europe Scrambles to Contain Debt Problems
The leaders of Greece, France and Germany are holding a telephone conference Wednesday to discuss how to contain the European debt crisis. Heavily indebted Greece was the first country in the European Union to secure an international bailout, partly financed by stronger European economies like Germany and France. Now, French President Nicolas Sarkozy and German […]
China Renews Calls for Western Governments to Cut Deficits
Premier Wen Jiabao says China will continue to expand investment in eurozone countries, but says Western economies saddled with crippling debt should cut deficits rather than rely solely on his country to ease the global crisis. Mr. Wen spoke Wednesday at a global economic forum in China. In his keynote address, he called on governments […]
US Retail Sales Stall, Reflect Slow Economy
Retail sales stalled in the United States last month, with the key consumer sector reflecting the high unemployment rate and wider concerns about the future of the economy. The U.S. Commerce Department reported Wednesday that August sales figures were unchanged, after only a three-tenths of a percent gain in July. Because selling goods to consumers […]
Europe Scrambles to Contain Debt Problems
The leaders of Greece, France and Germany are to hold a telephone conference Wednesday to discuss how to contain the European debt crisis. Heavily indebted Greece was the first country in the European Union to seek an international bailout, led by stronger European economies like Germany and France. There now are fears that the international […]
Europe Scrambles to Contain Debt Problems
The leaders of Greece, France and Germany are holding a telephone conference Wednesday to discuss how to contain a debt crisis. Greece was the first country in the European Union to seek an international bailout, led by stronger European economies like Germany and France. There are now fears that the international aid, combined with austerity […]
Wen Calls For Responsible Action From Economic Powers
Chinese Premier Wen Jiabao urged developed countries at a business conference Wednesday to handle their debt problems in a responsible way. Addressing the World Economic Forum in Dalian, China, Mr. Wen said his government will do its part to help ease the global debt crisis by maintaining economic stability and boosting domestic consumption. The Davos, […]
IMF Study: Cut Government Budgets With Care
A newly-published study by International Monetary Fund experts says governments need to be careful how quickly they cut spending or they could hurt the economic recovery. The study’s authors looked at austerity programs in 17 nations over three decades. They came to the conclusion that cutting government spending by the equivalent of one percent of […]
US Import Prices Drop
The price of goods imported to the United States dropped in August, mostly due to a decline in the cost of oil. Tuesday’s report from the Labor Department says prices fell four-tenths of a percent for the month. Economists watch import prices to gauge their impact on inflation, and these falling prices probably will encourage […]