October 17, 2013 |
If the U.S. government defaults on its debt, what will be the impact in the financial world, and what does it mean for the average citizen? The answer: There would be a lot of pain to go around. Perhaps most disturbing would be universal doubt about the creditworthiness of the United States. It would be an unprecedented shattering of the international image of the nation. Right behind that comes wave after wave of fiscal uncertainty. That doubt will roil the markets, but it goes beyond just bad times for investors.
July 19, 2013 |
IN ADDITION to the education crisis that many students and parents are facing throughout Philadelphia, our nation faces a rising problem that will have a drastic impact upon our entire economy. In the past few months I have had the opportunity to meet with people across southeastern Pennsylvania and hear their concerns. Among them is the ticking time bomb of student-loan debt. Whether the person I was speaking to was a parent, a current student, a recent graduate or someone who graduated decades ago, their fears are all the same - fear that they may not be able to cope with the cost of achievement and advancement through the pursuit of a college education.
May 16, 2013
PARIS - The eurozone is now in its longest ever recession - a stubborn slump that has surpassed even the calamity that hit the region in the financial crisis of 2008-09. The European Union statistics office said yesterday that nine of the 17 EU countries that use the euro are in recession, with France a notable addition to the list. Overall, the eurozone's economy contracted for the sixth straight quarter, shrinking by 0.2 percent in the January-March period from the previous three months.
April 28, 2013 |
ROME - Center-left leader Enrico Letta forged a new Italian government Saturday in a coalition with former Prime Minister Silvio Berlusconi's conservatives, an unusual alliance of bitter rivals that broke a two-month political stalemate from inconclusive elections in the recession-mired country. The daunting achievement was pulled off by Letta, who will be sworn in as prime minister along with the cabinet Sunday. Letta, 46, is a moderate with a reputation as a political bridge-builder.
March 15, 2013 |
BRUSSELS - Thousands of workers protested in Brussels on Thursday to demand that European Union leaders gathering for a summit bring an end to austerity measures and instead focus on boosting growth and reducing unemployment. The demonstration vented frustration over years of austerity imposed by EU leaders that unions and many economists say is worsening the recession and driving ever more people into unemployment and poverty. Even the EU leaders acknowledge that swift action is needed.
February 22, 2013 |
FRANKFURT, Germany - The European Central Bank says Italian government bonds account for nearly half of its total holdings under a now discontinued bond-buying program launched in 2010 to ease the eurozone's debt crisis. The bank on Thursday detailed for the first time what countries' bonds it acquired under the so-called Securities Markets Program, which it started when the euro area's debt crisis flared in May 2010. The central bank for the 17 European Union countries that use the euro said it held bonds with a face value of 218 billion euros ($287 billion)
January 25, 2013 |
DAVOS, Switzerland - British Prime Minister David Cameron wants nothing to do with a United States of Europe, an idea that's gaining currency as the countries that use the euro struggle to fix their debt crisis. But what if it's a choice between a single country called Europe or a splintered continent? Cameron is determined to avoid that scary scenario. A day after he shook up Europe's political landscape by offering British citizens the prospect of a vote on whether to stay in the 27-country European Union, Cameron insisted Thursday that he wanted Britain to remain a part of the bloc, but that more unification would not be the answer.
January 21, 2013
Blast kills 13 in Yemen SAN'A, Yemen - A Yemen security official says an explosion in the province of Bayda has killed at least 13 suspected al-Qaeda militants. The official in Bayda's capital city, Radda, said the explosion went off in a house owned by a known al-Qaeda operative, Ahmed Abdullah Deif-Allah Al-Zahab. It appeared to be an accident. Residents were barred Sunday from approaching the scene of the incident by militants with links to al-Qaeda, the official said. The group is active in southern Yemen and has launched deadly attacks against the military since it lost control of key cities it overran in 2011.
January 1, 2013 |
If you had told investors what was going to happen in 2012 - U.S. economic growth at stall speed, an intensifying European debt crisis, a slowdown in China, fiscal deadlock in Washington, decelerating corporate-earnings growth - and asked how the stock market would perform, few would have predicted a good year. But that's just what they got. The markets all ended the year substantially higher, despite losing ground in the final days as fiscal-cliff concerns mounted. The Dow ended 2012 with a 7.3 percent increase, its fourth yearly gain in a row, having started the year at 12,217.
December 30, 2012 |
ROME - Italian Premier Mario Monti announced Friday that he is heading a new campaign coalition made of up centrists, business leaders, and pro-Vatican forces who back his "ethical" vision of politics, aiming for a second mandate in office if his fledging reform movement wins big in parliamentary elections. After a four-hour huddle with his supporters, Monti ended weeks of speculation at home and abroad about whether the internationally respected economist, who was appointed to head a nonelected government a year ago, would seek a new term, this time given to him by the voters.