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Debt Crisis

News and updates about Debt Crisis

How Did Israel Avoid A Greek-Style Bankruptcy?

Once mired in debt itself, as Greece is, Israel managed to pull itself up by its bootstraps, Prof. Eugene Kandel told the cabinet Sunday.

How Did Israel Avoid A Greek-Style Bankruptcy?

Spain's EU Savior Now Cracking The Economic Whip

Despite massive demonstrations and some violence, the Spanish government says there is no choice but severe belt tightening.

Spain Gallops Headlong Into Austerity As Riots And Strikes Mount

Conservatives And Liberals Ready For Grudge Match

Wisconsin voters are more enraptured by the attempt to recall Scott Walker than by the presidential race.

Attempt To Recall Scott Walker Gets More Attention Than Primary

Both the Germans and The Greeks Have Had It

Greece voted for more austerity, but the bad blood accumulated makes this the last go around for both Greece and lenders.

Despite Austerity Vote, Expectations Rise For Greek Exit

EU To Greece: No Deal, No Money

Angela Merkel and Nicolas Sarkozy applied pressure on Greece to reach a final agreement with her creditors.

Sarkozy And Merkel Apply Pressure To Clinch Greek Deal

Germany Cracks Whip; EU Falls In Line

A call by Germany to install a budgetary baby sitter in Athens has accelerated progress toward a centralized European budgetary oversight.

Leaked Document: Germany Plans  EU "Nanny" for Greek Budget

Christine Lagarde Gives Germans Bitter Advice

Calling upon Germany to drop objections to bigger bailout fund and easier credit, Lagarde invokes memories of 1930.

IMF Chairman To Germans: Save Europe Or We All Go Down

Unions Accuse Labour of Betrayal on Pay Freeze

The need for Labour to back the austerity policy, if not its pace, has opened a rift between the party and the unions.

Ed Miliband Warned By Unions That Blairites Could Return

Private Creditors Rebel Against Haircut Terms

Stunned by the downgrades, Europe had no time for recriminations as the Greek crisis struck again.

The Greek Crisis Resurfaces

Popular Party Finds Cupboard Worse Than Bare

The new Popular Party government of Spain is slashing expenses and raising taxes as it discovers a mountain of undisclosed debt.

New Government Raises Taxes as It Discovers Unreported Arrears

Balance of Power Change: UK to Downsize Army

Britain's top army officer warned that Britain will have to rely more on local allies as necessary economies on spending will cut manpower.

Balance of Power Change: UK to Downsize Army, Rely on Others

Cameron Attempt to Ward Off Party Revolt on EU

David Cameron tried to channel Tony Blair but the growing opposition to his European policy within his party may make this impossible

Cameron Facing Party Revolt on EU

Industrial Relations Aggravate as Recession Hits

Britain's austerity measures are fostering union militancy and governmental anit-union rhetoric.

Euro Woes? Public Service Strike in UK Biggest in Decades

Analysis: The Euro Isn't Dead Yet

Fiscal pundits say the Eurozone is dead and will be buried by years end, but banking officials haven't given up. Why?

Analysis: The Euro Isn't Dead Yet

'Game Over' – Italian Prime Minister Resigns

Italian Prime Minister Silvio Berlusconi officially resigned Saturday, ending the longest-running terms of office in his country.

'Game Over' – Italian Prime Minister Resigns

Super Mario Tackles Problems Beyond Our Control

Italy has its first unity government since the end of the Second World War but its economic options are more constricted.

Subsiding of Italian Interest Rates A Leap of Economic Faith

Facing Anemic Growth France Hikes Taxes

The French government is going all out to preserve France's AAA bond rating. It might ensure its electoral defeat.

In Possible Electoral Suicide France Gets More Austerity

Key Ally Wants Berlusconi to Go

Faced with defections within his own party, cracks in his coalition, and a dangerous spike in bond yields, Berlusconi is in trouble.

Bond Yields, Coalition Cracks May Finally Undo Silvio Berlusconi

Italy Tries to Cool Rising Interest on Bonds

As feared, the Greek decision to hold a referendum brought immediate pressure on Italy.

Opposition Wants Berlusconi to Go in Return for Backing Reforms

China Becomes EU's Lender of Last Resort

If China decides to help stabilize the EU's finances it will expect something in return.

China Can Bolster EU Finances but Wants Reciprocity

EU Agreement Has Positives and Question Marks

The disparity between the stock and bond markets demonstrates that the jury is still out on the latest EU agreement.

EU Agreement  Yields Temporary Confidence Boost; Problems Remain

EU Debt Crisis Worsens, Hits Core Countries' Bank

The downgrading of Italian debt by three notches and the stock panic over the Dexia Bank are symptomatic of the continuing debt crisis.

Italian Debt Downgrade and Dexia Bank Bailout Highlight Crisis

Banks Holding Greek Debt Are Hit by Selloff

The Greek debt crisis is reaching its climax as Greek economy worsens and creditors lose patience.

Debt Restructure Is Replacing Greek Bailout as Plan A

Spanish Rivals Unite on Balanced Budget

Spain passes a balanced budget amendment to reassure investors, dooming anti-Israel Socialist party's chances. Popular Party is pro Israel.

Spain Overlooks Electoral Considerations to Reassure Investors

Court Decision Gives Bundestag a Say on Bailouts

The German Constitutional Court issued a warning to the government but let the bailout decisions stand.

European Bailout Passes Court Test - Just Barely

Germany's Vote, Greek Backpedaling Stoke Crisis

Another Christian-Democratic defeat coupled with news of Greek footdragging on austerity complicate rescue plans.

Merkel Loses Sixth Straight State; Euro Crisis Blamed

German Leader Faces Party Revolt on Europe

Angela Merkel, voted the world's most powerful woman, is reeling under the pressures of the Euro crisis.

Angela Merkel Under Conflicting Pressures in the Euro Crisis

France Seeks to Avoid a Downgrade

France's slumping growth has caused a balooning deficit. The French banking sector is overexposed to Greek debt.

French Banks Suffering From Hellenic Overexposure

Japan Parties Agree on Bond Issue

Japan's government and the main Liberal Democratic Party opposition in control of the upper house have agreed to a compromise.

With Ratings Companies Circling, Japan Parties Reach Compromise

US Debt Tarnished, China Has No Alternative

China is debating the US downgrade, with Prime Minister Wen Jiabao calling for coordination; others want to use US weakness for leverage.

Chinese Commentator Threatens Pulling Plug on US Debt

ECB Intervention Sign of Worsening Crisis

Financial Markets are in rapid and disorderly retreat as pessimism grows about global recession.

Successive Market Losses Trigger Stampede to Safe Havens

Banks Leery of Holding Italian Sovereign Debt

Soaring bond yields and bearing predictions hit Spain and Italy causing European central bankers to scramble.

Bankers Cut Short Vacations to Address Spanish, Italian Crises

Obama Damaged in Debt Debate

While the public was critical of both sides in the deficit ceiling debate, Barack Obama was the bigger loser.

Obama Sustained More Severe Damage in Deficit Debate

Another Bailout On the Way?

Another EU crisis? Cyprus is manifesting the same symptoms that preceded the previous EU bailouts.

Cyprus Manifesting Familiar and Distressing Economic Symptoms

EU Debt Crisis Resolutions

The EU reworked its bailout terms with Greece, Ireland and Portugal. Confidence builder or confidence trick?

EU Admits Earlier Bailout Terms Untenable

Interest Soars on Spanish Debt

Spain is facing the threat of being sucked in to the maelstrom of the debt crisis as interest rates soar.

Jittery Investors Push Up Interest Rates on Spanish Bonds

Summers' Wintry Blast at EU

Lawrence Summers has warned the EU that it is running out of time and Germany, in particular, must step up to solve the crisis.

Summers Warning to EU Aimed at Germany

Debt Contagion Threatens Italy

Europe's failure to convincingly tackle the problems in the smaller states has now created doubts about the major economies.

Sovereign Debt Crisis Menaces Italy As Securities Tumble

Eurozone Debt Crisis Unresolved

Having nudged Portugal into a bailout, the EU expected a respite, but the worsening of the Greek crisis has awakened nightmare scenarios.

EU Learns to Beware of Bearing Gifts to Greeks

The Death of (Jose) Socrates

Prime Minster Jose Socrates' expected resignation means that there will be no government with power to impose austerity measures in the near term.

Portugal's Political Crisis Makes a Bailout Inevitable