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World Bank: If Greece Exits the Eurozone, Spain and Italy Might Collapse
The most likely case of Greece leaving the eurozone would raise serious concerns for Spain, Italy and other countries in the monetary unit with large debts, which are passing through structural reform programs, said World Bank President Robert Zoellick,...
Italy and Germany Will Approve the Fiscal Pact
Italy and Germany want to simultaneously approve in national parliaments the European budget treaty and the European Stability Mechanism (ESM), an Italian lawmaker said Monday, confirming information in La Repubblica, according to AFP. “It is true....
Joseph Stiglitz: “Europe Is in a Terrible Situation”
Acclaimed economist Joseph Stiglitz, Nobel laureate, believes that Europe is in a “dire” situation, because the insistence on austerity measures push the region on a path to “suicide”, according to Bloomberg. “There was never...
Wal-Mart Is Investigated in the U.S. for Bribery Allegations
U.S. group Wal-Mart, the world’s largest retailer, is investigated in the U.S., following an article in the New York Times (NYT), which shows how Wal-Mart has hidden the results of an internal investigation on bribery at a Mexican subsidiary, said...
World Bank: Eurozone Crisis Affects Emerging Europe and Central Asia
The continuing crisis in the euro area affects the ongoing modest recovery of emerging countries in Europe and Central Asia, according to World Bank (WB), which warned of a credit crunch in the region because of exposure to Western banks. “The region...
IIF’s Solution for the Crisis in Euro Area
Institute for International Finance (IIF), representative of more than 450 banks worldwide, pleaded Monday for less austerity budget and larger European resources for the euro area in order to get it out of crisis, writes AFP. IIF, created by 38 banks...
Joachim Gauck, From Dissident Pastor to Germany President
The new German President Joachim Gauck, former lutheran pastor and human rights activist originally from East Germany, embodies a moral authority capable of restoring the crest image of an honorary post stained by resignations of two predecessors. This...
China: The Fourth Month of Decline in Foreign Investment
The world’s second largest economy, China, began to lose its appeal. In February there was a decline in new foreign direct investment, which is the fourth month that recorded a decrease in FDI. Chinese Ministry of Commerce announced today that foreign...
Rich Afghans Take Out of Country $8 Billion a Year
Rich Afghans take out of the country, in suitcases, about eight billion dollars a year, almost double the state budget and the amount is likely to increase with the approaching withdrawal of foreign troops. This situation will threaten the fragile economy,...