A woman holds the Greek flag during an anti-austerity protest, July 13, 2013. A European Union official says Greece will need more rescue funds from its international creditors as the current rescue loan program expires at the end of 2014, amid economic slump in the European country. “Greece’s trouble will not have been completely resolved by 2014. It’s realistic to assume that additional... 

In the Brazilian city of Sao Paulo, thousands of people have demonstrated against corruption and income inequality in the country. During the protests on Friday, demonstrators called for reshuffling of the country’s political and economic system. Protests were also held in several other cities including Rio de Janeiro. Angry protesters looted a major bank and national media giant Globo TV headquarters,... 

Everyone got used to the largest officially announced U.S. national debt of 16 trillion dollars. Moreover, despite the dire predictions, the global economy seems to be more or less stable, and recently liberal media have been happily reporting GDP growth in the United States and the European Union. However, it is not all that great. Let’s start with statistics. A number of researchers have conducted... 

German finance minister, Wolfgang Schäuble, has unexpectedly said that Greece will need more financial help, admitting for the first time that $328 billion pledged so far won’t be enough to save Greece from bankruptcy. Schäuble’s surprise admission of this deeply unpopular prospect comes at a sensitive time for his party. Germany will hold a general election on September 22. “There... 

The number of people living on less than $2 a day per person increased from 636,000 in 1996 to about 1.65 million in 2011. The number of Americans living on less than $2 a day per person, soared by 160 percent from 1996 to mid-2011, a new report finds. The report by the National Poverty Center (NPC) indicates that the number increased from 636,000 in 1996 to about 1.65 million in 2011. The figure of... 

A German flag flies in front of the Bundesbank headquarters in Frankfurt. A report has revealed a document showing Germany’s central bank predicts that the recession-hit Greece will need more rescue loans from its international creditors by the start of the next year. According to the report published by prominent German magazine Der Spiegel earlier this week, the document from the Bundesbank... 

UK food bank inquiries show a shocking rise of 78 percent in the last six months. There has been an “alarming” 78 percent increase in the number of food bank inquiries in Britain over the last six months, a charity says. According to figures released by Citizens Advice, more Britons are asking for emergency food aid as poverty rises throughout the country. The charity also warned that people... 

Food-stamp use in the US rose by over 1 million during the past year to a record 47.6 million, or nearly one in six Americans. According to a report released by the US Department of Agriculture on Friday, food-stamp use rose 2.4 percent in May, with more than 15 percent of the US population now receiving benefits. There were about 32 million Americans on Food Stamps when President Barack Obama took... 

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. Japan has increased borrowing this year to spend more on the country’s infrastructure as part of an ambitious program of economic stimulus aimed at ending 20 years of stagnation and falling... 

A package of measures proposed by the Italian government aimed at improving its struggling economy has received final approval by the country’s parliament. The package, approved on Friday, includes measures aimed at reorganizing financial resources, limiting bureaucracy, and improving the country’s civil justice system. The package prioritizes infrastructure by allocating some 3 billion euros... 

Fresh data show that the unemployment rate in debt-ridden Greece hit a record high in May, with youth accounting for the largest jobless number. Greece’s jobless rate reached 27.6 percent in May, up from 27.0 percent in April, according to a report released on Thursday by Greece’s statistic service LSTAT. The agency added that the youth aged between 15 and 24 were hit the hardest with a 64.9 unemployment... 

New York City Mayor Bloomberg As New York City wrestles with rising pension and health care costs, Mayor Michael Bloomberg has warned that the city runs a real risk of bankruptcy like Detroit. Detroit’s bankruptcy and the problems facing its pension funds have concerned many states and cities across America with Mayor Bloomberg becoming the latest official to warn that his city may go the way of... 

Australia will post a budget deficit of $30.1 billion for the fiscal year, a gross miscalculation from its May estimate of $18 billion, but the government promises to stay on track. Federal Treasurer Chris Bowen, speaking on the newly-released economic report, said Australia is undergoing ‘economic transition’ and ‘not a crisis’. Bowen predicts weaker economic growth, increased unemployment,... 

Brazil’s executive director at the IMF Paulo Nogueira Batista Latin American countries have refused to endorse a recent move by the International Monetary Fund (IMF) to release 1.7 billion euros ($2.29 billion) of rescue loans to Greece. Paulo Nogueira Batista, who represents Brazil and 10 other Latin American countries on the IMF executive board, revealed on Wednesday that the group refused... 

Protestors in Detroit last month objected to plans to cut pension benefits of city workers and retirees. The federal judge overseeing Detroit’s bankruptcy case says he will hold a hearing Wednesday to take up a request by the city’s emergency manager to put on hold state lawsuits challenging the bankruptcy filing. The new development comes as the legal wrangling over the bankruptcy of the city...