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.
Former US President Bill Clinton defended Hillary Clinton's commitment to the poor and working Americans on Tuesday, after criticism that she mishandled media questions about their personal wealth, saying that his family had economic problems when leaving the White House, Reuters reports.
For the last decade, Argentina has been fighting a legal battle against the so-called “holdout” creditors led by American hedge funds that are pushing the country into a new default. Recently, American courts have started helping the “vulture funds” in their quest to make the South American country pay in full for its old bonds.
In response to a recent proposal from Russian President Vladimir Putin, the European Union has agreed to hold talks with Russia and Ukraine on the security of the supply and transit of Russian natural gas. "The European Union agrees on your proposal for consultations with the Russian Federation and Ukraine with regard to security of gas supply and transit," European Commission President Jose Manuel Barroso responded to Putin's recent letter.
Ukraine may receive a first tranche of financial assistance from the International Monetary Fund (IMF) and a host of Western countries totaling $6 billion, Finance Minister Anton Siluanov told journalists in Washington on Monday. Siluanov said attention was paid to the issue of financial assistance for Ukraine at his bilateral meetings with German Finance Minister Wolfgang Schauble and US Treasury Secretary Jacob Lew.
Greece announced on Wednesday that it was returning to international bond markets after a four-year exile. Greece's authorities claim that the return to the bond market has marked the beginning of the end of the tough austerity, which pushed unemployment to a record 27.5 percent and almost ruined the state's economy. "This is an important step in Greece's effort to fully exit the crisis," said government spokesman Simos Kedikoglou.
The global amount of outstanding debts has risen to 100 trillion dollars as of mid-2013, owing to large-scale issuing of bonds by governments and businesses in the wake of the financial crisis, the Bank of International Settlements (BIS) said Sunday.
The US House of Representatives plans to vote on a "clean" increase in the federal debt limit on Tuesday evening instead of Wednesday because of winter storm concerns, a House Republican aide said.
The US has got itself into a debt pit. The US national debt has almost reached a mind-boggling figure of 17 trillion dollars and may shortly exceed it, according to experts. The huge looming debt largely determines moves by the ruling elite in Washington.
The leader of the US House of Representatives, where opposition Republicans hold a majority, said Tuesday that his party could try to extract concessions from the Obama administration in exchange for extending the nation's borrowing limit.
The European Union decided on Tuesday to launch a procedure against Croatia to reduce its deficit, just seven months after it joined the bloc.
Global economy is likely to gain momentum in 2014 as headwinds abate, though the pictures may vary in different countries. The Voice of Russia talked to Peter Koenig, Swiss financial expert, former World Bank economist, author of "Implosion: Implosion: An Economic Thriller about War, Environmental Destruction and Corporate Greed".
A group of Occupy Wall Street activists has bought almost $15m of Americans' personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit.
Once again the US faces a difficult fiscal hurdle in the form of the need to raise the debt ceiling. Laurence Kotlikoff, a Professor of Economics at Boston University and President Reagan's Council of Economic Adviser, who focuses on the CBO (Congressional Budget Office) and it’s Extended Baseline Forecast, which was left out of discussions during the recent budget debate talked to the Voice of Russia.
Speaking at a conservative fundraiser in Iowa on Saturday evening, former Alaska governor and Republican vice presidential candidate Sarah Palin compared the United States' debt of $1.3 trillion to slavery, claiming that younger Americans will be shackled by the country's spending, the Huffington Post reports.
Five years ago, on November 4, 2008, US President Barack Obama was elected to his first term. And now it seems like an appropriate time to take stock of Obama’s legacy. Last week his approval rating dropped to an all-time low. While Obama has three more years to determine how history remembers him, VoR decided to make a list of the President’s top failed policies.
The US dollar owes its privileged status in the global financial system to the Persian Gulf oil producers who sell their oil for dollars and then "recycle" the proceeds by buying US Treasury bonds. Economists coined a special term for the money involved in this scheme: "petrodollars". The latest developments in the Middle East signal that the era of "petrodollars" may be coming to an end.
Puerto Rico, the US territory which homes some 4 million people, is struggling through the seventh year of recession. US bond insurers MBIA and Assured Guaranty are facing hard times amid predictions that Puerto Rican credit rating may be downgraded one or two categories. The experts say it might lead to the default. Vivianne Rodrigues, a Financial Times US capital markets reporter and former FT Tilt Latin America bureau chief, in an interview to Voice of Russia talked about the situation in Puerto Rico.