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As Greek Debt Is Deemed Junk, Fears Multiply
By Anthee Carassava - AOL NewsATHENS, Greece (April 27) -- Clad in tattered threads, a beggar trembles. His extended hands, bruised and bandaged, plead for help. "I'm hungry," he croaks as he rattles a tin can and clasps a picture of the Greek prime minister. In recent weeks scenes like this, though still rare, have swept up from Athens' rougher neighborhoods and taken center stage in the glossier quarters of the Greek capital. "Normally, I would have looked down with disdain at this man," says Lina Gaitanou, a 33-year-old civil servant. "But now," she adds, tossing him a 20-cent coin, "I'm troubled. I'm worried. I fear ...
US Recovering Faster Than Economic Rivals, IMF Says
By Joseph Schuman - AOL News(April 21) -- Thanks in part to an injection of government stimulus money, the ailing U.S. economy is rebounding from the financial crisis more strongly than Europe and Japan, according to the International Monetary Fund, which also predicts the world as a whole is mending faster than it thought just three months ago. The IMF now forecasts that the U.S. economy will grow by 3.1 percent this year, the euro zone will expand by 1 percent and Japan will grow by 1.9 percent. Such growth predictions for industrialized countries still pale in comparison with the expected growth of 10 percent in ...
Global Economy Coming Back Stronger Than Expected
By Tom Diemer - Politics DailyThe global economy, stymied by recession a year ago, is growing faster than expected in large measure due to government action, which is also piling debt on nations that used borrowed funds for stimulus, the International Monetary Fund reported Wednesday. China leads the way with anticipated growth of 10 percent this year, while the United States is projected at 3.1 percent and major European countries can expect combined growth of 1 percent, the Washington Post said. Overall, economic growth is projected at better than 4 percent worldwide. "A global recession has been averted. The world ...
Legislation Calls for Haiti's Debt to Be Canceled
By Christopher Weber - Politics DailyThe House sent a bill to President Obama that would take steps to relieve Haiti of an estimated $828 million in international debt to help the island nation recover from January's catastrophic earthquake. The legislation passed by voice vote Wednesday instructs U.S. directors at the International Monetary Fund and other global development institutions to use their influence and votes to cancel Haiti's debt, The Associated Press reported. The bill, passed earlier by the Senate, also recommends that financial assistance to Haiti for the next five years be given as grants instead of loans. At a ...
Europe to Set Up Its Own Monetary Fund to Help Stabilize Economy
By Christopher Weber - Politics DailyWith much of Europe still reeling from the Greek debt crisis, governments there will create a European Monetary Fund in an effort to help avoid similar financial predicaments and stabilize the overall economy of the continent, The Times of London reports. The EMF would have powers comparable to the International Monetary Fund and would be a sign to the world that Europe can keep its own financial house in order, said Wolfgang Schäuble, the German Finance Minister. Creation of the EMF would be the most significant change to European markets since the euro was launched in 1999. The move ...
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