Economic Crisis
Italy set for decision on new government
Mar 22, 2013 05:02 EDT
Italy's President Giorgio Napolitano said he will hand out a mandate for the formation of a new government on Friday in a bid to break a deadlock created by elections last month, but the identity of the possible prime minister is still a mystery.
Cyprus MPs study bailout 'Plan B' as meltdown looms
Mar 22, 2013 04:39 EDT
Cyprus is scrambling to overhaul its banking sector to avoid financial meltdown, after the European Central Bank threatened to pull the plug on emergency funding for the island's lenders.
Cyprus launches banking overhaul as meltdown looms
Mar 21, 2013 23:17 EDT
Cyprus is scrambling to overhaul its banking sector to avoid financial meltdown, after the European Central Bank threatened to pull the plug on emergency funding for the island's lenders.
IMF urges Iraq to bolster non-oil sector
Mar 21, 2013 18:19 EDT
The IMF forecast Thursday that Iraq's economy would grow around nine percent this year helped by surging oil production, but said Baghdad needs to do more to support private, non-oil business.
Canada hopes economy picks up to balance budget by 2015
Mar 21, 2013 17:38 EDT
Canada's Tory government pegged a return to a balanced budget and its re-election hopes in 2015 on a strong rebound in the economy on Thursday, after being dealt an unexpected slump in recent months.
S&P cuts Cyprus rating as banking meltdown looms
Mar 21, 2013 17:27 EDT
Ratings firm Standard & Poor's dealt a further blow to reeling Cyprus Thursday, cutting its credit rating as the eurozone country struggles to avoid a banking sector meltdown.
US stocks drop on Cyprus, weak earnings
Mar 21, 2013 16:54 EDT
US stocks fell Thursday, hit by uncertainty over the Cyprus banking crisis and some surprisingly weak corporate earnings.
Overhaul of Cyprus banks on cards as meltdown looms
Mar 21, 2013 14:24 EDT
Cyprus Thursday was examining an overhaul of its banking sector to avoid financial meltdown after the European Central Bank threatened to pull the plug on emergency funding for the island's banks.
Irish economy grows by 0.9% in 2012: official data
Mar 21, 2013 12:32 EDT
Ireland's bailed-out economy grew by 0.9 percent in 2012 but stagnated in the final quarter of the year, official data for the troubled eurozone nation showed on Thursday.
Cyprus banks face meltdown as ECB ready to pull plug
Mar 21, 2013 10:42 EDT
The European Central Bank warned Thursday it was ready to pull the plug on emergency funding for Cyprus banks as the island's politicians scrambled to raise billions of euros to head off financial meltdown.
Cyprus poses 'systemic risk': Eurogroup chief
Mar 21, 2013 05:19 EDT
Eurogroup head Jeroen Dijsselbloem said Thursday that the Cyprus debt crisis poses a "systemic risk" that threatens to ricochet right through the eurozone.
Govt sticks to austerity path in budget
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.
Britain sticks to austerity path in budget
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.
New Zealand growth hits pre-recession levels
Mar 20, 2013 19:36 EDT
New Zealand's economic growth reached a four-year high in 2012, the best since the country went through a recession that it has long struggled to shake off, official data showed Thursday.
Gap between rich and poor widening in Spain: charity
Mar 20, 2013 16:26 EDT
The income gap between the richest and poorest people in Spain has widened by 30 percent since 2006 due to the country's sharp economic downturn, the Spanish branch of Catholic charity Caritas said Wednesday.
European equities stage rebound
Mar 20, 2013 13:27 EDT
Most European stock markets rebounded on Wednesday following two days of losses caused by Cyprus' bailout drama.
Freddie Mac sues big banks over Libor rigging
Mar 20, 2013 13:00 EDT
US government-controlled mortgage giant Freddie Mac has sued more than a dozen of the world's biggest banks over losses from the alleged rigging of the Libor interest rate.
Budget: Osborne sticks to austerity path
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.
Britain readies for fresh austerity budget
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.
BoE boss calls for more stimulus
Mar 20, 2013 07:22 EDT
Bank of England governor Mervyn King has repeated an earlier call for more quantitative easing stimulus cash, minutes of a recent policy meeting showed on Wednesday.
