For years it was a source of labor: Latin America, from where Spain’s poor colonial cousins flocked to work on its booming building sites. A decade on, the trend has gone into reverse.
The World Bank is discussing providing technical assistance to struggling Greece and Portugal in a rare deployment of its resources to developed economies, a bank official said Monday.
G20 finance chiefs begin Sunday two days of talks aimed at quelling fears of a global economic downturn amid a persistent eurozone debt crisis and a looming fiscal crunch in the United States.
The International Monetary Fund released Wednesday a 1.5 billion euro ($1.9 billion) loan installment to Portugal, after a review of its progress under a bailout program.
Spain has won breathing space but nothing more, analysts said Wednesday, after it escaped a feared downgrade of its debt to junk-bond status.
WASHINGTON—Moody’s held Spain’s debt rating Tuesday at Baa3, one step above “junk” grade, but assigned Madrid a “negative outlook,” maintaining a threat to downgrade the country if conditions deteriorate. Moody’s cited the European Central Bank’s willingness to buy Spanish government bonds to stabilize its borrowing rate as well as the government’s commitment to implementing [...]
The European Central Bank said Tuesday it will not simply print money to solve the eurozone debt crisis, but noted that Greece has made “significant” progress in tackling its deep financial problems.
The head of Europe’s financial bailout fund, Klaus Regling, said the eurozone crisis could be over in “one or two years” if member states stick to their pledges, in an interview to be published Monday.
It is not just stifling summer heat that is keeping shoppers at bay on Rome’s Via del Corso. As the economic crisis hits locals and tourists alike, many shops have little choice but to close for good.
Spanish and foreign investors have withdrawn a record 160 billion euros ($195 billion) from the struggling eurozone country this year, reflecting concerns over the economic outlook, official data showed Tuesday.
Before the Spanish economic crisis hit, Mercedes Gonzalez and her family lived comfortably, she working in a shoe shop and her husband and second son in construction.
The International Monetary Fund said Wednesday that Cyprus has asked for financial aid amid the eurozone sovereign debt crisis.
