Feb 20, 2013

Eased Civil Code debt-guarantor rules planned

The government plans to drastically ease debt-related rules under the Civil Code to sharply reduce the burden on guarantors. There have been many cases in which borrowers defaulted, leaving the guarantors, including some not adequately informed of the loan particulars, holding the debt. This ...

U.S. budget cut warnings may prove harsher than reality

Feb 19, 2013

U.S. budget cut warnings may prove harsher than reality

President Barack Obama and congressional Republicans made no progress this past week in heading off $85 billion in budget cuts that automatically start taking effect March 1. Lacking a bipartisan deal to avoid them and hoping to heap blame and pressure on Republican lawmakers, ...

Eurozone recession deepens as German engine splutters

Feb 16, 2013

Eurozone recession deepens as German engine splutters

It was only a matter of time. With many of its debt-ridden euro partners in recession, Germany could only swim against the tide for so long. Figures Thursday showed that output in Germany, Europe’s largest economy, contracted by more than anticipated in the final ...

Feb 14, 2013

Jamaica to restructure its debt again

Jamaica will restructure its local debt for the second time in three years as the Caribbean island struggles to boost economic growth and secure a new accord with the International Monetary Fund. The nation asked bondholders late Monday to exchange “higher-interest debt for lower-cost ...

Cameron calls EU cuts a win

Feb 10, 2013

Cameron calls EU cuts a win

Prime Minister David Cameron claimed victory in his battle to slash the EU budget Friday, saying marathon talks proved that his promise of a referendum on EU membership had not left Britain isolated. Cameron had vowed to accept nothing less than a real-term freeze ...

Feb 10, 2013

Outline of European Union budget from 2014 to 2020

Actual spending, or “payments” in EU jargon, was set at €908.4 billion ($1.2 trillion), with an absolute ceiling of €960 billion for spending “commitments” ― the maximum amount that can be allocated to programs. The commitment figure is just 1 percent of the bloc’s ...

Feb 10, 2013

Canada talks end in deadlock

Two days of face-to-face meetings between Canada’s trade minister and his EU counterpart, ending late Thursday, failed to break a deadlock on the last stumbling blocks to reaching a free-trade pact. “Progress was made in several of the areas that remain outstanding. However, further ...

EU's leaders wage tough battle over budget

Feb 8, 2013

EU's leaders wage tough battle over budget

European Union leaders prepared the first-ever cuts in the bloc’s budget Friday, bowing to British Prime Minister David Cameron’s insistence on thrift. After an all-night bargaining session interspersed with catnaps on couches at EU headquarters in Brussels, the leaders reassembled at 6:30 a.m. to ...

Feb 8, 2013

Ireland seals deal to lighten debt load

Ireland clinched a long-sought agreement Thursday with the European Central Bank to restructure the loans used to bail out its failing banks, a deal expected to reduce the national debt by €20 billion ($27 billion) in the coming decade and help the country’s expected ...

Feb 8, 2013

U.S. to stop Saturday mail to trim costs

The financially struggling U.S. Postal Service said Wednesday it will stop delivering mail on Saturdays but continue to disburse packages six days a week, an apparent end run around an unaccommodating Congress. The change continues the shrinking of what used to be one of ...

Obama urges deal to avoid 'sequester'

Feb 7, 2013

Obama urges deal to avoid 'sequester'

President Barack Obama on Tuesday urged Congress to head off deep, automatic spending cuts set to hit the Pentagon and other federal agencies on March 1 and replace them, at least for a few months, with a new debt-reduction package that includes fresh tax ...

Feb 6, 2013

Compromise helps Dutch stay afloat in crisis

by Toby Sterling

In the U.S., tax hikes have been the subject of partisan warfare that brought the country to the very edge of a “fiscal cliff.” In Southern Europe, spending cuts have led to mass protests and labor strikes. Maybe both could learn from the Dutch, ...