Kevin Gilmour
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Financial Crisis
Greeks face further wage cuts as price of latest bailout

Greece to suffer more austerity in return for more debt!

EU officials say planned 15% wage cuts – on top of 30% already suffered – will not be enough! Greeks will have to suffer further wage cuts than the 15% planned for the next three years in order to restore their country̵...
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Financial Crisis
UK public finances in biggest surplus for four years

UK public finances in biggest surplus for four years

The U.K. government received more money than it spent in January leaving it with its highest monthly surplus in four years. The Office for National Statistics (ONS) said the surplus followed a fall in local government borrowin...
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Financial Crisis
For Millions of Americans, the Collapse Is Now

Poor America, the Collapse Is Now Video

There are those in America who have absolutely no clue as to what is going on behind closed doors. They are ignorant to the fact that over 22% of Americans are unemployed, nearly 50 million depend on nutritional assistance t...
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Financial Crisis
Greece complies and Europe pulls the plug

Greece complies and Europe pulls the plug

Officials from the EU and the International Monetary Fund made two grave errors when they swooped into Greece in mid-2010 and dictated the now hated “Memorandum”. The regime of drastic cuts has tipped the economy in...
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Financial Crisis
Greece warns bailout rebels of unknown, dangerous path

Greece warns bailout rebels of unknown, dangerous path

The Greek government told rebellious lawmakers on Saturday to back a deeply unpopular EU/IMF rescue in parliament or send the nation down “an unknown, dangerous path” to default and international economic isolation....
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Financial Crisis
Anti - Austerity protests continue in Puerta del Sol

Anti – Austerity protests continue in Puerta del Sol

Police forces in Spain have clashed with anti-austerity demonstrators protesting against the conservative government’s Labor Reform law. Hundreds of people gathered on Friday in Puerta del Sol Square in Spain’s capital, Mad...
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Financial Crisis
Greek PM warns of default 'chaos'

Greek PM warns of default ‘chaos’

Greece faces “uncontrolled chaos” if it fails to agree austerity measures and defaults on its debts, Prime Minister Lucas Papademos has warned. He said ministers who disagreed with the spending cuts could not stay i...
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Financial Crisis
Greek police union wants to arrest EU/IMF officials

Greek police union wants to arrest EU/IMF officials

Greece’s largest police union has threatened to issue arrest warrants for officials from the country’s European Union and International Monetary Fund lenders for demanding deeply unpopular austerity measures. In a l...
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Financial Crisis
Greek officials resign over austerity cuts

Greek officials resign over austerity cuts

At least six members of the Greek parliament and three deputy ministers have announced their resignations as the country’s lawmakers debate tough austerity measures to be put to vote on Sunday. Among the ministers who resigne...
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Financial Crisis
US banks agree $25bn mortgage settlement

US banks agree $25bn mortgage settlement

Five of the biggest US banks have agreed to provide $25bn in assistance to homeowners to settle claims over improper foreclosure practices. The deal, struck with the US government and most US states, follows allegations of abus...
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Financial Crisis
A solution to the eurozone crisis

A solution to the eurozone crisis?

Europe can achieve growth and employment with an industrial policy that encourages investment. We are done with bowing to the financial sector. Europe is debilitated by the effects of two years of desperate crisis management. T...
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Financial Crisis
Twenty Reasons Why Europe Is In Deep Shit

Twenty Reasons Why Europe Is In Deep Shit

From the American Dream website: #1 The unemployment rate for those between the ages of 16 and 24 is 28 percent in Italy, 43 percentin Greece and 51 percent in Spain. #2 Overall, the unemployment rate for those under t...
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Financial Crisis
Greek debt talks flounder over labour laws

Greek debt talks flounder over labour laws

Greece’s international creditors and the Greek government have failed to reach a debt deal for a third weekend in succession after final negotiations foundered over the country’s restrictive labour laws. Charles Dallara...
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Financial Crisis
Bank of England to print further £50 billion

Bank of England to print further £50 billion

Britain’s weak economic recovery is expected to lead the Bank of England to print £50bn more money in the coming weeks. The Bank’s Monetary Policy Committee is set to announce on Thursday that it is expanding its Q...
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Financial Crisis
Capitalism on verge of collapse

Capitalism on verge of collapse?

The European Union needs a ‘whole system change’ to recover from the debt crisis it is facing as its economic troubles are an outcome of ‘corrupt capitalism,’ an economic expert tells Press TV. “It [Th...
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Financial Crisis
Greeks reject EU budget control

Greeks reject EU budget control

Greek officials have reacted angrily to a leaked German proposal for an EU budget commissioner with veto powers over Greek taxes and spending. The Greek government said it must remain in control of its own budget. The European ...
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Financial Crisis
Spain faces more pain before economic recovery

Spain faces more pain before economic recovery!

Spain’s new economy minister warned on Monday that the fragile economy was slipping back into recession – barely two years after climbing out of its last economic downturn. Luis de Guindos, economy minister in the new c...
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Financial Crisis
EU Banking Crisis Towards the Leveraged Breakup of Euroland

EU Banking Crisis : Towards the Leveraged Breakup of Euroland?

The Fed’s third quarter audit data shows a total system debt of 355% and of GDP, in spite of so-called de-leveraging. It is down from the second quarter’s 375% of GDP, but up from 264% a dozen years ago. Financial sector bo...
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Financial Crisis
Credit agencies pile pressure on EU leaders

Credit agencies pile pressure on EU leaders

Moody’s downgrades Belgium by two notches and warns that indebted countries will find it increasingly hard to fund debts European leaders are under renewed pressure to boost the firepower of the EU’s multibillion-eu...
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Financial Crisis
Nick Clegg French attack on Britain unacceptable

Nick Clegg : French attack on Britain unacceptable

The French government has been formally warned by Nick Clegg, the Deputy Prime Minister, that their recent criticism of Britain’s economy was “simply unacceptable”. On Friday night, François Fillon, the Frenc...
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Financial Crisis
Divisions in eurozone over ECB bond-buying

Divisions in eurozone over ECB bond-buying

The eurozone was facing fresh splits today after one of the European Central Bank’s most senior figures said the bank should not be used to fund national debts and that if it was forced to, it would mean the end of the single...
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