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Debt crisis News

Puerto Rico defaults, bankruptcy not an option

Puerto Rico, an American territory, has now claimed that it will not be able to make a $58 million dollar bond payment due today, shedding further doubts on the territory's financial situation.

Get the naming rights to Izumisano for $1.25 billion

Osaka - For those that have at least $1 billion to blow, the municipal government of Izumisano is offering the city's naming rights for at least that amount.

Italian dies after setting himself on fire in austerity protest

Rome - A 54-year-old unemployed man has become the latest victim of Italian austerity measures. He died on Sunday from burns incurred when he set himself on fire in front of the Italian parliament last week.

Review: A Marxist economist explains what is wrong with capitalism. Not

American economist Richard D. Wolff was born on April Fools' Day; in this interview with 'Russia Today', he shows why as he makes a complete and utter fool of himself.

Moody's downgrades six European countries amid debt crisis

New York - Moody's has announced that it has downgraded the credit rating of six European countries, while three other nations had their outlook cut to negative. These downgrades come as the European debt crisis persists and the economy remains weak.

Women protest Italy’s sexism culture

Rome - A protest in Rome on Sunday attracted thousands of women demanding greater rights, called for ending discrimination, and blamed a “macho culture” for the crisis in the euro zone’s third-largest economy.

Europe’s debt crisis drives Italy’s politicians to violence

According to the Standard and Poor agency, fears that Italy will default on its enormous debt has forced a downgrade of its rating to A/A-1, adding massive concerns to Italy’s weakening economic growth prospects.

Britons rush to buy gold as faith in cash savings decline

London - A new survey has found that more Britons are buying gold instead of putting their cash into savings. According to the survey, more than 38 percent of Britons say investing in gold is better than keeping cash savings.

Rising cost of college tuition leaves students weighted in debt

Washington - As a new semester begins, college student loans are approaching the $1 trillion mark, more than all US households combined owe on their credit cards, and colleges are encouraging the vast student debt as a lingering recession compounds the problem.

Dow plunges 600 points amid downgrade, economic fears

Washington - Amid growing concerns over a faltering economy, the European debt crisis, and a downgrade to the US credit rating, global markets took a hit on Monday, punctuated by the Dow Jones Industrial Average, which plummeted 633 points.

Op-Ed: Obama’s debt crisis — Selling out a nation

Washington - For the first time in its history, the US began the weekend with news its credit rating had been downgraded, less than a week after President Barack Obama agreed with Republicans to kick the so-called debt crisis down the road just a bit.

Op-Ed: Thanks for the debt ceiling problem, Wall Street

The cause of the debt ceiling debate has been largely ignored. The root cause doesn't stem from Capital Hill. It's from a street 228 miles hard north.

Op-Ed: The Debt Ceiling, How Republicans Need to Save Themselves

As the debt-ceiling deadline looms, Republicans need to step the plate and save themselves. Contrary to popular rhetoric, the current debt crisis is not the fault of Democrats or Republicans. It’s the economy stupid!

Op-Ed: Too big to fail, too big to save – the real debt crisis

The looming defaults in the so-called European debt crisis are constantly represented as a threat to civilisation; in reality, they are a threat to the financial parasites who oppress us all.

Greece - Communism rises as capitalism fails

The Arab Revolutions were about democracy, but in Europe, the popular unrest may be taking on more of anti-capitalist character.

With debt debates swirling, one group dispels some key myths Special

As congressional lawmakers begin to square off on the national debt and the challenges facing the nation on spending cuts, one non-profit organization is elevating the matter with an aggressive advertising campaign.

Axelrod: Senator Obama's opposition to debt ceiling a 'statement' Special

Washington - Speaking with Washington Post Managing Editor Chris Cillizza at a White House Correspondents Dinner breakfast event, Senior Presidential Advisor David Axelrod described Obama's opposition to raising the debt ceiling when a senator as 'a statement.'

Op-Ed: The debt crisis is threatening to engulf the whole of Europe

Portugal’s economic woes are spreading panic all over European markets, adding as they do to an already serious situation in which pessimism on the Greek debt and Ireland’s own economic crisis are threatening the Euro and Europe itself.

EU leaders agree on $1 trillion rescue package amid debt crisis

Brussels - After an exhausting ten-hour meeting, leaders of the European Union agreed on a $1 trillion rescue package to battle the astronomical debt in Europe that could cripple their economic growth.

Marc Faber: We are doomed, U.S. debt crisis in next 5 to 10 years

The United States debt is more than $12 trillion and financial guru Marc Faber believes the country will see the consequences of that within the next five to ten years through defaulting on their debt, most likely by printing large quantities of money.

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