Bulgaria's president denied on Sunday its banks were on the verge of collapse as six people were arrested for "spreading false information" about the health of the country's financial institutions, AFP reports.
On Wednesday, the US Commerce Department announced that in the first quarter of 2014 gross domestic product fell to a 2.9 percent annual rate, higher than the 1.0 percent pace it had reported last month. Although mainstream media and economists are still finding positive signs in the state of the US economy, some pundits believe the US may be approaching a period of prolonged economy contraction.
Too often, the so-called "War Party," an unholy alliance between the military-industrial complex and the politicians in Washington, has called the shots in regard to US foreign policy. However, never before has the War Party been so vocal in its open propaganda of the benefits of war. After the publication of Tyler Cowen's latest piece, The New York Times can safely be labeled a fully Orwellian publication.
Poland is the latest victim of "Euro mania" that gripped the continent. Despite numerous proofs that Euro adoption is more often than not a recipe for disaster, a number of Polish politicians are pushing for a speedy adoption of the common currency. However, cooler heads have prevailed so far.
Given the dire state of Ukraine's economy, Russia's gas giant doesn't expect Kiev to pay for its gas bills. In an exclusive interview for the state-owned Rossia 24 channel, Gazprom CEO Alexey Miller said that the problem transcends gas issues and is a systemic one. “Ukraine is bankrupt”, he added unequivocally.
It is often speculated that some members of the US establishment are pushing Ukraine towards a military conflict with Russia. But why do it in such a hurry? A Russian economist claims t hat he know s the answer, alluding to the link between the latest international crisis and the fate of the US currency.
It is not often than investment advice is based on political activism but the outspoken and radically eurosceptic CEO of SAXO manages to use his political views to support his financial predictions. In his latest article, Lars Seier Christensen explains why the Euro is doomed to fail.
The Both Houses of the US Congress have passed a bill providing assistance to Ukraine and imposing sanctions on Russia. It envisages 50 million dollars in financial aid to Ukraine for improving democratic governance, anti-corruption efforts and supporting free and fair elections in Ukraine and allots additional $100 million to enhance security cooperation among the US, EU and countries in Central and Eastern Europe.
Less than 24 hours after the IMF announced it will try to shore up Ukraine's finances, the country's Prime Minister admitted that the bailout package promised by international lenders is not enough to cover the fiscal deficit.
In his new book, "The Seven Sins of Wall Street," Bloomberg financial reporter Bob Ivry focuses on various activities of the banks after the last financial crisis. This includes numerous illegal activities, both well-known to the public and shady. And he comes to a conclusion that megabanks are absolutely sure they will get bailed out in the event of any trouble.
Leaders of the Group of Seven economies have warned Moscow it will face damaging economic sanctions in the event of further escalation of the crisis in Ukraine following Crimea’s reunification with Russia. The Voice of Russia talked to Lawrence Freeman, Executive Intelligence Review magazine African Desk.
The hryvnia is hitting new lows against the dollar as Ukraine plunges deeper into political uncertainty. The Ukrainian currency has nosedived to 12 hryvnias per one US dollar over the past couple of weeks. The previous exchange rate of around 8 hryvnias per dollar had been relatively stable since the middle of 2012.
While the so-called “new authorities” in Kiev wait for the IMF and EU to save the country from bankruptcy, the former economy minister believes that even $35 billion will not be enough to save Ukraine.
After taking power, the Western-sponsored opposition discovered that the budget is empty and that a national default is looming. The so-called "interim government" is now forced to halt all non-essential payments made by state institutions and companies.
While initiating a donor conference, Ukraine has calculated that it will need 35 billion dollars of aid. Ukraine’s Finance Ministry and the National Bank of Ukraine have made a proposal to their international partners, to Poland and the US, to offer their country a credit within the upcoming weeks. At the moment Ukraine is on the verge of a financial collapse.
Chinese officials have become the leaders of emerging countries' movement against the actions of the US Federal Reserve. After Group of 20 finance ministers and central bank governors began their two-day meeting in Sydney yesterday, the conflict between the US and developing countries became public.
The US central bank has adopted new regulations on international financial groups that could force some to set aside billions of dollars in capital. The Federal Reserve's rules announced Tuesday will affect large European banking firms such as Deutsche Bank AG, Credit Suisse Group AG, UBS AG, Barclays PLC and others with operations in the US.
Not everyone is happy with the Fed's decision to reduce its quantitative easing stimulus program. India's central bank Governor Raghuram Rajan blames the Federal Reserve for the currency crisis gripping emerging markets, complaining that “international monetary cooperation has broken down”.
In an exclusive interview to the Voice of Russia, American businessman, financial pundit, political activist and publisher of The Market Ticker, Karl Denninger, talks about the most interesting part of Obama's State of the Union speech, a part that eluded most mainstream political commentators.