US Dollar Dominance days are over , The Default Currency of the World Could not save its Debt Default


US Govt Major Creditors 2010JNN 15 Oct 2013 New York : A US debt default could hit on Thursday, and world leaders are second guessing the dominant role America plays in finance. Regardless of the final decision in Washington, confidence and credibility in the US has already eroded. Continue reading

As Japan’s Debt crosses new Barriers , No hope for Economic Revival


 

Japan's Rising DebtJNN 12 Aug 2013 Tokyo : Japan’s national debt exceeded 1,000 trillion yen, or $10.46 trillion, for the first time. It’s now well above 200% of the country’s GDP and is larger than that of Germany, France and the UK combined. Continue reading

Chinese Yuan taking Over , as the Dollar Dies Slowly and Gradually


US dollar vs China yuanJNN 31 May 2013 New York : Though the US dollar continues to reign as the foreign reserve currency of choice, a new International Monetary Fund analysis shows that the currency has slumped to a 15-year low, heightening concerns that it may lose that status. Continue reading

Spain unemployment rate hits record high of 27.2%, No signs of even Improvement this Year


spain unemployment Hits record High of 27%JNN 29 April 2013 Madrid : Spain’s unemployment rate soared to a new record of 27.2% of the workforce in the first quarter of 2013, according to official figures.

The total number of unemployed people in Spain has now passed the six million figure, although the rate of the increase has slowed.

The figures underline Spain’s struggle to emerge from an economic crisis which began five years ago.

A big demonstration in Madrid is being planned against the austerity measures.

On Friday, Prime Minister Mariano Rajoy will unveil fiscal and policy measures aimed at halting recession in the eurozone’s fourth-largest economy.

“These figures are worse than expected and highlight the serious situation of the Spanish economy as well as the shocking decoupling between the real and the financial economy,” said Jose Luis Martinez, strategist at Citi.

Last week, the International Monetary Fund cut its 2013 forecast for Spain’s growth to a 1.6% contraction from 1.5% and said the unemployment rate would peak at 27% this year.

Peak reached?

The unemployment figure is the highest since at least 1976, the year after dictator Francisco Franco’s death began Spain’s transition to democracy.

The jobless rate, which stood at 7.9% in mid-2007, has risen relentlessly since the collapse in 2008 of a Spain’s labour-intensive property boom

Spain’s Official Population is around 47 Million which includes children and elders also who are not able to work , while about 6 Million of the Earning Members of the family are out of Work , which is a very alarming rate , as if this is not controlled , then the anarchy and chaos will grip the country badly , and as the Euro has exceeded its worth , and the Living expenses are so high , that it looks that it is now near to Impossible to create Jobs , until the salaries are cut and even very tough austerity measures are taken to control the situation , which is becoming uncontrollable .

On Wednesday, Mr Rajoy told parliament that the job situation for the entire year “will not be good, but it will be less bad than in the preceding years”.

“Next year we will have growth and jobs will be created in our country,” he said.

Meanwhile official figures in France also showed a fresh record high in unemployment. Some 3.2 million people are now seeking work in the eurozone’s second-largest economy.

 

Greece on the verge of Bankruptcy , credit rating down graded from ‘CCC’ to 'selective default'


Greek Bickering EconomyJNN 06 Dec 2012 Athens : Standard & Poor’s (S&P) ratings agency has downgraded Greece’s already junk-level debt rating to “selective default” after the debt-ridden country launched an operation to buy back bonds at well below their face value. Continue reading

Greece on the verge of Bankruptcy , credit rating down graded from ‘CCC’ to ‘selective default’


Greek Bickering EconomyJNN 06 Dec 2012 Athens : Standard & Poor’s (S&P) ratings agency has downgraded Greece’s already junk-level debt rating to “selective default” after the debt-ridden country launched an operation to buy back bonds at well below their face value. Continue reading

EU on the verge of Break up , as Suicide & Homelessness is an Epidemic


JNN 25 May 2012 Athens : A 60-year-old Greek musician and his 91-year-old mother jumped to their deaths from their 5th floor apartment, driven to despair by financial woes. This double death is the latest in a rising epidemic of crisis-induced suicides in Greece. Continue reading

U.S. debt default to have "nasty consequences" for global economy: IMF chief


JNN 11 July 2011 WASHINGTON — New chief of the International Monetary Fund (IMF) Christine Lagarde said Sunday that there would be “real nasty consequences” for global economy if the United States defaulted on its financial obligations. Continue reading

U.S. debt default to have “nasty consequences” for global economy: IMF chief


JNN 11 July 2011 WASHINGTON — New chief of the International Monetary Fund (IMF) Christine Lagarde said Sunday that there would be “real nasty consequences” for global economy if the United States defaulted on its financial obligations. Continue reading

Chinese economy will surpass that of the US by 2016


JNN 27 April 2011 : According to the IMF’s forecast, based on “”purchasing power parities””, China’s gross domestic product (GDP) will rise from $11.2 trillion in 2011 to $19 trillion in 2016, while the American economy will increase from $15.2 trillion to $18.8 trillion.  Continue reading

IMF warns about Arab world joblessness


JNN 24 Jan 2011 :The International Monetary Fund (IMF) has warned that high unemployment rate is an “increasingly urgent” challenge for the Arab world. “We do see economic pressure building in the region,” said David Hawley, an IMF spokesman. Continue reading

Euro ‘at stake’ over Irish bailout


JNN 23 Nov 2010 : Germany says the shared European currency is now “at stake” after Ireland accepted an international bailout package to support its debt-ridden economy.

German Finance Minister Wolfgang Schaeuble said the euro is in danger of falling after Ireland asked for help from the European Union (EU) and the International Monetary Fund (IMF) to cope with its growing budget deficit and troubled banking system.

Schaeuble added that Berlin should take more responsibility to avoid untold economic and social consequences for its country, the biggest economy in Europe.

He also announced the German government’s plan to cut more than EUR 80 billion (USD 107.5 billion) from its budget over the next four years.

“We have every reason to continue decisively on this path,” he told the Parliament.

According to German magazine Der Spiegel, Chancellor Angela Merkel will face a “tough sell” to the Germans to finance the bailout package for Ireland soon after the Greek bailout.

The German government continues to insist that private investors should contribute to future bailouts after the emergency fund expires in 2013.

Unconfirmed reports say the Irish bailout package could reach more than EUR 90 billion.

Dublin has already infused some EUR 50 billion, which is more than 10 times the EU limit, into its banks to push its deficit to 32 percent, AFP reported.

Violence has erupted in Dublin as police clashed with protesters demonstrating against the bailout measures.

People in Ireland are accusing the government of mishandling the country’s financial crisis.

Dublin is poised to unveil a four-year economic plan that will most likely include harsh austerity measures in exchange for the EU-IMF bailout package.

Euro 'at stake' over Irish bailout


JNN 23 Nov 2010 : Germany says the shared European currency is now “at stake” after Ireland accepted an international bailout package to support its debt-ridden economy.

German Finance Minister Wolfgang Schaeuble said the euro is in danger of falling after Ireland asked for help from the European Union (EU) and the International Monetary Fund (IMF) to cope with its growing budget deficit and troubled banking system.

Schaeuble added that Berlin should take more responsibility to avoid untold economic and social consequences for its country, the biggest economy in Europe.

He also announced the German government’s plan to cut more than EUR 80 billion (USD 107.5 billion) from its budget over the next four years.

“We have every reason to continue decisively on this path,” he told the Parliament.

According to German magazine Der Spiegel, Chancellor Angela Merkel will face a “tough sell” to the Germans to finance the bailout package for Ireland soon after the Greek bailout.

The German government continues to insist that private investors should contribute to future bailouts after the emergency fund expires in 2013.

Unconfirmed reports say the Irish bailout package could reach more than EUR 90 billion.

Dublin has already infused some EUR 50 billion, which is more than 10 times the EU limit, into its banks to push its deficit to 32 percent, AFP reported.

Violence has erupted in Dublin as police clashed with protesters demonstrating against the bailout measures.

People in Ireland are accusing the government of mishandling the country’s financial crisis.

Dublin is poised to unveil a four-year economic plan that will most likely include harsh austerity measures in exchange for the EU-IMF bailout package.