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Economy News

Greece to keep repaying creditors as long as it can

Atenas - Struggling Greece will keep on repaying its EU-IMF creditors for as long as it can, with some 300 million euros due next week and no deal in talks over the country's remaining bailout funds, a spokesman said Monday.

Russia vows 'tough' action if Ukraine defaults on debt

Moscow - Russian Prime Minister Dmitry Medvedev said Saturday that his government will adopt a "tough stance" if Ukraine defaults on its debt, which includes a $3 billion loan from Moscow.

Gaza facing 'dangerous fiscal crisis': World Bank

Jerusalem - The Gaza Strip has the world's highest unemployment and Palestinians, Israelis and donors must take action to avoid a "dangerous fiscal crisis," the World Bank said Friday.

French, German leaders hold talks with Greek PM in Riga

Riga - Greek Prime Minister Alexis Tsipras held "friendly and constructive" debt talks with the leaders of France and Germany but gave no sign of a breakthrough ahead of a crucial June deadline.

Teachers strike in France to protest school reforms

Paris - Teachers in France went on strike Tuesday to protest against a proposed reform of secondary education that has become a bitter battleground for one of the country's rising political stars.

Greece in final stretch of troubled loan talks

Atenas - Greece on Monday entered the final stretch of tortuous talks with its international creditors on a bankruptcy-saving loan deal, with the government calling for a breakthrough by the end of the month.

Ukraine criticises creditors over debt talks

Kiev - Cash-strapped Ukraine said Tuesday its debt restructuring talks were moving slowly and criticised its creditors for a lack of willingness to engage in negotiations.

Greece raids emergency account to repay debt

Atenas - Greece admitted Tuesday it tapped into an emergency account to pay 750 million euros ($845 million) due to the International Monetary Fund, adding pressure to reach a deal to avoid crashing out of the eurozone.

Honduran gangs choke small businesses with 'war tax'

Tegucigalpa - Surrounded by empty stalls, Sheila is holding on as best she can to the small stand where she sells fried bananas in what was once one of Honduras's busiest markets.

El Nino will be 'substantial', warn Australian scientists

Sydney - Australian scientists on Tuesday forecast a "substantial" El Nino weather phenomenon for 2015, potentially spelling deadly and costly climate extremes, after officially declaring its onset in the tropical Pacific.

Greece avoids default with IMF payment but warns of imminent crisis

Brussels - Greece narrowly averted a default Tuesday that could have seen it crashing out of the euro, but warned it faced another cash crunch within two weeks without a bailout deal with its EU financiers.

Greece makes progress but warns of cash crunch

Brussels - Greece won limited support from the eurozone Monday for the progress it has made in difficult bailout talks, but warned that Athens faced a cash crunch within two weeks without a deal.

Greece says it is paying 750 mn euros due Tuesday to IMF

Atenas - Greece has begun the transfer of 750 million euros ($836 million) to the International Monetary Fund one day before the payment is due, the finance ministry said on Monday.

Greece to repay IMF but eurozone deal far off

Brussels - Greece said on Monday it would meet a huge IMF payment deadline to avoid a catastrophic default but despite some progress in talks with its eurozone partners a bailout deal still seemed far out of reach.

S.Africa strike season looms after attacks on migrant workers

Johanesburg - South Africa's annual season of labour strikes often turns violent, but a recent wave of deadly xenophobic attacks has heightened fears that this year's protests could fuel further aggression towards migrant workers.

How much are the world's oceans worth?

If the oceans of the world were a national economy or large corporation, how much would they be valued at? About $24 trillion, at least that's according to one organization.

Spain's Podemos seen watering down fiery policies

Madrid - Spanish protest party Podemos has ditched its most radical policies and seems to be shifting towards the centre as it struggles to maintain momentum ahead of elections, analysts say.

Cuba's Castro starts Russian visit ahead of WWII parade

Moscow - Cuban President Raul Castro began a series of meetings with Russian leaders Wednesday during a symbolic visit to Havana's Cold War ally for a World War II victory parade at a time of thawing ties with Washington.

Britain to stay in EU: Top European diplomat Mogherini

Bejing - Britain will stay in the European Union, the 28-nation group's top diplomat predicted Wednesday, a day ahead of an election in which incumbent Prime Minister David Cameron has promised a referendum on membership.

Syriza's 100 days: A slow reckoning with financial reality

Atenas - It promised to turn the page on five years of austerity that brought Greece to its knees, but the first 100 days of the radical government of Alexis Tsipras has seen that hope disappear into the yawning gulf between it and the country's creditors.

Venezuela to nationalize food distribution

Caracas - Venezuelan President Nicolas Maduro has promised to nationalize food distribution in the South American nation beset with record shortages of basic goods, runaway inflation and an escalating economic crisis.

Mauthausen: The 'camp of no return' that built the Third Reich

Mauthausen - In 1942, a farmer living next to the Mauthausen concentration camp, in northern Austria, filed a police report about detainees getting shot in the camp's quarry and left to die.

Wife shields Greece's Varoufakis in restaurant standoff with anarchists

Atenas - Greece's combative Finance Minister Yanis Varoufakis was shielded by his wife Danae after being pelted with glass objects by anarchists at a restaurant in a working-class Athens neighbourhood, the finance ministry said Wednesday.

Nigeria's GDP to hit $1 trn 2030 – Among top 20 world economies

Lagos - Nigeria's GDP will double in the next 15 years to more than $1 trillion, according to the latest projections by the USDA. The optimistic forecast says Nigeria's economy will grow at an annual rate of up to 7.92 percent in the next 15 years.

Chile volcano eruption costs region $600 mn: Official

Puerto Varas - Last week's spectacular twin eruptions of the Calbuco volcano will cost southern Chile's Los Lagos region, a tourism and agriculture hub, up to $600 million, a local business leader said Monday.

Embattled Ukraine fights for debt deal on financial front

Kiev - As government troops face off against pro-Russian separatists, Ukraine is also manoeuvring on the financial front, scrambling to stave off disaster by renegotiating its foreign debts.

Britain faces more austerity medicine, whoever wins

London - In the cacophony of slogans ahead of Britain's general election on May 7 one thing is for sure -- the country faces more austerity whichever party wins.

Greek minister raises possibility of fresh election

Atenas - The interior minister of cash-strapped Greece has raised the possibility of fresh elections to give Greeks the last word on the government's economic policy."Those who imagine that the current government is an interlude ...

Croatians with Swiss franc loans protest 'debt slavery'

Zagreb - Thousands of Croatians with loans denominated in Swiss francs took to the streets of Zagreb Sunday to protest the increased debt burden caused by a surge in the Swiss currency.

Europe pushes Greece in bogged down debt talks

Riga - European ministers heaped pressure on Greece to speed up negotiations to unblock critically needed bailout funds and avert a dangerous default, showing frustration after months of bogged down talks.
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Obama addresses Congress - State of the Union Address 2013
Obama addresses Congress - State of the Union Address 2013
Chuck Kennedy / White House
Reinhart  Schoenholtz  Coronado at the Economic Outlook Forum at NYU Stern on September 3  2014
Reinhart, Schoenholtz, Coronado at the Economic Outlook Forum at NYU Stern on September 3, 2014
Backus  Schoenholtz  Coronado  and Reinhart at the Economic Outlook Forum at NYU Stern on September ...
Backus, Schoenholtz, Coronado, and Reinhart at the Economic Outlook Forum at NYU Stern on September 3, 2014
Republicans just can t seem to find it in themselves to share the nation s enthusiasm over the recov...
Republicans just can't seem to find it in themselves to share the nation's enthusiasm over the recovery.
Department of Labor
Comparison of debt in countries with the Euro as currency
Comparison of debt in countries with the Euro as currency
Occupy London Stock Exchange
Occupy London Stock Exchange
Eman Jueid / Aslan Media
millenials by the numbers
millenials by the numbers
From http://blog.k12.com/
Occupy London: The piazza of St Paul’s Cathedral
Occupy London: The piazza of St Paul’s Cathedral
Eman Jueid / Aslan Media
Pudong  China s financial and commercial hub  situated in Shanghai.
Pudong, China's financial and commercial hub, situated in Shanghai.
Wikipedia
Eurozone is lost in translation as EU collapses
Eurozone is lost in translation as EU collapses
Canberra: Bus Depot Markets.
Canberra: Bus Depot Markets.
Stephan Ridgway
Sen. Hatch  left  enjoys some Ogden chili.
Sen. Hatch, left, enjoys some Ogden chili.
Hatch DC office
Schoenholtz  Coronado  Reinhart  and Backus at the Economic Outlook Forum at NYU Stern on September ...
Schoenholtz, Coronado, Reinhart, and Backus at the Economic Outlook Forum at NYU Stern on September 3, 2014
Geithner to leave in consideration of family.
Geithner to leave in consideration of family.
The economic divide in Cabbagetown.
The economic divide in Cabbagetown.
President Obama delivers his State of the Union address at the U.S. Capitol  D.C.
President Obama delivers his State of the Union address at the U.S. Capitol, D.C.
Lawrence Jackson / White House
US GDP  2010 to 2012
US GDP 2010 to 2012
President Barack Obama greets Rep. Gabrielle Giffords  D-Ariz.  as he arrives on the floor of the Ho...
President Barack Obama greets Rep. Gabrielle Giffords, D-Ariz., as he arrives on the floor of the House Chamber to deliver the State of the Union address at the U.S. Capitol in Washington, D.C., Jan. 24, 2012
Pete Souza / White House
The French Stock Market (La Bourse) in Paris
The French Stock Market (La Bourse) in Paris
Sebche on Flick'r
UK: HM Treasury entrance
UK: HM Treasury entrance
HM Treasury