29/12/2012 | Argentina

Argentina asks US court to block holdout debt payouts

Argentina called for the New York Appeals Court to dismiss rulings that would force the country to pay vulture funds, and the request was immediately backed by US. Argentina also confirmed that it plans to reopen the debt swap in the same terms set in 2010.

20/11/2012 | Argentina

‘Vulture funds seek to mount a default stage,’ Lorenzino

Economy Minister Hernán Lorenzino said today that claims set by international "vulture" funds against Argentina have the only intention of mounting fear and raise doubts about the country’s ability to repay debt."

13/12/2012 | Argentina

'We don't need int'l lenders,' Lorenzino announces bond payment

Economy Minister Hernán Lorenzino announced Argentina will be making payments for more than $3.5 billion dollars in GDP-linked bonds, during a press conference at the Economy Ministry.

15/12/2012 | Argentina

UN court orders Libertad frigate release, to arrive in Argentina on Jan 9

UN’s International Tribunal for the Law of the Sea ordered the release of the Libertad naval training ship which was detained in Ghana at the request of holders of defaulted Argentine state bonds. Later, Defence Minister Arturo Puricelli stated that the frigate will arrive in Argentina on January 9.

18/10/2012 | Argentina

Capitanich: ‘Nat’l Gov’t not involved in peso bonds swap decision’

Chaco governor Jorge Capitanich once again defended the decision to swap a dollar debt into pesos and assured that the National Government had not had any involvement in the decision he made last week. He also stated that the province followed a Central Bank disposition.

26/10/2012 | Argentina

'Ruling does not change the status quo,' Finance Secretary

Finance Secretary Adrián Cosentino assuredthat the ruling of an appeals court which partially confirmed the ruling of US judge Thomas Griesa in favour of vulture funds “is suspended from the moment it was issued,thus the current status quo has not been changed.”

09/11/2012 | Argentina

'We will continue to face vulture funds,' Argüello warns

Ambassador to the US Jorge Argüello assured that that Argentines will continue to face vulture funds, and deemed them as “speculators who bet on usury.”

08/10/2012 | Argentina

Lorenzino blasts credit rating agencies

Economy Minister Hernán Lorenzino questioned the "credit rating agencies' behaviour" and the tendentious use of their analysis to develop "self fulfilling prophecies."

12/10/2012 | Argentina

'Argentina doesn't owe a dollar to the IMF'

Argentina's Ambassador in the United States, Jorge Argüello, stated that the International Monetary Fund (IMF) will have to redefine itself after "having abandoned its original role" for which it was created for.

16/10/2012 | Argentina

Lorenzino confirms debt payment, blasts Moody's

Economy Minister Hernán Lorenzino ratified tomorrow’s down payment of the “Bonar X” dollar-bond for US$200 millions, and blasted credit rating agencies which along with speculators “set terrorist reports in order to make some profit out of it.”

02/08/2012 | Argentina

Bonfatti raises the stakes, asks Gov't to pay $8 bln debt

Santa Fe governor Antonio Bonfatti raised the stakes on Thursday and asked the National Government to pay an $8 billion pesos debt, after recently demanding it also pays the province a debt of $1.3 billion pesos in pension funds.

03/08/2012 | Argentina

Gov't makes final payment of Boden 2012

The Government today made its final $2.2 billion payment on bonds issued to savers whose dollar- denominated bank accounts were frozen by the Government a decade ago.

17/09/2012 | Argentina

Moody's downgrades Argentina's outlook

Moody's Investor Service agency has downgraded Argentina's outlook from stable to negative, stating that it was due to risky economic policies along with the lack of confidence in official statistics.

30/04/2012 | Argentina

Former policeman detained accused of Quilmes triple crime

A former policeman was detained accused of the homicide of three friends who were shot dead in a house in the locality of Bernal, Quilmes district. He was arrested as he was trying to escape and triggered a shooting at Barracas neighbourhood, in Buenos Aires City.

26/06/2012 | Argentina

CFK will settle debt with bondholders

President Cristina Fernández de Kirchner ratified today her intention to pay off 10.3 billion pesos in August for the 2012 Boden bonds in order to meet the 2001’s "Corralito" payments.

02/08/2012 | Argentina

Banks, corporations 'never made as much money as they have with this Gov't,' CFK

While addressing the nation from the Buenos Aires stock exchange floor, President Cristina Fernández de Kirchner assured that as the country readies to pay the nearly $2.2 billion Boden 2012 debt, “we reach the end of a historic cycle” as it puts an end to the infamous corralito. She insisted, however, that “this isn’t a reason to celebrate, but to reflect,” and defended her administration’s restrictions on currency exchange.

24/01/2012 | Argentina

Boudou highlights foreign debt reduction in last day as acting President

In his last public appearance as acting President, Vice-President Amado Boudou announced the figures of 2011’s fiscal surplus and gave a heated defence of the Kirchnerite model. He also stressed that funds destined to a foreign debt reduction dropped to “14.1 percent of the GDP.”

16/02/2012 | Argentina

YPF to pay debt, file appeal

YPF will pay on Thursdsay and Friday the US$ 8 million debt claimed by AFIP revenue agency, as newspaper Ambito Financiero printed today. Due to the debt, YPF was banned from carrying out export and import duties on Wednesday.

26/04/2012 | Argentina

Gov’t to use US$5.7 billion of Central Bank’s reserves to pay off debt

The government announced today a treasury bill of up to $5.7 billion to be bought in several installments to pay for the country’s debt.

29/08/2011 | Argentina

Schiaretti meets with CFK over Nation's debt with Córdoba province

Córdoba province Governor Juan Schiaretti met with President Cristina Fernández de Kirchner in the Government House, and claimed a 1.18 billion pesos debt the Nation owes the province.

28/09/2011 | Argentina

US doubles down on Argentina, urges country to cancel debt

Argentina must go back to being in good terms with its creditors, US State Department spokeswoman Victoria Nuland says, only a week after a US Treasury Official announced her country will oppose granting any credits to the country in international organizations.

17/12/2011 | Argentina

CGT cools tensions with Government

The head of the Judicial union, Julio Piumato, and the head of the textile trade union, Jorge Lobais today assured that there was no breaking up of the relationship between the CGT and the Government, but made clear that they could go forward to the Judiciary to reclaim the debt they have regarding union health insurance payments.

16/05/2011 | Argentina

US reaches legal debt limit, Republicans demand deep spending cuts

The United States reached the legal limits of its borrowing authority as a top Republican increased his party's demand for deep spending cuts as part of any increase.

28/06/2011 | Argentina

Argentines' indebtedness reaches record rate

The Argentine people’s debt has reached a new historic level, according to a private report. During the first term of 2011, the debt amount contracted regarding salaries reached 21.8 percent, when in 2000, before the default crisis, it was at of 21.6 percent. Inflation and payments plans seem to be the cause of the increase.

12/08/2011 | Argentina

Mantega: 'The region's economy is in good shape, and what works well, doesn't change'

Interview by Pablo Jiménez
Prior to the meeting between UNASUR economy ministers, Economy Minister, Amado Boudou and his Brazilian pair, Guido Mantega, met for dinner in Puerto Madero on Thursday night. Inbetween provoletas, asado, both economy heads spoke exclusively with ambito.com about how the region is prepared to face the international financial and economic crises.

13/12/2010 | Argentina

Paris Club negotiations to have 2 phases, stimulate investment

After the meeting held with Paris Club authorities, Economy Minister Amado Boudou said that the negotiation process would have two phases: the first will last through the third week of January and is conciliatory (payment amounts to be defined); the second is to formulate payment plans and has no closing date.

22/12/2010 | Argentina

Lorenzino: 'The swap offer is a gesture of good will to creditors'

The government reopened a debt swap launched earlier this year, moving to mop up a remaining $6.1 billion in default and reduce lawsuits against the country.

28/02/2011 | Argentina

Boudou insists Argentina 'will not cancel Paris Club debt in single payment'

Economy Minister Amado Boudou insisted that Argentina would not cancel its debt with the Paris Club in a single payment, and explained that the country “clearly needs a payment plan that allows it to keep growing, while reaching out to more workers and substituting imports.”

14/12/2012 | World

Merkel says tough, painful years ahead for euro zone

22/01/2013 | World

White House: Obama would sign short-term debt limit increase

The White House today welcomed signals by Republican leaders in the House of Representatives that they aim to pass a nearly four-month extension of the US debt limit, saying the move defuses fears of a damaging US debt default.

09/11/2012 | World

Griesa urges Gov't to revise position, pay to vulture funds

US Judge Thomas Griesa urged Argentina to comply with the recent ruling which orders to compensate the bondholders that did not participate in both debt restructuring of the country.

21/11/2012 | World

Greece's lenders fail again to clinch debt deal

International lenders failed for the second week to reach a deal to release emergency aid for Greece and will try again next Monday, but Germany signaled that major divisions remain.

10/12/2012 | World

Greece extends buyback offer to reach target

Greece has extended its offer to buy back debt until tomorrow, seeking more bids from bondholders after falling just short of a target to retire bonds worth 30 billion euros at a cost of just 10 billion euros.

01/08/2012 | World

S&P affirms Spain's sovereign rating, keeps negative outlook

Standard and Poor's Ratings Services affirmed Spain's sovereign rating at BBB+/A-2, citing the country's strong commitments to economic and fiscal adjustments, and said its outlook remained negative.

21/09/2012 | World

IMF chief urges Europe to act to move beyond crisis

European policymakers must move quickly to coordinate and implement decisions they have taken to move the euro zone beyond its current debt crisis, the head of the International Monetary Fund said.

01/11/2012 | World

IMF says financing issues main obstacle on Greek talks

The International Monetary Fund said today financing issues remained the main obstacle for debt-laden Greece to receive more bailout money from its international lenders.

05/07/2012 | World

ECB cuts rates to new low, no move on bolder measures

The European Central Bank cut interest rates to a record low today to breathe life into a deteriorating euro zone economy but steered clear of more dramatic measures such as buying government bonds or flooding banks with fresh liquidity.

17/07/2012 | World

Spain debt costs fall, key bond test awaits

Spain's borrowing costs fell, at the first sale of debt since the government announced a new austerity package, but not enough to suggest markets believe the country's finances are on a sustainable path with banking problems yet to be resolved.

18/07/2012 | World

World Bank chief warns no region immune to Europe crisis

World Bank President Jim Yong Kim warned that most regions of the world will be hurt by the debt crisis enveloping the euro zone and said it was vital to protect the strong economic gains of the past decade in the developing world.

07/06/2012 | World

Fitch cuts Spain rating by three notches to 'BBB'

Fitch Ratings cut its rating on Spain's government debt by three notches to 'BBB' today and signaled it could lower it further by putting the country on negative outlook.

11/06/2012 | World

OECD: weakness spreading to Asia, Europe debt woes continue

There are signs that the economies of two of the world's leading emerging powerhouses, India and China, are starting to falter, while Europe continues to be handicapped by its debt woes, the latest report from the OECD showed today.

28/06/2012 | World

EU summit works on short-term support for Spain, Italy

European finance officials were working on urgent measures to ease financial market pressure on Spain and Italy, which are too big to bail out, as EU leaders began a summit on Thursday deeply divided over how to resolve the euro zone's debt crisis.

04/06/2012 | World

G7 to hold emergency eurozone talks, Spain top concern

Finance chiefs of the Group of Seven leading industrialized powers will hold emergency talks on the euro zone debt crisis tomorrow in a sign of heightened global alarm about strains in the 17-nation European currency area.

05/06/2012 | World

Japan Finance Minister: G7 to work together on Spain, Greece

The Group of Seven finance chiefs agreed in a teleconference call to work together to deal with the problems hitting Spain and Greece, Japanese Finance Minister Jun Azumi said today.

07/06/2012 | World

'Fed is monitoring significant risks for the US from Europe crisis'

Federal Reserve Chairman Ben Bernanke said today the central bank was ready to shield the economy if financial troubles mount, but offered few hints that further monetary stimulus was imminent.

21/04/2012 | World

IMF presses Europe to contain debt crisis

Europe was pressed by other world powers on Saturday to take strong measures to fix its debt-heavy economy and restore growth to a level that would lift the cloud hanging over the fragile global recovery.

25/05/2012 | World

Spain's Catalonia seeks government help to pay debt

Spain's wealthiest autonomous region, Catalonia, needs financing help from the central government because it is running out of options for refinancing debt this year, Catalan President Artur Mas said today.

27/05/2012 | World

Spain may recapitalise Bankia with govt debt, source says

Spain may recapitalise Bankia with Spanish government bonds in return for shares in the bank which last week asked for rescue funding of 19 billion euros ($24 billion), a government source said on Sunday.

13/03/2012 | World

ECB Draghi: 'We are alert to the risk of inflation although it's not materializing'

European Central Bank President Mario Draghi said today that the euro zone's economy appears to be stabilizing but inflation risks were not currently materializing as a large output gap remained.

13/03/2012 | World

Fitch lifts Greece out of default territory after debt swap

Fitch lifted Greece's credit rating out of default territory, becoming the first major rating agency to take the widely expected move after Athens completed a debt swap that cut its debt by about 100 billion euros.

04/04/2012 | World

ECB's Draghi: Exit strategy talk is premature

ECB President Mario Draghi said today that the euro zone inflation outlook did not warrant a retreat from loose monetary policy given the poor state of the bloc's economy.

08/03/2012 | World

Massive take-up of Greece bond swap offer

Greece secured an overwhelming acceptance of a bond swap offer to private creditors and beat its own most optimistic forecasts, a senior official said after the deadline expired on a deal needed to avoid a chaotic debt default.

09/03/2012 | World

Sarkozy says Greek problem solved

French President Nicolas Sarkozy said that Greece's debt crisis had been solved after Athens
won strong acceptance from private creditors for a bond swap deal.

10/03/2012 | World

Greece turns to growth, elections after debt deal

After the success of a debt cut plan which paves the way for a 130-billion euro ($170.55 billion) international bailout, attention in Athens is shifting to politics and on how to kick-start debt-laden Greece's stricken economy, officials said .

20/02/2012 | World

Second Greek bailout in reach, funding gap narrows

Euro zone finance ministers, locked in marathon overnight talks, inched towards approving a second bailout for debt-laden Greece that would resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy.

22/02/2012 | World

Fitch downgrades Greece on debt swap plan

Fitch cut Greece's long-term ratings today to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.

02/03/2012 | World

Moody's downgrades Greece after debt swap

Moody's Investors Service cut Greece's sovereign debt rating to the lowest possible level after a debt-restructuring deal that imposes hefty economic losses for private creditors.

14/02/2012 | World

Moody's warns it may downgrade France, Britain

Rating agency Moody's said today it downgraded six European nations including Italy, Spain and Portugal, citing growing risks from Europe's debt crisis, and warned it may cut the triple-A ratings of France, Britain and Austria.

15/02/2012 | World

Greek conservative takes bailout pledge to the wire

Greek conservative leader Antonis Samaras will send a letter of commitment to the terms of an EU/IMF bailout deal within the day, a party source said with the country's bankruptcy rescue hanging in the balance.

18/02/2012 | World

Greek cabinet tackles austerity, rescue hopes rise

Greece's cabinet tackled on how to implement austerity demanded by the EU and IMF as a 130-billion-euro ($171-billion)rescue seemed within reach, while the euro zone considered modifying a deal with private creditors to help Athens reduce its huge debts.

04/02/2012 | World

Greece struggles on for deal on unpopular reforms

Greece's government struggled in talks with lenders to secure a 130 billion euro bailout before turning to the trickier task of persuading political leaders to back the unpopular reforms involved in the rescue.

06/02/2012 | World

Merkel, Sarkozy press Greece as another bailout deadline slips

The leaders of France and Germany told Greece time was running out in talks on a broad debt restructuring deal and Athens would only get bailout money from Europe if it lived up to its promise to deliver economic reforms in return.

09/02/2012 | World

ECB's Draghi sees some signs of euro zone stabilisation

Tentative signs of stabilisation in the euro zone economy remained over the past month but uncertainty remains high, European Central Bank President Mario Draghi said today after the ECB held interest rates at a record low of 1.0 percent.

31/01/2012 | World

Greece says investor losses from debt swap may top 70%

Greece's private sector creditors could take a loss of more than 70 percent in a planned debt swap, Finance Minister Evangelos Venizelos said.

02/02/2012 | World

Greece says ECB must be 'mobilised' for debt deal

The European Central Bank must take part in Greece's debt swap, Finance Minister Evangelos Venizelos said today, warning that a rescue package for Athens also hinges on other issues being resolved such as labour reforms and how Greek banks are to be recapitalised.

03/02/2012 | World

IMF says the Fund 'should boost its resources as Europe discusses debt crisis'

The International Monetary Fund should proceed with talks on increasing the size of its warchest at the same time as Europe discusses how to build a firewall to contain its debt crisis, a senior official from the fund said.

18/01/2012 | World

IMF seeks $600 billion more in funds

The International Monetary Fund is seeking to boost its war chest by $600 billion to help countries reeling from the euro zone debt crisis, but some nations insist Europe must first do more to support its ailing members, international financial sources said.

21/01/2012 | World

Greece's creditors leave Athens, talks to continue

Chief negotiators for Greece's private creditors left Athens unexpectedly today without a deal on a debt swap plan that is vital to avert a chaotic default, sources close to the negotiations said.

28/01/2012 | World

Greece, creditors laboriously piece together debt deal

Greece and its private creditors head back to the negotiating table on Saturday to put together the final pieces of a long-awaited debt swap agreement needed to avert an unruly default.

28/12/2011 | World

Italy short-term debt costs halve at auction

Italian short-term debt costs halved at auction as a new package of budget austerity and an injection of cheap long-term money from the European Central Bank won Rome some respite in thin year-end markets.

12/01/2012 | World

Obama seeks $1.2 trillion debt limit hike

US President Barack Obama formally notified Congress that he plans a $1.2 trillion increase in the US debt limit, setting the stage for Republicans to level election-year charges that deficits are out of control.

17/01/2012 | World

US Supreme Court to hear Argentine debt default case

The US Supreme Court asked Barack Obama's administration for its views of a ruling that unfroze US$105 million of Argentina's central bank deposits in a setback for two US investment funds that sought to seize the money to satisfy their claims from the country's debt default a decade ago.

12/12/2011 | World

Ratings agencies Moody's, Standard & Poor's put pressure on euro zone

Moody's Investors Service said it still expects to review its ratings on all European Union sovereign credit in the first quarter of next year, while Standard & Poor's chief economist said time was running out for the currency bloc to resolve its debt problems.

12/12/2011 | World

Sarkozy: French AAA rating loss would be surmountable

A loss of France's AAA credit rating would add to the country's difficulties but would not be insurmountable, French President Nicolas Sarkozy said in a interview published today.

12/12/2011 | World

Greece opens debt swap, bailout talks

Greece began a round of talks with the EU, the IMF and bankers on Monday, with negotiators facing a tight timetable to decide key aspects of a new bailout plan to pull the country out of its economic crisis.

30/11/2011 | World

Top Central banks act as euro zone crisis rages

The world's major central banks acted jointly on Wednesday to provide cheaper dollar liquidity to starved European banks facing a credit crunch as the euro zone's sovereign debt crisis threatened to bring financial disaster.

02/12/2011 | World

Merkel says debt crisis will take years to solve

German Chancellor Angela Merkel called for rapid EU treaty change to remedy the root causes of the euro zone's debt crisis but warned that Europeans faced a long, hard "marathon" to restore lost credibility.

02/12/2011 | World

IMF sees crisis boosting emerging economies role

Major emerging economic powers are "worlds apart" from euro zone countries, International Monetary Fund (IMF) Managing Director Christine Lagarde said while praising Brazil's economic management for leaving the country better prepared than many to weather contagion.

22/11/2011 | World

Obama pushes payroll tax cut after debt panel fails

President Barack Obama will challenge the Congress to preserve an expiring payroll tax cut as he travels to New Hampshire to seize the initiative in the wake of a collapsed effort to reduce the nation's budget deficit.

22/11/2011 | World

Merkel says treaty changes key to solve debt crisis

Changing the European treaty to pave the way for closer European integration is vital to solving the euro zone's debt crisis and to restoring confidence, German Chancellor Angela Merkel said.

23/11/2011 | World

Greek FinMin: political deal to free aid is imminent

Greece's finance minister said he was optimistic that the country's political parties would do everything necessary as early as today to ensure the release of a sixth aid tranche needed to avert a disastrous debt default.

03/11/2011 | World

G20: Greek PM ready to go, dump referendum, for euro deal

Fast-moving events in Athens overshadowed the first day of a summit of the Group of 20 major economies on the French Riviera, with anxious world leaders urging Europe to act to stop contagion from its sovereign debt crisis.

14/11/2011 | World

Greek conservative leader: 'I won't back more austerity'

The leader of Greece's main conservative group Antonis Samaras said today his New Democracy party would not vote for any new austerity measures and said the mix of policies demanded by international lenders should be changed.

21/11/2011 | World

Obama blames Republicans for debt panel failure

US President Barack Obama blamed Republicans for a congressional committee's failure to reach a deficit-cutting deal and vowed to veto any attempt to water down automatic budget cuts that would kick in by early 2013.

28/10/2011 | World

EU plan should restore confidence in banks, Fitch says

Europe's plan to halt the spread of a debt crisis will help restore confidence in banks and should leave the senior debt ratings of even most of the weakest ones unaffected, Fitch Ratings said.

02/11/2011 | World

Merkel, Sarkozy say no more aid until Greece decides on euro

Greece will receive no more European bailout aid until it has put an end to uncertainty and agreed to meet its commitments to the euro zone, the leaders of France and Germany said.

03/11/2011 | World

Greek PM sets talks with opposition, softens referendum stance

Greek Prime Minister George Papandreou offered today to hold talks with the opposition to resolve the country's political crisis and softened his stance on a referendum on the country's vital bailout package.

20/10/2011 | World

EU agrees on bank capital needs, split over bailout fund

The European Union has agreed that around 100 billion euros is needed to recapitalise the European banking system, but splits remain before a high-profile summit on Sunday over how to strengthen the euro zone's bailout fund.

22/10/2011 | World

EU seeks to break deadlock over bolstering banks

EU finance ministers neared agreement  on a framework to provide 100 billion euros to European banks, but were still wrangling over how to do it as Spain, Italy and Portugal raised concerns over the cost.

26/10/2011 | World

Euro zone aims to leverage EFSF 'several fold', draft statement says

The euro zone aims to leverage its 440 billion euro bailout fund, the EFSF, "several fold" but finance ministers will only agree the details of how that will be done in November, according to a draft statement to be issued after a summit today.

12/10/2011 | World

EU Commission calls for action on Greece and banks

The president of the European Commission called today for EU leaders to bring forward the introduction of a permanent rescue mechanism for states to mid-2012 from mid-2013 and called for more rigorous capital standards for banks.

15/10/2011 | World

G20 tells euro zone to fix debt crisis in eight days

The world's leading economies pressed Europe today to act decisively within eight days to resolve the euro zone's sovereign debt crisis which is endangering the world economy.

20/10/2011 | World

Greece adopts austerity bill amid protests

The Greek parliament approved a painful set of austerity measures on, defying violent protests in central Athens and a general strike which shut down much of the country.

06/10/2011 | World

Trichet sees intensified downside risks to growth

Downside risks to economic growth in the euro zone have intensified, European Central Bank President Jean-Claude Trichet said today, taking a slightly more gloomy view than a month ago.

08/10/2011 | World

Europe eyes bolstering banks ahead of debt storm

European banks may need more than 100 billion euros (US$135 billion) to withstand the sovereign debt crisis, Ireland estimated, ahead of a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy to work out how to recapitalise the lenders.

11/10/2011 | World

Troika says Greece likely to get aid tranche in early November

Greece is likely to receive an 8-billion euro aid tranche it needs to stave off bankruptcy in early November, EU, IMF and ECB inspectors said in a joint statement today concluding a weeks-long review of the country's finances.

29/09/2011 | World

Greece resumes talks with auditors amid protests

Civil servants blockaded several ministries to protest against austerity measures as Greece resumed talks with EU and IMF inspectors on an 8 billion euro aid tranche it needs to avoid bankruptcy next month.

29/09/2011 | World

White House says US supports European actions on debt problems

The White House said that it supports actions that European leaders have taken on their debt problems and urged them to continue.

01/10/2011 | World

State job cuts on table at Greek loan talks

Greek officials held talks with EU and IMF negotiators to free up urgently needed bailout loans, but the government and the lenders were reported to be at odds over how to meet a promise to lay off state workers.

23/09/2011 | World

G20 pledges to take actions to preserve stability

A statement issued after G20 talks in Washington said the 17-nation euro zone would implement "actions to increase the flexibility of the EFSF and to maximize its impact" by mid-October.

24/09/2011 | World

World presses Europe on debt, US warns of bank runs

The United States, China and other countries piled pressure on Europe to comes to grips with its debt crisis before it risks causing bank runs and pushing the global economy into ruinous recession.

28/09/2011 | World

EU's Barroso calls on ECB to do whatever it takes in crisis

European Commission President Jose Manuel Barroso urged the European Central Bank to do everything in its power to maintain financial stability in the euro zone, saying the EU faced the biggest challenge in its 50-year history.

19/09/2011 | World

International lenders say Greece must shrink state to avoid default

International lenders told Greece it must shrink its public sector and improve tax collection to avoid default within weeks as investors spooked by political setbacks in Europe dumped risky euro zone assets.

22/09/2011 | World

Geithner: EU crisis, US politics, biggest threats to economy

US Treasury Secretary Timothy Geithner said that the European debt crisis and the political divisions in the United States were the biggest threats to the global economy.

22/09/2011 | World

Obama urges Europe leaders to be forceful on economy

US President Barack Obama urged European leaders this week to take "forceful and decisive" action to confront current eurozone debt problems, White House spokesman Jay Carney said today.

08/09/2011 | World

ECB holds rates as recession fears mount

The European Central Bank held interest rates at 1.5 percent today and is likely to indicate that a policy tightening cycle it began in April is on hold in the face of growing evidence the euro zone's economic recovery is losing momentum.

09/09/2011 | World

Lagarde: 'Policymakers should take more action to support recovery'

Policymakers in advanced economies should use all available tools to boost growth, International Monetary Fund Managing Director Christine Lagarde said today, calling for bold action to weather a "dangerous new phase" of recovery.

17/09/2011 | World

Obama: Americans must pay fair share to cut deficit

President Barack Obama said that Americans need to be ready to "pay their fair share" to narrow the US deficit, previewing his proposals to Congress that are expected to include more taxes on the rich.

11/08/2011 | World

Obama vows new growth proposals 'week by week'

President Barack Obama vowed to put out new proposals "week by week" for boosting economic growth and job creation and said Congress needs to complete work on a deficit-reduction plan.

01/09/2011 | World

US has 'enormous' debt problem: ECB's Stark

A debt crisis is still gripping the developed world, European Central Bank policymaker Juergen Stark said, adding there was no alternative but for countries to take painful steps to consolidate their public finances.

07/09/2011 | World

Court curbs German ability to act fast on debt crisis

Germany's top court handed its country's parliament a greater say over euro zone bailouts, potentially hampering Berlin's ability to act decisively against a debt crisis which Chancellor Angela Merkel said needed a fundamental rethink to solve.

05/08/2011 | World

Disapproval of US Congress hits new high after bipartisan battles over debt ceiling

Disapproval of Congress rose to an all-time high after weeks of rancorous partisan battles over raising the US debt ceiling took the country to the brink of default, according a New York Times/CBS News public opinion poll published today.

05/08/2011 | World

White House: 'We still have a long way to go'

It is encouraging that US job growth accelerated more than expected in July, but the country still has a long way to go to recovery, a top White House adviser said.

10/08/2011 | World

Poll says 73% of US citizens believe country is on wrong track

US citizens by a large majority believe the United States is on the wrong track and nearly half think the worst is yet to come in the economy, a Reuters/Ipsos poll said today.

02/08/2011 | World

Fitch keeps US AAA rating, review ongoing

Fitch Ratings said the agreement to raise the borrowing capacity of the United States means the risk of a sovereign default is "extremely low" and commensurate with a AAA rating.

02/08/2011 | World

Italy under fire in widening euro debt crisis

Financial market pressure on Italy intensified, sucking Europe's second biggest debtor nation deeper into the euro area danger zone and prompting emergency consultations in Rome and among European capitals.

02/08/2011 | World

Moody's confirms US rating at AAA, outlook negative

Moody's Investors Service confirmed its AAA rating of the United States, citing the decision to raise the debt limit, but assigned a negative outlook to the rating, pressuring lawmakers to create a long-term fiscal consolidation plan.

02/08/2011 | World

US Senate to vote on debt deal

Just hours before the Treasury's authority to borrow funds runs out - risking a damaging US debt default - the Senate and President Barack Obama are expected to approve a deal to cut a bulging deficit and lift the $14.3 trillion debt ceiling enough to last beyond the November 2012 elections.

02/08/2011 | World

US Congress averts default, downgrade fears haunt

The United States stepped back from the brink of default but congressional approval of a last-gasp deficit-cutting plan failed to dispel fears of a credit downgrade and future feuds over taxes and spending.

02/08/2011 | World

Obama says more needed to boost US economy

President Barack Obama said a just-passed bill to raise the US debt ceiling and cut spending was a first step toward ensuring the United States lives within its means but that more was needed to rebuild the world's largest economy.

01/08/2011 | World

US House passes debt bill, wards off default risk

The House of Representatives approved a last-gasp deal to raise the US borrowing limit in a decisive step toward averting a catastrophic debt default by the world's largest economy.

01/08/2011 | World

Gov'ts welcome US debt deal, still worry about ratings

Japan and Germany welcomed news of an 11th-hour deal to avoid a US government default, but officials in both countries said Washington must do more to deal with its huge debt burden and the threat of a cut in its credit ratings.

02/08/2011 | World

Geithner unsure if US debt to be downgraded, but debt battle damaged confidence

In an interview with ABC News aired today, US Treasury Secretary Timothy Geithner said he is not sure whether the bitterly fought debt agreement to be considered by the US Senate will avoid a downgrade of the U.S. top-tier credit rating.

26/07/2011 | World

IMF chief urges US to resolve debt spat immediately

IMF chief Christine Lagarde urged the United States to quickly resolve a political stalemate over raising the debt ceiling, warning that failure to reach an agreement would have serious consequences for the world economy.

29/07/2011 | World

Lawmakers' votes open way for final US debt push

US lawmakers opened the way for a last-ditch bid for a possible bipartisan compromise to avert a crippling national default just four days before the deadline to raise the country's debt ceiling.

31/07/2011 | World

Obama announces deal reached to end debt crisis

President Barack Obama announced a last-minute deal to raise the US borrowing limit and avoid a catastrophic default and he urged lawmakers to "do the right thing" and approve the agreement.

25/07/2011 | World

Obama: Spending cuts alone not answer on deficit

President Barack Obama, taking a combative tone in a standoff with congressional Republicans over the US debt, said the country cannot deal with its budget problems through spending cuts alone.

25/07/2011 | World

Obama urges compromise to avoid 'reckless' default

President Barack Obama called on Republican and Democratic leaders on Monday night to reach a fair compromise on raising the debt ceiling to avert a "reckless and irresponsible" national default.

25/07/2011 | World

Obama calls for compromise on debt

President Barack Obama said on Monday a temporary six-month extension of debt ceiling does not solve the problem and might not be enough to avoid credit downgrade.

22/07/2011 | World

Top Republican breaks off debt talks with Obama

US House Speaker John Boehner broke off talks with President Barack Obama on Friday on a deficit-reduction deal to prevent a devastating default and said he would try to hammer out an agreement through the Senate.

23/07/2011 | World

New dispute threatens US debt limit negotiations

New disagreement erupted between congressional Democrats and Republicans over the timetable for increasing US borrowing authority, possibly jeopardizing efforts to avert a default.

25/07/2011 | World

IMF calls for US debt rise, warns of global economic repercussions

The International Monetary Fund urged the United States to swiftly raise the debt ceiling to ward off risks of a credit downgrade that could damage the global economy.

18/07/2011 | World

Obama: Can't let politics obstruct tackling deficit

President Barack Obama said he wants to make sure payroll taxes do not go up for US families next year and that politics should not get in the way of tackling the the US deficit.

21/07/2011 | World

Taxi drivers block Crete, Corfu ports and airports

Greek taxi drivers blocked ports and airports on the popular tourist islands of Crete and Corfu, in a strike to protest against government plans to open up their trade to competition.

22/07/2011 | World

Fitch to slap 'restricted default' status on Greece

Fitch ratings agency declared Greece would be in temporary default as the result of a second bailout, which Athens said had bought it breathing space.

15/07/2011 | World

Obama says time running out for debt ceiling deal

US President Barack Obama that deficit negotiations should have been taken care of early rather than allowed to run this close to the Aug. 2 deadline for raising the US debt ceiling.

17/07/2011 | World

Fallback plan gains momentum in US debt talks

With time running short in US debt talks, Republican and Democratic senators sought to craft a plan that could avert an unprecedented government default while making modest cuts in the deficit.

18/07/2011 | World

Geithner urges EU act forcefully to contain crisis

"What Europe obviously needs to do is to act more forcefully to contain the risk of an escalating crisis in Europe," Geithner told CNBC television. "They have the capacity to manage this in a way that does not add to the broader burdens of the global economy."

13/07/2011 | World

Fitch downgrades Greece on lack of funding program

Fitch Ratings downgraded Greece deeper into junk territory, citing the absence of a new and fully funded financing program for the country.

14/07/2011 | World

IMF says Irish must keep strictly to debt plans

Ireland will need to continue to closely adhere to its goals under an EU-IMF bailout to limit the fallout from potential contagion effects from the euro zone debt crisis, officials from the EC, the IMF and the ECB said.

14/07/2011 | World

Obama asks lawmakers to gauge support for debt deal

US President Barack Obama concluded a round of debt talks by sending lawmakers back to Congress to gauge support for a deal, saying a package to cut the deficit by $2 trillion was within reach.

09/07/2011 | World

US Republican leader says broad debt deal unlikely

An effort to craft a broad deal of up to $4 trillion in deficit-reduction appeared out of reach as Republican leader John Boehner cited differences with the White House on taxes and proposed pursuing a more modest package.

11/07/2011 | World

Obama wants largest possible deal in debt talks

President Barack Obama said that congressional leaders will meet every day until the debt ceiling issue is resolved, adding that there is "a lot of work to do" to tackle the problem.

12/07/2011 | World

Obama warns seniors could be hurt without debt deal

US President Barack Obama raised the stakes in the third straight day of budget talks, warning that senior citizens and veterans may suffer first if the debt ceiling is not raised by Aug. 2.

06/07/2011 | World

Obama tweets for the first time, tweaks Republicans

US President Barack Obama took to Twitter today to press his economic agenda, using the popular social media site to tweak Republicans and advocate for a deal to reduce the deficit.

07/07/2011 | World

US debt talks aim for at least US$3 trln deal, sources say

US President Barack Obama and congressional leaders are aiming for at least US$3 trillion and possibly more than US$4 trillion in budget savings after a White House meeting today, Democratic aides said.

08/07/2011 | World

Obama: 'Debt limit fight fuels business uncertainty'

President Barack Obama, speaking after the release of a gloomy US jobs report for June, cited the debt limit dispute, along with the crisis in Greece, as among factors making companies more hesitant to hire and invest.

14/05/2011 | World

Geithner warns of new recession without debt rise

With the government about to hit its $14.3 trillion debt limit, US Treasury Secretary Timothy Geithner has warned of "catastrophic" consequences and a new recession if Washington is not able to borrow more.

08/06/2011 | World

Germany puts Greek restructuring back on table

Germany has put a Greek restructuring back on the table, demanding in a letter to its EU partners that private bond holders make a major contribution to a looming debt relief deal for the struggling euro zone member.

04/07/2011 | World

S&P warning adds default threat to Greece's bailout

Greece would likely be in default if it follows a debt rollover plan pushed by French banks, S&P warned, deepening the pain of a bailout that one European official said will cost Athens sovereignty and jobs.

21/12/2010 | World

Portugal faces rating cut, Spanish debt costs rise

Portugal was put on notice that its credit rating could be cut and fellow euro zone debtor Spain had to pay more to issue new debt, suggesting the currency bloc's crisis will rage unabated in 2011.

27/01/2011 | World

S&P cuts Japan sovereign debt rating; warning to rich world

Standard & Poor's cut Japan's credit rating for the first time since 2002, saying Tokyo lacked a plan to deal with its mounting debt, in a warning that will rattle other heavily indebted rich nations.

12/05/2011 | World

Debt crisis could still spread to EU core: IMF

Despite bailouts for Greece, Ireland and Portugal, Europe's debt crisis could still spread to core euro zone countries and the emerging economies of eastern Europe, the International Monetary Fund warned.

04/10/2011 | Latin America

EU and Brazil call for united action on debt crisis

Brazil and the European Union must take concerted action to calm markets fearful of global contagion spreading from Europe's debt crisis, leaders from both sides said today.

18/10/2011 | Latin America

Brazil’s Rousseff asks for ‘credible’ compromise to tackle EU debt crisis

Brazil’s Rousseff asked today for a “credible comprise” to overcome EU debt crisis. Leaders from India, Brazil and South Africa urged the world's rich countries today to contain their financial crises and prevent the global economy from slipping into a double dip recession.