Wall Street has fiercely resisted President Obama
The Senate has begun debating proposals for the most significant reforms to financial regulations since the 1930s.
After days of deadlock, Republicans and Democrats began arguing over a bill aimed at bringing accountability to Wall Street and avoiding another financial meltdown… more...
The think tank
Taxes must rise sharply over the next decade to bring down borrowing, according to the National Institute of Economic and Social Research (Niesr).
In a report, the think tank said taxes would have to rise by the equivalent of 6p on the basic… more...
Protesters in Athens clashed with police as a group tried to force its way into the Greek finance ministry.
Police fired tear gas to disperse the crowd as the unrest flared over austerity measures that may be taken in return for a massive bailout deal.
The European Union (EU) has said it is close to aproving the details of an emergency plan to help tackle Greece’s crippling… more...
The Bank of Japan has made targeting deflation a priority
Japan’s central bank has kept interest rates on hold as it continues its efforts to boost the country’s economic recovery.
As widely expected, the bank’s rate-setting committee voted unanimously to keep rates at 0.1%… more...
Yannos Papantoniou engineered Greece
Greece must be prevented from becoming “the Lehman Brothers of the sovereign debt crisis”, the chief architect of Greece’s entry to the euro has warned.
Dr Yannos Papantoniou, Greece’s Economy Minister between 1994 and 2001, urged Europe to act “at very high speed”… more...
The next government will face tough budget decisions, the IFS warns
The UK faces the deepest spending cuts since the late 1970s if the three main parties are to meet their budget commitments, new analysis suggests.
The years between 2011 and 2015 must see the largest… more...
Short-term interest rates have been close to zero since December 2008
The US Federal Reserve is to keep its main interest rate at a near zero level, saying it expects to hold it there for an “extended period.”
The Fed said “subdued inflation”… more...
NEW YORK (CNNMoney.com) — The Federal Reserve said Wednesday it sees further signs of improvement in the U.S. economy, but not enough to start raising its key interest rate from near 0% anytime soon.
The Fed’s statement Wednesday once again spoke of a U.S. economy now in recovery, stating that “economic activity has continued to strengthen and that the labor market is beginning to improve.”
But the central… more...
NEW YORK (CNNMoney.com) — President Obama plans to nominate three new governors to the Federal Reserve on Thursday, according to sources familiar with the matter.
San Francisco Federal Reserve Bank President Janet Yellen is expected to be nominated as vice chairman of the central bank. And the two vacancies on the seven-member board would be filled by Sarah Raskin, the Maryland Commissioner of Financial Regulation, and Peter Diamond, a… more...
European markets have continued to fall heavily amid speculation over the future of the Greek economy.
Stocks in both Paris and Frankfurt were down by more than 2% on Wednesday morning, following the downgrading of Greece’s debt to “junk” status.
Spain’s leading index is down 3.3%, while in Portugal - which also had its credit rating cut - shares fell 4%.
Meanwhile the euro fell to a… more...