The International Labor Organization has released its annual report that states worldwide unemployment could hit record levels this year and could continue rising until 2017.
The current record is from 2009 when 198 million were unemployed. The ILO projects that by the end of 2013 there will be 202 million with a rise of 5.1 million from current levels. The report predicts 205 million unemployed by 2014. Continue reading
The global recession is forcing many countries to consider a drastic measure to kick start economic recovery including cutting the value of their currencies.
Expert economists are predicting this could lead to a global “currency war.” Continue reading
Japan, the third-largest economy in the world, is undergoing a $116 billion stimulus package in an attempt to stop a recession. Continue reading
Bankia, one of the largest banks in Spain, has been found to have a negative net worth sending stocks tumbling almost 20%.
Spanish officials say the bank has been assessed with a negative $4.2 billion euro balance ($5.6 billion U.S.) and their parent company BFA with a negative $10.4 billion euro deficit. Continue reading
Standard and Poor’s has surprised economists by raising Greece’s credit rating six levels from “selective default” to “B-minus”.
S&P stated the continued efforts of Eurozone countries to help Greece stay in the Euro and the austerity measures taken by the Greek government to eliminate excessive spending. Continue reading
The European Central Bank has revised its outlook for 2013 and is now stating that it’s likely the entire Eurozone will have a massive recession that will last through the year.
The report says growth will be between -0.9% and 0.4%, significantly lower than previous predictions of growth between 0.2% and 2.2%. Continue reading
The European Stability Mechanism, created in October as a permanent agency of the EU, has already had its credit rating downgraded by Moody’s. Continue reading
Ratings agency Fitch announced that it has made major downgrades to Argentina because they believe the nation is rapidly heading into default.
The nation’s long-term credit rating fell 5 notches from B to CC and the short term rating from B to C. C is the lowest rating a country can fall before they go into economic default. Continue reading
Over 200 people have been wounded after a second day of battles between protesters and Tunisian security forces.
The protesters are upset over high unemployment in the country. Tunisia is the birthplace of the “Arab Spring” that overthrew various leaders calling for Islamic rule that they believed would bring them prosperity. Continue reading
In a blow to the already beleaguered Eurozone economy, France has been downgraded in its credit status by Moody’s.
The country’s debt downgraded one position from AAA to AA1 and has kept a negative outlook. The negative outlook means that it’s very likely France could see another downgrade to their rating. The lower rating results in higher interest rates for borrowing costs hampering international investment. Continue reading