Unemployment in Greece reached 1 in 4 adults for the first time in the nation’s history according to figures released today.
Greece’s statistical authority reported that the country lost 1,000 jobs a day over the last year. Over 1.26 million citizens were without a job in July. Government budget cuts and a deepening recession ahead for the next year was likely to increase that number. Continue reading
In a major blow to Spain’s economy, ratings group Standard & Poor’s lowered the country’s credit rating to BBB-, one level above junk status, warning that other downgrades were possible.
The country is expected to be asking for a bailout in the midst of drastic spending cuts, tax increases and youth unemployment over 50%. Continue reading
The International Monetary Fund cut its projections for global economic growth by .3% and said that there are considerable possibilities of further deterioration in the world economic outlook.
One of the IMF’s biggest downgrades focused on the United Kingdom which had been forecasted to show very small growth through the rest of 2012. The revised forecast is calling for a .4% shrinkage. The Fund still believes that at least 1% growth for the UK is possible in 2013 but that forecast was also cut by .3%. Continue reading
The Red Cross is making an appeal across Spain to help families who have been devastated by the economic crisis. The Red Cross mainly helped immigrants until this year but because one in four adults are unable to find jobs many Spanish families are now relying on food handouts.
The Spanish Red Cross is also claiming the dire economic situation is causing rising levels of inequality that will lead to social unrest. Continue reading
Unemployment in the Eurozone has risen to 18.2 million after releasing economic data for August. The rate of unemployment remained the same after the rate for July was revised upward at 11.4%, however there was an increase of 34,000 out of work in the month.
The highest unemployment rate for an individual nation was Spain where one out of four eligible workers are unemployed. Austria had a rate of 4.5%. The rate in Germany, the Eurozone’s most stable economy, was 5.5%. Continue reading
Greek police used tear gas to disperse a crowd of anti-austerity protesters who attacked the government’s parliament using gasoline bombs.
The protesters are angry about spending cuts of 11.5 billion euros ($15 billion U.S.) the government needs to put in place to secure the country’s next round of bailout funds. The country’s next 31 billion euro ($39.8 billion U.S.) installment is being sought to help continue government operations. However, record unemployment and 1/3 of the country’s citizens under the poverty line many citizens are upset about the cuts to government services. Continue reading
Pastor Jim & Lori discuss Revelation 9 for Day 1 on The Jim Bakker Show. Continue reading
Belize, a nation located on the Caribbean Sea bordering Mexico and Guatemala, won a 60 day reprieve after making a bond payment, holding a full national default on debt at bay.
The nation paid $11.7 million to their creditors which fell short of the total $23 million due on debt interest that was due on Wednesday. The bondholders accepted the partial payment and said that they would delay taking legal action. Continue reading
The second biggest lender in Spain is reporting that it could take up to 60 billion euros ($78 billion US) to bail out the country’s banks.
The results of independent stress tests of the Spanish banking system aren’t due to be released until September 28th but BBVA apparently obtained access to the information in advance. Continue reading
President Manuel Barroso, head of the European Commission, has issued a call for members of the EU to transform into “nation-states” as part of his annual address to the EU parliament.
If the group turned into a “federation of nation-states” then the group would be able to better withstand the economic crisis that is raging through the continent. He also laid out plans for a single supervisory entity for the banking system in all member nations.
“[The entity] is a quantum leap,” Barroso said in his speech. “The stepping stone to the banking union.” Continue reading