Another month, another record high for eurozone unemployment.
The unemployment rate for the eurozone rose to 11.9% in January, a rise of .1% from December’s previous record high. Continue reading
Tag Archives: Economic Decline
Michigan Governor May Declare Detroit In “Fiscal Emergency”
Detroit, the 18th largest city in the United States, is on the verge of being declared in a “fiscal emergency” by Michigan governor Rick Snyder.
Detroit Mayor Dave Bing said it seemed likely after talks with Snyder that the governor would declare the emergency and appoint an emergency manager for the city. The city is facing a $327 million budget deficit. Continue reading
Floundering Spanish Bank Shows Record Loss
Bankia, a company founded when seven struggling savings banks merged, has shown a record loss in 2012 causing analysts to wonder if the bank’s collapse is imminent.
Bankia’s losses for 2012 totaled $25.2 billion U.S. dollars. Continue reading
UK Credit Rating Cut; Pound Suffers
The British Pound is suffering losses across the world markets after the announcement by credit house Moody’s of a downgrade in the country’s credit. Continue reading
European Commission Admits Recession To Continue Through 2013
European Commission officials finally admitted what economists have been saying for months: the recession across the eurozone will continue through 2013.
The Commission said the eurozone’s economy is expected to shrink .3% during 2013. The Commission has been holding to a previous published report that the eurozone would see .1% growth during the year. The economy shrank .6% during 2012. Continue reading
Economic Worries Drive Pound Lower
The British pound has fallen against both the U.S. dollar and the Euro on fears that the economy is weaker than previously stated by analysts.
The pound fell to a seven month low against the dollar and a 15 month low against the Euro. A Bank of England policymaker is being pointed to as a source for the drop after stating the pound needed to weaken further to improve the economy. Continue reading
Japan’s Economy Shrinks Again
The plans of Japan’s government for a quick financial recovery took another blow yesterday when they announced the third straight quarter of economic contraction.
The economy shrank .1% in the fourth quarter of the year. Analysts had been predicting a small rise in the economy after dipping into recession after the third quarter. The drop has been attributed to a drop in key market exports. Continue reading
Eurozone Recession Increased In Fourth Quarter
The recession across the eurozone increased significantly during the fourth quarter of 2012 according to official figures released today.
The 17 nations that make up the euro showed an economic shrinkage of .6% in the final three months of the year, the sharpest decrease since 2009 and the first time ever the eurozone has shown contraction over every quarter in a calendar year. Continue reading
Jamaica In Severe Debt Crisis
Jamaica is planning its second debt swap in three years in an attempt to reduce the staggering debt which is crippling the government.
The country’s debt is currently 140% of the nation’s gross domestic product. The ratio is one of the highest debt to GDP ratios in the world. The debt swap is being done in an attempt to appease demands of the International Monetary Fund. Continue reading
Venezuela Devalues Currency
Venezuelan Vice-President Nicolas Maduro returned from visiting cancer-stricken President Hugo Chavez in Cuba and announced the nation would be devaluing it’s currency against the U.S. dollar by 32 percent.
The move raises the official exchange rate of their currency, the bolivar, from 4.3 to 6.3 for every U.S. dollar. Continue reading