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Obama urges Europe to stabilize banks, ease austerity
US President Barack Obama urged European leaders to stabilize banks and to ease up on extreme austerity prgrammes. Speaking as European Union officials worked over the weekend on a huge rescue plan for Spain’s feeble banks, Obama said the ongoing weakness in the eurozone was a concern for the US…
Greek vote poses new challenge for IMF rescue
WASHINGTON — The International Monetary Fund’s already fragile rescue for Greece has taken a serious battering, after Greek voters rejected the government that accepted the Fund’s harsh austerity program in exchange for bailout funding. The weekend vote that sent a centrist government packing also sent a message to the IMF…
Geithner urges Congress to back IMF, World Bank
WASHINGTON — US Treasury Secretary Timothy Geithner on Tuesday urged a tight-fisted Congress laden with conservatives opposed to global institutions to keep up financial support for the IMF and World Bank. With the International Monetary Fund prodding members for more funding and Washington seeking support for its new nominee to…
Greece receives first 7.5 bn euros in new bailout
ATHENS — Greece received on Tuesday a first payout of 7.5 billion euros ($9.9 billion) under its second international bailout, a finance ministry official said. Greece received 5.9 billion euros from the eurozone and 1.6 billion euros from the International Monetary Fund, said the official. Following a debt swap with…
U.S. stocks tumble as high oil price weighs
NEW YORK — US stocks sank Monday as traders worried about the high price of oil and after the Group of 20 major economies snubbed Europe’s call for more aid to fight the eurozone debt crisis. The Dow Jones Industrial Average was down 54.00 points (0.42 percent) to 12,928.95 in…
New York hearing on Strauss-Kahn lawsuit set for March
NEW YORK (Reuters) – Lawyers for former International Monetary Fund chief Dominique-Strauss-Kahn will appear before a New York judge in March to defend against a civil lawsuit filed by the hotel maid who accused him of sexual assault. The lawsuit, which was filed by Nafissatou Diallo in August, claims Strauss-Kahn…
Hackers hit Greek ministry over austerity, anti-piracy deal
Online hackers group Anonymous on Friday attacked the Greek justice ministry website in criticism of the country’s tough fiscal reforms and its decision to join a controversial anti-piracy deal. “You have introduced a new dictatorship upon your people’s shoulders and allowed the bankers and the monarchs of the EU to…
Protesters rally in Romania for fifth day
BUCHAREST — Hundreds of demonstrators gathered in Romania on Monday for the fifth day in a row, calling on President Traian Basescu to step down after weekend protests marred by violence. Waving Romanian flags, protesters in central Bucharest chanted “Down with Basescu” and “Thieves”. Some of them carried a coffin…
Canada ‘frustrated’ by Europe’s lack of action
Canada’s finance minister on Wednesday said he was “frustrated” at the lack of action by Europe’s leaders to solve their continent’s crippling debt problem. Jim Flaherty told reporters in Tokyo the countries at the centre of the crisis had a responsibility to put their house in order. “I think you’ll understand if…
Portugal public workers, soldiers protest against austerity
Portuguese civil servants and soldiers staged an anti-austerity protest in Lisbon on Saturday, a sign of the rising social tensions in debt-hit Portugal over deep cuts in spending. The country’s two main public workers unions, the CGTP and UGT, organised the march through the streets of the Portuguese capital to try “to prevent the…
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