International Economics

S&P Warns: Bailout may not keep Greece from Bankruptcy

July 4, 2011

[expand title=Read More] Source “Credit ratings agency Standard & Poor’s cast new uncertainty on Monday over euro zone efforts to rescue debt-crippled Greece by warning it would treat a French bank plan for a rollover of privately-held debt as a default. The threat abruptly ended a relief rally in stock and bond markets after Greece adopted [...]

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Greece Agrees on Austerity Plan with European Union, IMF

June 24, 2011

[expand title=Read More] Source “Greece won the consent of a team of EU-IMF inspectors for its new five-year austerity plan after committing to an additional round of tax rises and spending cuts… Finance Minister Evangelos Venizelos announced on Thursday Greece’s Socialist government would lower the minimum threshold for income tax to 8,000 euros a year, increase [...]

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Tens of thousands of protesters in Spain against spending cuts

June 19, 2011

[expand title=Read More] Source “Tens of thousands of protesters flooded the streets of Madrid Sunday blaming bankers and politicians for causing a financial crisis that forced the country to adopt painful spending cuts. Demonstrators of all ages linked to a protest movement called the “indignants” assembled early Sunday in several neighbourhoods on the outskirts of Madrid. [...]

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German Chancellor Merkel withdraws Bondholders Request on Greece

June 18, 2011

[expand title=Read More] Source “Markets opened down, but they steadied after German chancellor Angela Merkel retreated from demands that bondholders should shoulder a substantial part of the cost of a Greek rescue. Expectations of a “Greek miracle” grew after the chancellor’s meeting with French president Nicolas Sarkozy, and sparked a rally across European markets, a Dublin [...]

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EU Warns of Chaos from the Greece Problem

June 16, 2011

[expand title=Read More] Source “The Greek government is on the brink of collapse after pitched battles on the streets of Athens, sending world sharemarkets tumbling as EU leaders squabbled over whether and how to launch a second attempt to keep Greece from insolvency. George Papandreou, the socialist prime minister, appeared to admit defeat by offering to [...]

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OPEC expected to hit $1 Trillion in revenue

June 16, 2011

[expand title=Read More] Source “Forecasts from the US government show that the Organisation of Petroleum Exporting Countries (Opec), whose key members include Saudi Arabia and Iran, will collect a third more in revenues because prices have averaged $111 per barrel this year. But Fatih Birol, chief economist of the International Energy Agency, said that the current [...]

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Roubini warns of “Euro break-up” as Greece’s Credit Rating falls

June 15, 2011

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French President Sarkozy warns of soaring commodity prices

June 15, 2011

[expand title=Read More] Source “French President Nicolas Sarkozy called Tuesday for tighter controls on the speculators he blames for soaring food and energy prices threatening global growth. Saying the world had “worked extremely hard” to revive growth in the aftermath of the global financial crisis, Sarkozy said “one of the main threats to growth is the rising [...]

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Soros: Time working against the Eurozone

June 15, 2011

[expand title=Read More] Source ”   The chances of positively resolving Europe’s serious debt problems are decreasing from day to day as authorities focus on “buying more time,” not solving problems, billionaire investor George Soros said on Tuesday. “You have a very serious problem in Europe, the over-indebtedness of some countries: Greece, Portugal and Ireland,” Soros [...]

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OPEC perceives risk of Shortage and Price Increase

June 15, 2011

[expand title=Read More] Source “Oil prices will rise and could harm the economy if an expected supply shortage materializes later this year, OPEC Secretary General Abdullah al-Badri said on Tuesday. Consumer countries urged the Organization of the Petroleum Exporting Countries to pump more to replace supplies shut down in Libya and to prevent fuel inflation hurting [...]

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Chinese inflation growing

June 14, 2011

[expand title=Read More] Source “China said inflation accelerated last month, reinforcing expectations that the government is likely to keep tightening despite widening signs that activity is already slowing in the world’s No. 2 economy. The consumer price index rose 5.5% in May from a year earlier, the National Bureau of Statistics reported early Tuesday in Beijing. [...]

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