September 6, 2012 |
The European debt crisis is pushing the continent into recession and dragging down the global economy, according to a forecast released Thursday by the Organization for Economic Cooperation and Development. Growth in the world's seven major industrialized economies is expected to slow to just 0.3% in the third quarter of this year, and 1.1% in the fourth quarter, the group said. Deep problems in Europe are driving that slowdown, with the Eurozone's three largest economies -- Germany, France and Italy -- forecast to contract a combined 1% in the third quarter and 0.7% in the fourth quarter.
March 17, 2013 |
WASHINGTON -- The country isn't facing an immediate debt crisis, House Speaker John Boehner (R-Ohio) said Sunday, but he argued that Congress and the president must reform entitlements to avert one that lies dead ahead. “We all know that we have one looming,” Boehner said on ABC's “This Week”. “And we have one looming because we have entitlement programs that are not sustainable in their current form. They're going to go bankrupt.” Boehner expressed agreement with Obama's statement in an ABC interview the other day that the debt doesn't present "an immediate crisis.
October 23, 2011 |
The leaders of France and Germany said Sunday that they had made progress in bridging their differences over a wide-ranging strategy to combat Europe's debt crisis but that the "mind-boggling technical complexity" of the task meant they needed until midweek to finish preparing their plans. Intensive negotiations are continuing between Paris and Berlin, the two heavyweights of the European Union, over how best to increase the firepower of the EU's $600-billion bailout fund and to reduce Greece's staggering debt burden.
CALIFORNIA | LOCAL
June 25, 1987
In response to John Broder's article (June 12), "Way Open to Solve Global Debt Crisis," I would like to point out that there is perhaps a once-in-a-generation opportunity now for the World Bank to take action that could substantially help Third World countries to overcome their horrendous debt burdens. As the article pointed out, what is lacking in many of the countries is an economic base, a necessity for the repayment of loans such as those made in recent years by commercial banks.
March 29, 2012 |
The economy is moving faster in the U.S. than it is across the pond, according to a new OECD report predicting that domestic growth will outstrip Europe's. The U.S. economy will expand at a 2.9% annual rate in the first quarter and then a 2.8% rate in the second, according to the Organization for Economic Cooperation and Development . That's much faster than the 1.9% overall growth rate forecast for the advanced nations considered to be in the Group of Seven. The credit goes to the rebounding stock market in the U.S., as well as consumer confidence that is near one-year highs and promising movements in the job market, according to the OECD.
April 21, 2012 |
WASHINGTON -- One by one, the world's top finance officials Saturday pressed Europe to do more to shore up its debt problems, warning that the global recovery remains fragile and that the Eurozone shouldn't relax now that it has secured more resources to fight the crisis. In statements issued a day after officials announced commitments to boost the International Monetary Fund's emergency lending capacity by $430 billion, finance ministers meeting here called on euro-area policymakers to strengthen their banks and continue to make economic reforms that would lead to stronger and more balanced growth. U.S. Treasury Secretary Timothy F. Geithner, while welcoming the new commitments to bolster the IMF's firepower, said: “The success of the next phase of the crisis response will hinge on Europe's willingness and ability, together with the European Central Bank, to apply its tools ... flexibly and aggressively to support countries as they implement reforms.