World Economy
Greek deal: More pain for workers, no end to Europe’s crisis
By Julie Hyland, February 22, 2012
The €130 billion plus package of loans agreed by euro zone finance ministers does nothing to protect Greece from bankruptcy.
Euro zone negotiates Greek bailout amid rising popular opposition
By Christoph Dreier and Alex Lantier, February 21, 2012
A euro zone finance ministers’ meeting strained to reach an agreement on a new “bailout” for Greece, based on deeply unpopular austerity measures.
Half a billion children at risk for malnutrition
By Kate Randall, February 17, 2012
Save the Children warns that half a billion children around the world could grow up physically and mentally stunted over the next 15 years due to chronic malnutrition.
Pakistan “highly vulnerable” to economic shocks, warns IMF
By Ali Ismail and Sampath Perera, February 16, 2012
The International Monetary Fund has warned that Pakistan confronts anaemic growth, double-digit inflation, large budget and trade deficits and could soon face a balance of payments crisis.
Euro zone ministers tighten screws on Greece
By Nick Beams, February 16, 2012
Athens accused “forces in Europe” of trying to drive out of the euro, as leading euro zone countries issued further demands to be met before bailout funds are released.
Obama budget funds war, repression and Wall Street
By Patrick Martin, February 15, 2012
Domestic social spending is dwarfed by the Pentagon budget and $500 billion in interest payments.
As popular anger erupts
Euro zone ministers to demand still more Greek cuts
By Nick Beams, February 14, 2012
Despite the Greek parliament passing a sweeping austerity program, the meeting of euro zone finance ministers to be held tomorrow is likely to demand further cuts.
Reckitt Benckiser to close Australia plant, destroying 190 jobs
By Ismet Redzovic, February 13, 2012
Reckitt Benckiser, a transnational household and healthcare manufacturer, has announced the closure of its Sydney plant, as part of a global restructuring.
Global layoffs hit workers at GM, Nokia and Pepsico
By Jerry White, February 10, 2012
A week after American Airlines announced 13,000 job cuts in the US, a new round of mass layoffs is hitting workers in the auto, food and mobile phone industries around the world.
Greek government agrees to savage cuts, but troika demands more
By Robert Stevens, February 8, 2012
Talks held Tuesday night between the three parties making up the Greek government of Prime Minister Lucas Papademos failed to finalise the cuts demanded of it in return for a €130 billion rescue package.
The background to the euro crisis—Part 2
By Peter Schwarz, February 8, 2012
Over the last three years the world economy has experienced its deepest crisis since the 1930s. Europe has been especially hard hit. The survival of the euro and the European Union is now in question.
The background to the euro crisis—Part 1
By Peter Schwarz, February 7, 2012
For the last three years the world economy has undergone its deepest crisis since the 1930s. Europe has been especially hard hit. The survival of the euro and the European Union is now in question.
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