ATHENS, Greece— Greece is known the world over for its historic sites, sparkling sea, and lovely, vine-shaded restaurants. This is the reality facing tourism in Greece this year, as the peak summer season in the popular destination is threatened by a financial crisis of frightening proportions. "There's something mystical about Greece," said the Australian who...» Read More
Discord over the euro zone crisis, currencies and global economic governance threatens to overshadow the Group of 20 finance ministers meeting in Paris on Friday and Saturday, the FT reports.
Should we feel confident that the crisis will soon be over? No. At least, nobody now sees the euro zone crisis as a little local difficulty. It has become the epicenter of an aftershock of the global financial crisis that could prove even more destructive than the initial earthquake, writes Martin Wolf in the FT.
Since August the market has been very volatile. Huge market swings for stocks added to a sense of crisis as investors fretted over Greek default, the global banking system and a slowdown in the US economy.
As the Spanish economy fails to drag itself out of the mire created by its debt burden, its Employment Minister Valeriano Gomez admitted to CNBC that it would likely miss growth targets this year.
A positive feedback loop between banks and weak sovereigns is emerging, with a potentially calamitous effect on the euro zone and the global economy, Martin Wolf writes in the FT.
The European Central Bank was buying Italian and Spanish government bonds in the markets on Thursday, traders told CNBC.
Austerity-weary Greeks lashed out against more tax hikes and pension cuts with a new round of strikes, with public transport workers, taxi drivers, teachers and air traffic controllers walking off the job Thursday.
Billionaire investor George Soros said he believed the United States was already experiencing the pain of a double dip recession and that Republican opposition to Obama's fiscal stimulus plans was to blame for sluggish growth.
The IMF has been credited with alleviating past financial crises - but has the IGO been helpful this time around?
Sometimes a summer vacation can set you up for the autumn, allowing you some-hard earned rest to recharge the batteries before returning to the office, light of heart and confident about the prospects for the rest of the year.
International Monetary Fund staff have provoked a fierce dispute with eurozone authorities by circulating estimates showing serious damage to European banks’ balance sheets from their holdings of troubled eurozone sovereign debt. the FT reports.
Some European financial institutions should have taken bigger losses on their Greek government bond holdings in recent results announcements, according to the body that sets their accounting rules in a letter seen by the FT.
The world could be heading into another fully fledged credit crisis, according to Satyait Das, the author of Extreme Money: Masters of the Universe and the Cult of Risk.
The sun has set on Europe. And not a moment too soon. If not for the close of markets today, things might have become even uglier.
Dominique Strauss-Kahn's resignation following a sex scandal triggered worldwide discussion about who will get the top position in the Washington-based organization. Click to see the former heads of the IMF.
Trade unions remain a fearsome political and economic force around the world, able to mobilize large numbers of warm bodies to man picket lines and pressure politicians.
Stone-throwing Greeks clashed with police and protesters marched on parliament to oppose government efforts to pass new austerity measures for the debt-stricken euro zone state.
Global investors have followed every twist in the ongoing debt crisis engulfing the euro zone. See what countries have the most indebted governments, and how their economies are faring.
Plot sovereign creditworthiness on the X-Axis—and aggregate bank credit worthiness on the Y-Axis—and what do you get?