TheRepublic.com - Financial crisis News

Pope leads pep rally at Vatican, meets with Merkel

Sat, 18 May 2013 19:27:07 -0400

VATICAN CITY - Pope Francis lamented that investment losses by banks trigger more alarm in the economic crisis than the struggle of people to feed their families, as he led a huge rally Saturday to invigorate the church's moral conscience, hours after he held talks at the Vatican about the economic crisis with Germany's leader.

Union leads march in Rome calling for job creation

Sat, 18 May 2013 12:50:03 -0400

ROME - A union of Italian metal workers has led thousands of people in a march through the heart of Rome to press the new government for measures to spur job creation.

Top officials call to overhaul euro institutions

Sat, 18 May 2013 03:08:41 -0400

BERLIN - Engineering a financial bailout for Cyprus in March was such a chaotic process that top European officials say it is time to rethink how the region manages its crisis - and who should be involved.

Cyprus drops limits on 8 more foreign banks

Fri, 17 May 2013 16:15:07 -0400

NICOSIA, Cyprus - Cyprus on Friday got rid of limits on money transfers and withdrawals for international clients of another eight foreign banks doing business in the debt-laden country.

Greece faces slow, jobless recovery next year

Fri, 17 May 2013 13:34:09 -0400

ATHENS, Greece - Greece's deep, six-year recession is likely to end in 2014, but growth will be weak and unemployment will remain above 20 percent for another three years, the country's international debt inspectors said.

Fitch downgrades Slovenia amid banking concerns

Fri, 17 May 2013 13:01:03 -0400

LONDON - Fitch Ratings agency has downgraded Slovenia's credit grade by one notch, citing a weak economic outlook and a frail banking system.

IMF says Cyprus at risk of even deeper recession

Fri, 17 May 2013 10:51:05 -0400

WASHINGTON - The International Monetary Fund said Friday that substantial risks still loom for the Cypriot economy even after a multi-billion dollar international bailout aimed at averting a debt default.

Greek strikes halt air travel

Thu, 16 May 2013 14:06:19 -0400

ATHENS, Greece - Flights in Greece were halted for four hours Thursday as the country's two largest labor unions staged work stoppages to protest austerity measures and a government decision to cancel a teachers' strike.

Merkel, Hollande at odds over Europe's way forward

Thu, 16 May 2013 13:55:52 -0400

BERLIN - Germany and France recognize that their cooperation is key to overcoming Europe's persistent economic crisis, but comments Thursday by the leaders of the continent's No. 1 and 2 economies suggested they still have diverging priorities.

Ratings firm warns of economic slowdown in Russia

Thu, 16 May 2013 11:16:22 -0400

MOSCOW - Russia faces harsh times ahead for its economy unless the government improves the country's poor investment climate and implements long-delayed privatizations and reforms, U.S ratings agency Standard & Poor's has warned.

Slovenia govt' confirms union agreed wage cuts

Thu, 16 May 2013 08:58:11 -0400

LJUBLJANA, Slovenia - Slovenia's government has formally approved an agreement it reached with trade unions to cut public sector wages by up to 4.8 percent as part of budget austerity measures the country needs to avoid an international bailout.

New Zealand to sell stake in 2nd power company

Wed, 15 May 2013 23:59:09 -0400

WELLINGTON, New Zealand - New Zealand will sell a minority stake in a second power company this year as part of a plan to balance its books.

Eurozone recession is now longest in currency bloc

Wed, 15 May 2013 15:23:14 -0400

PARIS - The eurozone is now in its longest ever recession - a stubborn slump that has surpassed even the calamity that hit the region in the financial crisis of 2008-2009.

Bank of England sees 'modest, sustained' recovery

Wed, 15 May 2013 13:05:15 -0400

LONDON - The Bank of England predicted a modest and sustained economic recovery for Britain on Wednesday, but tempered hope that the worst might be over with predictions that inflation will remain above its targets for the next two years.

FDIC shutters small bank in Arizona

Tue, 14 May 2013 20:40:24 -0400

WASHINGTON - Regulators have closed a small bank in Arizona, bringing the number of U.S. bank failures to 13 this year.

EU to shift bill for bank failures to creditors

Tue, 14 May 2013 13:17:53 -0400

BRUSSELS - European Union governments want to shift the cost of rescuing troubled banks from taxpayers to the banks' creditors - including the holders of large deposits- as part the region's plan to shore up its shaky financial system.

Greek club AEK Athens to declare bankruptcy

Tue, 14 May 2013 10:00:31 -0400

ATHENS, Greece - Troubled Greek football club AEK Athens is planning to declare bankruptcy and seek voluntary relegation to the country's third division.

Australia gov't forecasts $19.4 billion deficit

Tue, 14 May 2013 07:16:41 -0400

CANBERRA, Australia - The Australian government's promise to deliver a budget surplus in the current fiscal year has blown out to a 19.4 billion Australian dollar ($19.4 billion) deficit as a fading mining boom coupled with a buoyant Aussie dollar slows the economy.

Australian treasurer rules out austerity measures

Mon, 13 May 2013 20:44:07 -0400

CANBERRA, Australia - Australia's treasurer says his economic blueprint for the fiscal year ahead will support jobs and growth without European-style austerity measures aimed at reining in the national deficit.

Crapo's campaign cash went to Las Vegas company

Mon, 13 May 2013 19:55:01 -0400

BOISE, Idaho - U.S. Sen. Mike Crapo's former campaign manager blames his friend for investing $250,000 from donors in a Las Vegas company amid the 2008 global financial crisis, part of a scheme intended to pay off within two months.

Poll shows favorable views of EU in sharp decline

Mon, 13 May 2013 18:09:51 -0400

BRUSSELS - Positive views of the European Union by its citizens are near all-time lows. And no EU country is plunging faster into the abyss of gloom than France. Germans are broadly perceived as being the most trustworthy Europeans - but also the least compassionate. Britons, often seen as deeply skeptical of the benefits of EU membership, are in fact split right down the middle - 46 percent to 46 percent - over whether to leave the union or stay in it.

Europe at odds over next steps to banking union

Mon, 13 May 2013 15:43:30 -0400

BERLIN - European leaders are increasingly at odds over how to create a full-fledged banking union, the bloc's key project to stabilize its financial system and turn the tide in its stubborn debt crisis.

Danone to acquire US baby food maker Happy Family

Mon, 13 May 2013 11:31:06 -0400

PARIS - French yogurt maker Danone says it has agreed to take a more than 90-percent stake in organic baby food maker Happy Family.

Has the gold rush come to an end?

Mon, 13 May 2013 11:18:36 -0400

NEW YORK - When the price of gold plunged $200 last month, many people thought they caught the sound of the gold bubble popping.

Spain, Portugal demand quick action on bank union

Mon, 13 May 2013 10:04:56 -0400

MADRID - The leaders of Spain and Portugal on Monday demanded that the 17-nation eurozone speed up efforts to create a banking union and complained that credit is frozen in their countries, preventing economic growth and crucial job creation.