Flights were grounded and trains suspended amid a nationwide general strike Thursday, as Greek police fought running street battles with anarchist youths in fresh and violent signs of anger at the government’s austerity plans.
Unions called a strike to protest wage and benefit cuts being put in place to trim Greece’s swollen budget deficit as the [...]
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The Greek economy is set to shrink by more than expected this year, the government said on Wednesday, as it braced for nationwide strikes protesting its plans for bringing the country’s budget deficit under control. Mr Dimon told investors at the Wall Street bank’s annual meeting that “there could be contagion” if a state the size of California, the biggest of the United States, had problems making debt repayments. “Greece itself would not be an issue for this company, nor would any other country,” said Mr Dimon. “We don’t really [...] Mr Dimon told investors at the Wall Street bank’s annual meeting that “there could be contagion” if a state the size of California, the biggest of the United States, had problems making debt repayments. “Greece itself would not be an issue for this company, nor would any other country,” said Mr Dimon. “We don’t really [...] Tens of thousands of Greeks took to the streets Wednesday as much of the country went on a 24-hour strike against government austerity measures. Tens of thousands of Greeks took to the streets Wednesday as much of the country went on a 24-hour strike against government austerity measures. Moody’s Investors Service fired off a warning on Wednesday that the triple A sovereign credit rating of the US would come under pressure unless economic growth was more robust than expected or tougher actions were taken to tackle the country’s budget deficit. Moody’s Investors Service fired off a warning on Wednesday that the triple A sovereign credit rating of the US would come under pressure unless economic growth was more robust than expected or tougher actions were taken to tackle the country’s budget deficit. Nouriel Roubini, the New York University professor who anticipated the financial crisis, said the U.S. growth outlook remains “very dismal” and White House economic adviser Lawrence Summers said the economy is still mired in a “human recession.” About 36 percent of all Florida banks are “problematic” or “troubled” — three times the national average — according to a report released by BauerFinancial, a Coral Gables research firm. For all the cash provided by the European Central Bank to ease the worst seizure in credit markets since World War II, financial institutions in the region are unwilling to lend, using the money instead to invest in the safest, most liquid government securities. Bond investors are offering money like never before as returns on [...] Senate Democrats overcame a Republican filibuster to clear the way for a vote Sunday on a huge end-of-year $1.1 trillion spending bill that includes money to run much of the government and pay for Medicare and Medicaid benefits. Greek Finance Minister George Papaconstantinou said there is “absolutely” no risk that the country will default on its debt, seeking to ease the concerns of investors after Greece had its credit rating cut yesterday. People in Britain believe too many immigrants are entering the country, according to a poll by Angus Reid Public Opinion. 68 per cent of respondents think the number of legal immigrants who are allowed to relocate in the United Kingdom should decrease. The federal government kicked off fiscal year 2010 by posting its widest-ever October budget deficit, the Treasury Department said Thursday. President Barack Obama announced his intention to reappoint Ben Bernanke as chairman of the Federal Reserve on Tuesday as the White House warned of a sharp deterioration in the US fiscal outlook. Mr Obama said it was Mr Bernanke’s “bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall”. The Fed [...] The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday. The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President [...] Britain had an 8 billion-pound ($13.2 billion) budget deficit in July, the largest for the month since records began in 1993, as the recession ravaged tax revenue and the cost of unemployment benefits surged. The shortfall compared with a surplus of 5.2 billion pounds a year earlier, the Office for National Statistics said in London today. [...] Britain had an 8 billion-pound ($13.2 billion) budget deficit in July, the largest for the month since records began in 1993, as the recession ravaged tax revenue and the cost of unemployment benefits surged. The shortfall compared with a surplus of 5.2 billion pounds a year earlier, the Office for National Statistics said in London today. [...] Philadelphia’s court system will face a “virtual shutdown” if the cash-strapped city does not get state approval for a sales tax increase and changes to how it makes its pension payments. Philadelphia’s court system will face a “virtual shutdown” if the cash-strapped city does not get state approval for a sales tax increase and changes to how it makes its pension payments. Gov. Arnold Schwarzenegger told state employee unions Tuesday his administration would cut another 2,000 jobs to help close California’s $26.3 billion budget deficit. Meanwhile, Moody’s Investor Services downgraded California bonds to near-junk status, from A2 to Baa1, and placed the state’s credit rating on watch for possible further reductions. Moody’s said the budget deadlock had put constitutionally [...] California is preparing to issue IOUs to its creditors this week as it grapples with an unprecedented cash crunch and prepares to begin its new fiscal year deep in the red. Rahm Emanuel was only giving voice to widespread political wisdom when he said that a crisis should never be “wasted.” Crises enable vastly accelerated political agendas and initiatives scarcely conceivable under calmer circumstances. So it goes now. Could California become the first state in the nation to do away with welfare? Facing pressure to crack down on crime amid a record budget deficit, Oakland is joining other U.S. cities that are turning over more law-enforcement duties to private armed guards. Source: FT.com |
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