Treasury Secretary Jacob Lew stressed Thursday the importance of making Greece's debt sustainable, praising the country's progress in reforming its economy as part of its bailouts but urging it to keep implementing the necessary measures. "Putting Greece's debt on a sustainable path is critical to Greece's long-term economic health and I encourage all... » Read More
OTTAWA, Feb 23- Canada's ruling Liberals will cap the coming year's budget deficit at C $30 billion- three times larger than originally pledged- as they try to stick to long-term budget plans, according to senior government sources. Four insiders, who spoke on condition of anonymity because of the sensitivity of the topic, said a 2016-17 deficit of C $30 billion, or...
BRASILIA, Feb 19- Brazil's government said on Friday it will cut its key fiscal target to a deficit from a surplus this year if tax revenues continue to fall, in a move that increased market doubts about leftist President Dilma Rousseff's commitment to austerity. Congress must approve the new fiscal target. "It certainly falls well short of the more determined...
Finance Minister Nelson Barbosa also announced the government will send a bill to Congress to limit public spending growth in the future. Rousseff, battling impeachment proceedings in Congress, is under growing pressure from her leftist allies to leave behind austerity in favor of measures to jumpstart an economy mired in recession. A sharp drop in tax...
BRASILIA, Feb 17- Standard& Poor's downgraded Brazil's credit rating deeper into junk territory on Wednesday, citing its failure to curb its fiscal deficit, in a surprise blow to President Dilma Rousseff`s bid to haul the economy out of its worst recession in decades. S&P cut Brazil's sovereign credit rating to BB from BB+ with a negative outlook, just five months...
RIO DE JANEIRO, Feb 12- Brazilian President Dilma Rousseff issued a decree late on Friday cutting the federal government's discretionary spending limit for the January-to-March period by a third as her government continues to work on a comprehensive austerity plan. Rousseff has been under pressure to cut the country's budget and reduce taxes in an effort to...
*Saudi labor ministry issues statement on unpaid wages. DUBAI, Feb 9- Some Saudi Arabian construction companies are struggling to pay their staff on time in a sign of growing pressure on the economy from low oil prices, which are causing the government to slow spending on building projects. In an unusual move this week, the Ministry of Labour issued a public...
German Chancellor Angela Merkel, who's usually seen as Europe's indispensable leader, is in danger of losing that role.
After years of working to tighten budgets, European nations are now grappling with whether to boost defense expenditures.
Thousands of protesters in Athens were witnessed throwing petrol bombs and stones during rally.
Neil Shearing, chief emerging markets economist at Capital Economics, explains why the package of spending cuts and tax increases unveiled by Brazil's government isn't helping the economy.
Fariborz Moshirian, director of Institute for Global Finance, UNSW Business School, says the national elections on Sunday will likely lead to "political and finance stability" in Greece.
Monday should have been a good day for Greece with banks re-opening and receiving over 7 billion euros in financing. But turns out, they don't have much to celebrate.
Michael Moran, Managing Director for Global Risk at Control Risks, describes the political trouble the Greek PM is currently in.
Expect serious political fallout following the third Greek bailout, says Warwick professor Haridimos Tsoukas.
John Calverley, Head, Global Thematic Research at Standard Chartered, warns of looming trouble in Greek politics.
Lindsey Piegza, Chief Economist at Stifel Fixed Income, says getting the Greek population on board with Monday's bailout plan will require "extreme political maneuvering."
Guillaume Chatain, Executive Director and Head of Equity Solutions at JP Morgan Private Bank, expects Athens to seek changes to Monday's bailout deal over the next couple of months.
Jason Brady, Head of Fixed Income & Managing Director at Thornburg Investment Management, doesn't expect the Greek citizens to willingly accept the new harsh measures outlined in the bailout deal.
Twitter broke the news. After a record 17 hour-long emergency euro summit, a deal between Greece and the Eurogroup has been struck.
Mark Melatos, Senior Lecturer at the University of Sydney's School of Economics, explains why a 5-year exit from the common currency isn't likely for Greece.