Egypt’s foreign currency reserves took a major hit in January falling 10%.
Egypt’s central bank said that reserves fell $1.4 billion during the month as political unrest and violent protests start to have a major impact on the government’s ability to collect funds. The dip raises significant concerns about the stability of the Muslim Brotherhood-led government. Continue reading
Almost 157,000 jobs were added to the U.S. economy last month while the unemployment rate continued to climb.
The unemployment rate climbed to 7.9% in January, up .1% from the previous month’s total. The data from the Labor Department said that an average of 181,000 jobs were created each month in 2012. However, the data did not break down to say if those were low paying, minimum wage jobs or jobs with livable wages. Continue reading
The latest Markit Purchasing Manager’s Index shows that the manufacturing market contraction that has been plaguing the eurozone is beginning to ease.
The latest level shows 47.9, an increase of 1.8 from December. Still below 50, it shows there is contraction in the manufacturing market, just at a much lesser pace than the previous month. Continue reading
Zimbabwe’s public account for paying government bills hit $217 last week.
Not $217 million. $217.
Payments by the government to civil servants left the entire government so poor that they couldn’t afford to buy an iPhone. Continue reading
Official estimates show the U.S. economy shrinking by .1% in the fourth quarter of 2012, shocking economists who believed they would see growth of at least 1%. It’s the first time the economy has contracted during a quarter since the 2009 global recession. Continue reading
Protesters stormed government offices in Athens breaking doors and overturning chairs as they tried to get to Employment Minister, Yiannis Vroutsis. The minister, who was in the office at the time of the assault, escaped the conflict unharmed.
Police made 33 arrests and used batons to disperse the crowd that managed to surge into the waiting rooms outside the main offices. Continue reading
Catalonia, a region of Spain that has expressed a desire to become an independent country, has asked the Spanish government for a $9 billion euro bailout. The Catalonian regional government said the funds would pay down debt and meet targets for deficit reduction.
The region initially requested a $5 billion bailout in August, 2012.
The bailout request comes as the newly elected Catalonian leaders pledged a referendum on the region’s independence. Continue reading
French politicians have been rushing to the country’s media outlets to rebut a statement made by the country’s Labour Minister that France is “totally bankrupt.”
Labour Minister Michel Sapin replied to a question during a radio interview by saying France “is a state totally in bankruptcy.” He later tried to claim his comments were only made in jest but economists outside the nation believe he could have been revealing information the French government has been trying to suppress. Continue reading
“There is definitely a glimmer of hope,” Greek finance minister Yannis Stournaras told the BBC. “Light at the end of the tunnel.”
Greece is still receiving a large amount of bailout money from the European Union amid austerity measures that have caused massive strikes among public sector employees. The money is expected to continue being given to the country through the first half of the year. Continue reading
Spain’s unemployment rate has set a new record with 55 percent of the nation’s youth unable to find work.
The unemployment rate for the entire country rose to 26 percent with almost six million out of work. Continue reading