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Greek PM Poised for Cabinet Shake-up
By Anthee Carassava - AOL NewsATHENS, Greece (Sept. 6) -- Greece's embattled Prime Minister George Papandreou looks set to overhaul his Cabinet as criticism swells over lagging attempts to enact reforms, spur growth and yank Greece out of its deepening recession. It remained unclear, however, whether the shake-up -- anticipated for months, and now due to be announced by Tuesday -- would include sweeping Cabinet changes or a mere replacement of three deputy ministers drafted by the prime minister over the weekend to run in upcoming local elections. Aris Messinis, AFP / Getty Images Greek Prime Minister George Papandreou ...
Netherlands Beats Brazil, 5 Other Amazing Soccer Upsets
By Kathryn Yao - AOL NewsFive-time champion Brazil unexpectedly lost to the Netherlands (2-1) today at Port Elizabeth, South Africa, thanks to a second-half header goal by Wesley Sneijder. The Netherlands has not beaten Brazil since the 1974 FIFA World Cup, and it's now in the semifinals for this year's competition. In light of the amazing news, Surge Desk brings you five mind-blowing soccer (aka "football" or "futbol") upsets through history: 1924 Sweden vs. Belgium Score: 8-1, Sweden Location/Event: Paris Olympics, Colombes Sweden crushed the higher-ranked and gold medalist Belgium in the second round. The team ...
Dow Falls 300 Points on Bad Jobs Report, Tumbling Euro
By Mara Gay - Politics DailyU.S. stocks fell below 10,000 Friday as a weak jobs report and a plunging Euro fed fears of a double-dip recession and drove the Dow Jones Industrial Average down 3.2 percent, or 327 points. The May jobs report released today by the U.S. Labor Department was discouraging. The number of hirings in May was far lower than the 540,000 figure expected by a Bloomberg survey estimate. The economy gained 431,000 jobs last month, but 411,00 of them were temporary positions with the U.S. Census Department. The spiraling debt crisis in Greece, Hungary, and Spain contributed to the market's volatility ...
Euro Falls into Sinkhole, Time for a European Vacation?
By David Knowles - Politics DailyHow low can it go? Already dragged down by an ongoing debt crisis in Greece, Hungary and Spain, the Euro continued its fall on Friday, trading below $1.20, its lowest value against the dollar in four years. The bright side of a weakened Euro? Travel bargains for Americans heading to Europe. The only problem for would-be jet-setters is the cost of airfare, which has gone up precipitously over the past few years as fewer and fewer Americans have been able to afford vacations in Europe. So, even though the Euro is now down approximately 25 percent from its all-time high, airlines have ...
Geithner Calls for European Action on Markets
By David Knowles - Politics DailyAfter a London meeting with Britain's finance minister Wednesday, U.S. Treasury Secretary Tim Geithner reiterated his view that Europe needed to take immediate action to stabilize the continent's shaky financial system. "The European leaders have put together a very strong program of reforms on the fiscal side and a very strong commitment to help those countries manage challenges, and they are moving to put that into place," Geither told reporters, adding.. "I think it has the right elements, and they again have strong political commitment to, not just in Germany, but across Europe to make ...
European Debt Crisis Could Shake Global Economy, Markets Suggest
By David Sessions - Politics DailyJust a week after financial leaders approved a nearly $1 trillion bailout package for Europe, fears are again mounting that the debt crisis in countries like Greece and Italy could place such a strain on major banks that it would send shock waves through the world economy, the New York Times reports. During trading on Friday, unease about the debt sent the euro to its lowest mark against the U.S. dollar in months. Already, world markets show signs of following the worried lead of European investors. Wall Street stocks plunged Friday along with the euro, and Monday morning trading in Japan and ...
E.U. Leaders Promise $957 Billion Rescue Package for Euro Zone
By David Sessions - Politics DailyIn a meeting that extended into the early hours of Monday morning in Brussels, European leaders agreed on a plan to inject nearly $1 trillion into the continent's economy to help struggling nations like Greece and Portugal, the New York Times reports. The package will deliver $560 billion in new loans and $76 billion under an existing lending program. The International Monetary Fund plans to contribute up to $321 billion, for a total of $957 billion. The European Central Bank also reversed its previous position and agreed to purchase government and corporate debt. The U.S. Federal Reserve ...
Chaos Theory - Goldman Sachs At Your Service
By Robert and Donna Trussell - Politics Daily...
European Economic Woes Could Prolong Worldwide Downturn
By David Sessions - Politics DailyWorries about the stability of the European economy sent worldwide markets into a slide Thursday and fueled worries that the Euro zone's struggles with debt could affect the rest of the world, the New York Times reports. The Dow Jones dropped 2.61 percent yesterday, dipping below 10,000 for the first time since November. Stocks across Europe slumped as much as 6 percent, driving the euro down to its lowest value against the dollar in seven months. While some countries, including Germany and France, have acted quickly to help their economies recover from the global recession, others, such as ...
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