Coronavirus Outbreak: Multi-notch sovereign ratings downgrade likely in 2020 due to sharp fall in oil prices, says Fitch
Fitch said the most common rating category from which multi-notch downgrades have occurred is 'B', confirming weaker sovereigns are more prone to crises.
The eurozone needs the IMF on board in Greece's massive bailout despite deep divisions over debt relief, Eurogroup head Jeroen Dijsselbloem said on Tuesday.
Cyprus has resorted to financial repression, where it confiscated a chunk of depositors' money. This is financial repression, where governments needing bailouts raid their citizens' savings.
To earn its bailout, Cyprus has forced depositors to share a part of their costs. This is financial repression - and it could happen elsewhere in Europe
Europe has spent hundreds of billions of euros rescuing its banks but may have lost an entire generation of young people in the process, the president of the European Parliament said.
Ratings agency Fitch added to Italy's mounting problems on Friday by cutting its credit rating due to the political uncertainty after last week's election, deep recession and rising debt.
Italy's centre-left coalition will win a majority in the lower house of parliament but the upper house will be deadlocked, the Interior Ministry said on Tuesday after almost all votes were counted. This is bad news for the eurozone.
India's GDP is estimated to grow at 5 percent in 2012-13, lowest during since 2003-04, on account of slower growth in industry, agriculture and services sector, Parliament was informed today.
India and China will be key for the global economy to grow by even a modest three percent in 2013, after bouts of debt turmoils across continents pushed it to fiscal precipice and an anaemic growth rate in 2012 left policymakers and politicians at crossroads.
European shares slumped on Monday as Italian Prime Minister Mario Monti's announcement that he will resign by year's end surprised investors and raised worries that political turmoil could derail Europe's effort to end its financial crisis.
Do the world's economic managers know what they are doing? And will their medicine - of easy money - really work? Satyajit Das has his doubts.
The IMF forecasts that the world economy will expand 3.3 percent this year, down from the estimate of 3.5 percent growth it issued in July. Its forecast for growth in 2013 is 3.6 percent, down from 3.9 percent three months ago and 4.1 percent in April.
Spain is ready to request a eurozone bailout for its public finances as early as next weekend but Germany has signalled that it should hold off, European officials said on Monday.
Greece will frontload painful budget cuts to end a decade of primary deficits while grappling with a sixth year of recession, according to a 2013 budget draft aimed at satisfying international lenders.
European Commission President Jose Manuel Barroso will outline the proposal in his annual "state of the union" address, which will also set out a path towards deeper economic integration across the eurozone and the wider EU.
Greek Prime Minister Antonis Samaras has stressed that a fresh austerity package under discussion is necessary to regain credibility and overcome the threatening debt crisis.
Annual eurozone inflation accelerated to 2.6 percent in August from 2.4 percent in July, coming in stronger than expected and further above the ECB's target of just below 2 percent.