Austerity

No basis for talks on a new bailout package with Greece: Germany

Germany maintained a hard line today after Greece rejected creditors' austerity demands in a referendum, with Berlin saying there was currently "no basis" for talks on a new bailout package or debt relief.

Greece govt says it may resign if public votes 'yes' on bailout referendum

Greece's radical left government said on Thursday it may resign if it fails to win a referendum that could decide the country's financial future.

One day later in Greece: The more things change, the more they remain same

Greece has defaulted on the payment of 1.6 billion euros that it had to make to the International Monetary Fund (IMF) by the end of the day yesterday (i.e. June 30, 2015) This is the first instance of a developed country defaulting on a payment that it owed to the IMF.

World Bank predicts global GDP growth as rich economies expand

The rosier outlook suggests the world economy is finally breaking free from a long and sluggish recovery after the global financial crisis.

What Chidambaram learnt from Andaz Apna Apna

All my dreams start with Venkatesh Prasad bowling a slow leg cutter, which lands in the middle of the cricket pitch and takes an eternity to reach the batsman. I never see the batsman's face. But yesterday was different. I saw the batsman's face and it was P Chidambaram.

Triumph of Japan's 'Abenomics': the proof is in the lingerie

Want proof of the success of expansionary fiscal and monetary policy? Just check out the length of the skirts of Japanese all-girl bands and the undergarments of lingerie models...

Now Harvard economists say austerity not a great idea during slowdown

Critics claimed the spreadsheet coding errors, now acknowledged by Reinhart and Rogoff, to be a mortal blow against the intellectual argument for austerity.

Rupee posts biggest single session fall in 2 weeks

The partially convertible rupee ended at 49.27/28 per dollar, 1.2 percent weaker from its previous close of 48.69/70 making this the biggest single day fall for the unit since October 20.

Greek lawmakers pass 2013 austerity budget

Greek lawmakers approved the country's 2013 austerity budget early today, an essential step in Greece's efforts to persuade its international creditors to unblock a vital rescue loan installment without which the country will go bankrupt.

Greek parties have 'basic agreement' on harsh austerity measures

After weeks of fruitless efforts, the heads of the three parties in Greece's governing coalition have struck a basic deal on a new round of harsh austerity measures required for the country to continue getting vital rescue loans, officials said today.