Mar 21, 2013 12:15 EDT
Credit ratings agency Moody's said on Thursday it has downgraded Egypt's government bond ratings by one notch to Caa1 from B3, saying political instability had "significantly weakened" the economy.
Mar 20, 2013 22:47 EDT
The government will stick firmly to a barrage of austerity measures, Chancellor of the Exchequer George Osborne insisted in a budget that also slashed economic growth forecasts, while offering plans to boost the weak economy as the eurozone crisis reignites.
Mar 20, 2013 21:49 EDT
Britain will stick firmly to a barrage of austerity measures, finance minister George Osborne insisted in a budget that also slashed economic growth forecasts, while offering plans to boost the weak economy as the eurozone crisis reignites.
Mar 20, 2013 11:42 EDT
Britain will stick firmly to a barrage of austerity measures, George Osborne insisted Wednesday in a budget that also slashed economic growth forecasts, while offering plans to boost the weak economy as the eurozone crisis reignites.
Mar 20, 2013 08:13 EDT
British finance minister George Osborne was Wednesday set to stick firmly to the government's controversial austerity plan when he presents his annual budget to parliament despite a promise to spend on infrastructure.
Mar 20, 2013 06:27 EDT
George Osborne was Wednesday set to stick firmly to the government's controversial austerity plan when he presents his latest annual budget to parliament despite a promise to spend on infrastructure, as Britain sails close to another recession.
Mar 19, 2013 14:12 EDT
Furious MPs took turns in parliament Tuesday to rail against the harsh terms of a bailout aimed at saving Cyprus from bankruptcy, decrying the eurozone "blackmail" as the deal hammered out at the weekend appeared to be unravelling.
Mar 19, 2013 12:04 EDT
Cyprus turned to Russia on Tuesday as President Nicos Anastasiades battled to garner support from lawmakers for a controversial eurozone bailout deal that the central bank warned was in danger of collapse.
Mar 19, 2013 09:51 EDT
Cyprus Finance Minister Michalis Sarris was headed to Moscow Tuesday to seek an extension to an existing Russian loan, a top official said, as the debt-hit island battles to stave off bankruptcy.
Mar 19, 2013 08:41 EDT
Cyprus on Tuesday dropped a controversial levy on bank savings below 20,000 euros, sparking a warning by the central bank governor that the crucial eurozone bailout deal was now in danger of collapse.
Mar 19, 2013 06:28 EDT
Cyprus Finance Minister Michalis Sarris was heading to Moscow on Tuesday amid an explosion of anger in Russia at a EU bailout deal for the island that could see Russian investors lose billions of euros.
Mar 19, 2013 06:15 EDT
A revised Cyprus bailout plan drops a controversial tax on bank savings below 20,000 euros but retains the levy at 6.75 percent on deposits of 20,000-100,000 euros and 9.9 percent above 100,000, according to an amended tax bill seen Tuesday by AFP.
Mar 19, 2013 02:02 EDT
The eurozone has told debt-hit Cyprus to revise a controversial levy on bank deposits to allow small savers to escape the tax, part of a larger bailout deal, amid a public outcry and fears of a bank run.
Mar 18, 2013 19:11 EDT
The eurozone told Cyprus on Monday to ditch the part of a hugely controversial 5.8-billion-euro grab on savings that stung even the smallest of account holders in exchange for a 10-billion-euro sovereign bailout deal, according to a statement issued after a conference call.
Mar 18, 2013 14:43 EDT
Cyprus baulked again on Monday at putting an EU bailout to a vote in parliament as the crippling terms sparked a public outcry and mounting talk of a rethink by eurozone creditors, even as the uncertainty forced a prolonged closure of the island's banks.
Mar 18, 2013 11:58 EDT
Cyprus's parliament has postponed until Tuesday a session to vote on a EU bailout deal that slaps a levy on all Cypriot bank savings, as negotiators scrambled to soften the blow for small deposit holders.
Mar 18, 2013 06:18 EDT
Cyprus President Nico Anastasiades was Monday seeking the backing of MPs for an EU bailout deal that slaps a levy on bank savings under harsh terms that have jolted global markets and raised fears of a new eurozone debt crisis.
Mar 17, 2013 13:15 EDT
The controversial proposed tax on savings in Cyprus looks set to hit Russian pockets hard -- with experts estimating that Russian deposits in Cypriot banks amount to at least $20 billion.
Mar 15, 2013 13:48 EDT
Sri Lanka's economic growth slowed to 6.4 percent in 2012 from a scorching 8.2 percent the previous year, data showed Friday, hit by declining exports and weaker farm output.
Mar 14, 2013 04:28 EDT
India's inflation increased unexpectedly last month, data showed Thursday, tempering hopes of an interest rate cut next week after the central bank chief warned about rising prices.