The Spanish government’s debt has hit a record high as Madrid struggles to cut expenses and escape the eurozone debt crisis. According to data published by Bank of Spain on Friday the country’s debt reached 734.96 billion Euros (USD 960 billion) at the end of 2010. This is equivalent to 68.5 percent of Spain’s gross domestic product (GDP), while three months earlier Spain’s public debt... 

Recession continues in Europe and Japan. The USA remains in the state of political uncertainty on the threshold of presidential election. What about the Green Continent, Australia? Lost between two oceans, Australia was increasing its economic potential while the northern hemisphere was suffering from the consequences of economic and financial storms. Australia managed to double its GDP from 1998... 

Facing charges related to his alleged failure to safeguard Iceland’s economy during the 2008 financial crisis, former Prime Minister Geir Haarde firmly denied any wrongdoing as he became the first world leader to go on criminal trial for such charges. From the dock, Haarde emphatically rejected all accusations, asserting, “I reject all accusations, and believe there is no basis for them.”... 

Official figures by the Eurostat data agency show the eurozone unemployment rate has hit an all-time high of 10.7 percent in January 2012. According to the latest figures released on Thursday, more than 16.9 million men and women were unemployed in the euro area in January. The latest number of unemployed people in the eurozone in January increased by 1.4 million compared with the same month in 2011. Meanwhile,... 

Thousands of Czech university students rally in central Prague on February 29, 2012. Massive demonstrations across Europe have taken issue with the austerity measures adopted by the European governments against economic adversity. The protests were held on Wednesday in the Czech Republic, France, Greece, Belgium, and Spain against government economic reforms aimed at dealing with the unprecedented... 

North Korea's cooling tower seconds before its public demolition at Yongbyon nuclear complex. North Korea says it is ready to halt missiles tests, disable its nuclear reactors and allow IAEA observers into the country in exchange for a food aid package from the US. US state department spokesman Victoria Nuland confirmed on Wednesday that North Korea had agreed to meet demands to disable its nuclear... 

A self-made euro sign is attached to the tip of a christmas tree in front of the European Central Bank (ECB) in Frankfurt am Main, western Germany. European Commission has predicted that the eurozone currency bloc faces a deeper recession than previously anticipated, with a 0.3 percent contraction in its GDP now tipped for 2012. The commission previous forecast in November said the economic output... 

Here in Argentina, when we watch the terrible things that are happening today in Greece, we can only exclaim, “Hey!! That’s exactly what happened in Argentina in 2001 and 2002…!” ­A decade ago, Argentina too went through a systemic Sovereign Public Debt collapse resulting in social turmoil, worker hardship, rioting and street fights with the police. Some months before Argentina exploded,... 

Protesters in Valencia on February 21, 2012. In the Spanish city of Valencia, hundreds of people gathered to protest against tough spending cuts imposed by the government and growing police violence. A day after police forces violently clashed with students protesting over spending cuts, peaceful protesters gathered outside the Instituto Lluis Vives, across the city’s main train station. On Monday,... 

Eurozone finance ministers talk while attending a Eurogroup meeting at the European Union council headquarters, Brussels, February 20, 2012. Eurozone finance ministers have agreed to provide Greece with a new bailout package to help the heavily indebted country stabilize its debt-to-GDP ratio and avert looming bankruptcy. The long-awaited package worth 130 billion euros was sealed in Brussels on Tuesday... 

A grim report just issued by the Finance Ministry that is circulating in the Kremlin today says the United States Clearing House Interbank Payments System (CHIPS) has ground to a virtual halt signaling that a major global economic collapse is currently underway and could very well likely enter into the dreaded “freefall zone.” Virtually unknown to all but the global financial elite, CHIPS is the... 

European Union leaders are expected in Brussels for their first summit of the year in attempt to reconcile austerity with growth and to approve a permanent rescue fund for the crisis-hit eurozone. The half day summit on Monday is meant to focus on ways to generate growth and create jobs, while having more austere fiscal measures for nations with unsustainable levels of debt. The summit coincided with... 

Protesters waving Romanian flags shout anti-president slogans atop a monument in the central University Square in Bucharest on January 22, 2012. Romanian protesters have taken to the streets of the capital Bucharest for a tenth consecutive day to demand the resignation of the government over its austerity measures. Scores of protesters again gathered in the capital’s central University Square... 

Anti-government protesters shout slogans in the Romania capital Bucharest on January 19, 2012. Romanian police have fired teargas canisters at demonstrators protesting against the government’s austerity measures in the Romanian capital Bucharest. On Thursday, the police arrested about 50 people, who allegedly threw bricks and bottles and other materials at them. Earlier on the day, thousands... 

JP Morgan's Chief Executive Officer, Jamie Dimon JP Morgan’s Chief Executive Officer, Jamie Dimon says Europe is the largest threat to the global economy, calling for a solution to the economic woes sourced from the continent. “We urgently need a solution. The longer the problem drags on, the less likely it is we get off lightly,” the CEO of one of the largest banks in the United States...