Greece’s Instability Could Be Spreading

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The debt crisis in Greece is starting to affect the rest of the Eurozone, which could have disastrous effects not only on Europe but the world over. Italy’s fragile recovery has been put on warning from Moody’s that its’ credit rating is under review for the next 90 days. This announcement has sent risk markets spinning. The worry is that the weak Greek economy would act as a contagion and spread to other delicate economies in Europe. If Greece were to default it could spell the end of the balance that has been achieved in Italy, Ireland, Spain and Portugal. Continue reading ‘Greece’s Instability Could Be Spreading.’

America Could Default on National Debt

The American national debt may have finally reached its’ limit. The debt is currently sitting around $14.3 trillion dollars, of which Chinese government holds $1.145 trillion. Although it has held up to $1.175 trillion at one time the Chinese government is cutting its holdings over fears of the stimulus spending that the United States has used to try and hold its economy together.

A Chinese ratings house, Dagong Global Credit Rating Co. Ltd. is insisting that the US is already defaulting on its loans from China. The US has allowed its dollar to weaken against other currencies such as the Canadian dollar and the Euro. If this were true it would mean that the country’s credit rating would be lowered at least a grade, raising the interest rate on any further loans. This could be potentially disastrous for the already beleaguered nation. It would also send a ripple effect throughout the world’s economies. Continue reading ‘America Could Default on National Debt.’

Canadian Unemployment Highest in 7 Years

The month of March 2009 saw the loss of 61,300 full-time jobs according to Statistics Canada, increasing the Canadian unemployment rate by 0.3 percent — raising the figure to 8 percent, a 7-year high for the country. Similar trends were seen throughout February and March in the United States and Britain, with jobless benefit claims in both countries rising to record highs. Continue reading ‘Canadian Unemployment Highest in 7 Years.’

Kuwaiti Parliament Dissolved

Emir Sheikh Sabah Al-Ahmad Al-Sabah, ruler of Kuwait, on Wednesday announced the dissolution of parliament, and said that new elections would be held within 60 days. The announcement follows an emergency meeting called today between government officials. Continue reading ‘Kuwaiti Parliament Dissolved.’

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