Newly-released data show the industrial output in the UK and Italy, the second and the fourth largest European economies respectively, has fallen in March. The UK’s Office for National Statistics said on Friday that Britain’s industrial output declined by 0.1 percent for the month. The figure is considered a major drawback since the country saw a 0.8 percent growth in the previous month. This... 

Mainstream financial pundits are falling over themselves today following a report from the Labor Department indicating that the national unemployment rate has fallen yet again, this time to just 6.3%. The Associated Press, whose report on the new rate is being distributed to news services around the country, says this is “the strongest evidence to date that the economy is picking up.” They cite... 

The International Monetary Fund has approved a two-year $17.1 billion loan package for Ukraine. The immediate disbursement of $3.2 billion will allow Ukraine to avoid a potential debt default. The IMF’s 24-member board agreed to the two-year program to aid Ukraine’s troubled economy on Wednesday. The approval gives the green light for the immediate release of $3.2 billion to Ukraine, which will... 

Russia says Ukraine’s failure to pay its growing gas debt may impact gas delivery to European countries. Russia’s Energy Minister Alexander Novak said on Saturday that Moscow may be forced to cut off natural gas supplies to Europe over Ukraine’s mounting unpaid gas debt. According to Novak, Ukraine currently owes Russia over USD 2.230 billion in unpaid gas bills and the debt is to rise, as the... 

For the first time in five years Standard & Poor’s has cut Russia’s credit rating to ‘BBB-‘, just above junk status. It warns the tension in Ukraine and ‘significant’ capital outflow could mean another downgrade. Moscow says it is “politically motivated.” “In our view, the tense geopolitical situation between Russia and Ukraine could see additional... 

Italy’s enormous public debt continues to grow at an unrelenting pace. The Bank of Italy announced on Monday that the country’s debt hit a record 2.1072 trillion euros in February, over 17 billion euros up compared to January. Within the 18-nation eurozone, only Greece had accumulated a higher overall debt mountain. Italy’s 2014 budget has been criticized by the European Commission... 

Financial problems in Spain increase the number of children living below the poverty line. The charity Save the Children has warned of growing poverty among children in Spain, saying the situation needs to be addressed urgently. The charity launched a petition on Tuesday urging the Spanish government to do more for deprived children in the crisis-hit country. According to the aid group, a third of... 

Turkey’s credit rating has been downgraded as a result of political turmoil in the country. The international credit rating agency, Moody’s, has downgraded its outlook on Turkey over increased pressure on the country’s external financing position and weaker growth prospects. Moody’s on Friday changed the outlook from stable to negative, which puts the government’s investment-grade... 

Argentina is bracing for a major strike over high inflation and crime levels in the Latin American country. Three of the country’s five major unions are expected to take part in Thursday’s labor action in protest against the government’s attempt to cap salary increases. The 24-hour walkout is expected to severely disrupt the country’s public transportation. The government is struggling... 

Ukraine has stopped pumping Russian gas to its underground storages as Ukraine does not accept the natural gas price of $485 per 1,000 cubic meters. Russia has recently eliminated a gas discount it had given Ukraine, arguing that it was tied to a lease for Russia’s Black Sea Fleet base in Crimea peninsula. Officials say they are ready to pay $268 while Russia pointed to $2.2 billion debt Ukraine... 

The United States is likely to experience a financial “doomsday” as a result of its imposition of sanctions on Russia following Crimea’s secession from Ukraine, an analyst tells Press TV. Eric Draitser said in an interview with Press TV that Russia, which supplies more than one third of Europe’s gas, is a “great energy power” that “may decide to stop accepting US dollars to settle debts... 

Greek protesters shout slogans during a demonstration outside the parliament in Athens on March 30, 2014. Thousands of people in Greece have held a protest rally outside the parliament in the capital Athens against government’s austerity measures. Over 12,000 people rallied in the capital on Sunday ahead of the parliament vote on a bill for fresh international loans. Lawmakers are expected to approve... 

Portugal, a member of the EU since 1986, is rapidly losing its population due to significant emigration. In terms of the economic indicators Portugal is approaching the level of the least developed countries in the Eastern Europe. The decline became particularly rapid three years ago, when Portugal began to receive financial assistance from the EU. Isn’t it an odd coincidence? The country is... 

A participant in a rally in support of Ukraine’s integration with the EU, on Kiev’s Independence Square. The self-proclaimed government in Kiev is reportedly planning to cut pensions by 50 percent as part of unprecedented austerity measures to save Ukraine from default. With an “empty treasury”, reduction of payments might take place in March. According to the draft document obtained... 

Official figures show that unemployment in the European Union (EU) has increased during the 12-month period ending in January 2014, with around 26 million people jobless in both the EU and the eurozone, Press TV reports. The EU statistical agency, Eurostat, said in its latest report that unemployment in the EU rose by 17,000 over the one-year time span. More than 26 million people of working age were...