Debt Crisis

4:20pm

Thu April 26, 2012
The Two-Way

More Pain In Spain As Economy Goes Down The Drain

Originally published on Fri April 27, 2012 4:40 am

There was more bad news for Europe's attempt to rebuild its economy: Standard & Poor announced Thursday that it was downgrading Spain's long-term sovereign credit rating by two notches – from "A" to "BBB+." The agency also lowered Spain's short-term sovereign credit rating to "A-2" from "A-1," and said the outlook on the long-term rating is negative.

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12:57pm

Sat April 21, 2012
The Two-Way

At The IMF, $430 Billion In Pledges Buys Leverage For Emerging Markets

Originally published on Mon April 23, 2012 4:09 am

The UK gave some support to the emerging market nations' quest for a greater role today at the IMF during the spring meetings of the World Bank and International Monetary Fund in Washington, D.C.

Chancellor of the Exchequer George Osborne said the UK's $15-billion contribution to the IMF's enhanced crisis fund could not be accessed until further progress is made on giving the emerging market a greater voice in how the is Fund is run.

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4:22am

Sat April 21, 2012
Europe

Amid Europe's Debt Crisis, A Sharp Rise In Suicides

Originally published on Sat April 21, 2012 6:47 pm

Mourners gather at the spot in front of the Greek parliament in Athens where 77-year-old retired pharmacist Dimitris Christoulas shot and killed himself on April 4. Christoulas left a note saying he did not want to end up scrounging for food in garbage bins.
Simela Pantzartzi EPA/Landov

The eurozone crisis has been under way for three years and has led to sharp welfare cutbacks and a credit crunch throughout the continent.

But one of the most serious effects of the financial crisis has been an alarming spike in suicides in debt-burdened Greece, Ireland and Italy.

Last Wednesday, about a 1,000 people gathered in central Rome for a candle-lit vigil to honor Italy's economic victims. Statics show that from 2009 and 2010, some 400 small-business owners took their lives.

There have already been 23 crisis-related suicides since January.

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4:22am

Sat April 21, 2012
Europe

Emerging Markets Promise IMF Financial Firepower

Originally published on Sat April 21, 2012 8:46 am

International Monetary Fund Managing Director Christine Lagarde announced Friday that the IMF had raised $430 billion, surpassing its stated goal.
Charles Dharapak AP

International Monetary Fund officials and members of the G-20 nations announced Friday that member countries have pledged $430 billion to add to the Fund's crisis-fighting arsenal.

The Fund's managing director Christine Lagarde came into the annual World Bank-IMF spring meetings in Washington, D.C., with a goal of raising $400 billion from member states. She was clearly happy and relieved as she announced a number larger than that.

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1:24am

Fri April 20, 2012
Europe

Open Season On Spain's King After Luxe Hunting Trip

Originally published on Fri April 20, 2012 4:46 am

King Juan Carlos of Spain is discharged from Hospital San Jose in Madrid on Wednesday after undergoing hip replacement surgery. He fractured his hip during a recent elephant hunting trip to Botswana. The trip cost nearly $60,000 and has caused a furor in the country, which is suffering record unemployment and is being squeezed by austerity measures.
Paco Campos Getty Images

For a man used to pomp and paparazzi, King Juan Carlos of Spain looked shaken, emerging from a hospital in Madrid Wednesday after hip surgery.

"I'm very sorry," he said, blinking into the cameras, sheepish, and leaning on his crutches. "I made a mistake, and it won't happen again."

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