According to an analysis conducted by rating agency Standard & Poor’s, he public debt of the United Kingdom is approaching 100% of GDP. This situation might lead the agency to downgrade its investment rating of Great Britain. The loss of investment rating of “triple A”; would be a disaster for the Labor government led by [...]
The president of the Bulgarian Industrial Association (BIA), Bojidar Danev, said that Bulgaria will not manage to overcome the negative effects of global financial crisis until 2012, according to Sofia News Agency.
Danev added that national budget revenues are down and the system bank of the country has deteriorated. BIA President has said that falling liquidity [...]
The global economy will return to growth starting next year, said deputy director of the International Monetary Fund (IMF), John Lipsky, quoted by Bloomberg.
“Our outlook on the global economy suggests a return to economic expansion in 2010”; said Lipsky. “However, the return will be much more slowly than in previous periods of recession “the IMF [...]
The economic crisis is requiring governments around the world to cut budgets. First affected by the social adjustment costs from Lithuania were mothers. In Estonia, the President wants to give an example and reduced his own salary. In Hungary, the victims of adjustment are primarily pensioners.
The cutting of social cost brought hundreds of mothers to [...]
The EU economy has reached its lowest point, and recovery could begin next year, according to the Finance Ministers of the Member States, who met in Brussels. The ministers agreed that it is necessary to return to fiscal discipline once the economy starts to grow again.
Finance ministers of the euro area were agreed with [...]
The European Parliament (EP) has adopted stricter rules on the activities of the banks, including the establishment of committees to oversee transnational banks to prevent a new crisis in financial system.
The new rules will come into force at the end of next year. “It is clearly a first step, a response to the financial crisis, [...]
The annual inflation rate in the European Union was maintained in April at 0.6% compared with the same month of 2008, according to official statistics agency of the European Union, Eurostat, writes The Wall Street Journal.
Inflation was lower to the estimated level, but economists expected that it will resume its decline in May.
“It is only [...]
The banks from the United States and Europe would need $875 billion (675 billion euro) by the end of the year to return at a level similar to that in the years before the financial crisis. Double that amount would be needed to match the performance obtained in the mid ’90s, according to the [...]
A VAT increase, freezing salaries and reducing subsidies are among measures taken by the new government in Budapest.
Bajnai Gordon, 41 years old, the new Hungarian Prime Minister, will increase VAT from 20% to 25%, but will decrease taxes on wages and income. Bajnai said that the modifications of a tax are designed to boost job [...]
The International Monetary Fund (IMF) estimates that the global economy will stay in a recession that is longer and more serious than previous ones, before a “light” return, according to the report on prospects for the global economy.
The IMF report shows that the global recession and the financial crisis will lead, most probably, to an [...]
The Industrial and Commercial Bank of China (ICBC), already the largest lender in the world based on market capitalization, recently became the largest bank globally in the terms of volume of deposits, the Financial Times writes.
ICBC has attracted deposits worth 1300 billion U.S. dollars (986 billion euro) to the end of past mounth, outgrowing bank [...]
