Protesters waved Romanian flags with holes in them, symbolising the 1989 anti-communist revolution. Police officer seriously injured after resignation of Palestinian-born doctor over health reforms sparks mass protests. Romanian police have fired tear gas and clashed with protesters during an anti-government rally in the third consecutive day of demonstrations against austerity cuts and worsening... 

Romanians have protested in cities around the country for a third day against the government, whom they blame for austerity cuts and falling living standards. One policeman was injured in the Romanian capital Saturday after clashes with demonstrators protesting the government’s austerity programme, AFP reported. Hundreds of Romanians rallied in Bucharest to protest against austerity measures... 

Standard & Poor's has downgraded the credit ratings of several European nations. Standard & Poor’s has downgraded the credit ratings of France, Italy, and Spain, as the European debt crisis continues to intensify. According to French government sources, the ratings agency has downgraded the country’s Triple-A credit rating, while downgrading Italy and Spain’s ratings as... 

Unemployment in the European Union states has reached a record-high level of 9.8 percent, a new report says. A quarterly report released by the European Commission shows that unemployment has reached a historically high level across Europe. The report, issued on Tuesday, says 9.8 percent of all formerly-employed Europeans are currently jobless, with unemployment having steadily escalated since last... 

Nigerian lawyers carry a banner and placards as they march on the streets to protest against soaring fuel prices, Lagos, Nigeria, January 5, 2012. Nigerians have begun a nationwide walkout over the removal of fuel subsidies in Africa’s largest oil-producing nation with labor unions set to join the strike. The strike follows union objections to a government decision to cut fuel subsidies, which... 

Insolvency is threatening heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain. Official figures show the rate of unemployment in the eurozone reached an all-time high of 10.3 percent in November 2011. According to the Eurostat statistics agency, by November more than 16.3 million people were unemployed in the 17 nations that use the euro as their currency. Eurostat figures... 

Italy's unemployment rate increased in November Italy’s youth unemployment has reached a new record high of over 30 percent, as it confirms that the euro-zone’s third-largest economy is already in recession. According to seasonally adjusted figures released by ISTAT on Thursday, the unemployment rate for young people aged 15 to 24 years have reached 30.1 percent in November, while the... 

Long gone are the days of Cinderella stories in America. Rags-to-riches tales may have at one point been part of the American Dream for those aspiring for success in the states. New statistics show that moving up the social ladder is no longer a dream as obtainable as before. According to recent studies, the New York Times reveals this week that economic mobility in America is nowhere near as easy... 

A man waits for a train at Santa Apolonia train station during a strike in Lisbon, Portugal, December 23, 2011. Train drivers in Portugal have begun the New Year with industrial action, as they continued their strike in protest at disciplinary measures. Most national rail services have remained cancelled on Sunday, the last day of a four-day strike. Drivers were disciplined for allegedly failing to... 

German Chancellor Angela Merkel (L), President of France Nicolas Sarkozy (C) and European Commission President Jose Manuel Barroso Eurozone leaders have used their New Year’s messages to warn of more economic crisis for the year ahead, as many eurozone countries expect recession in 2012. German Chancellor Angela Merkel said on Sunday she expects more difficulty in 2012, but she does “everything”... 

As the eurozone teeters on the brink of collapse, the UK Treasury is working on a contingency plan to limit the fallout of a potential full-scale euro meltdown. ­The plan would entail capital controls to restrict the flow of money in and out of the country. Officials fear the departure of a eurozone member might trigger capital flight from weaker members of the economic union to countries like the... 

German Chancellor Angela Merkel Newly released figures in Germany indicate that the European country’s debt exceeded two trillion dollars at the end of this year’s third quarter. According to provisional official data published on Tuesday, Europe’s largest economy had a debt totaling 2.028 trillion euros (USD 2.65 trillion) at the end of the third quarter of this year. A statement... 

If you feel like Congress fat cats can’t relate to their fellow Americans anymore, the truth behind the matter might just be that they can’t. While Americans have seen a recession ravage savings accounts, lawmakers on Capitol Hill have only gotten richer. Between the US Senate and House of Representatives, the median net worth for a member of Congress is around $913,000, reports The New York Times.... 

A picture showing protests against the government austerity measures in Greece. Tens of thousands of Europeans are migrating from their homelands, many heading to the southern hemisphere, as the continent sinks deeper into financial crisis. While official statistics shows that Portugal, Greece and Ireland had the largest stream of immigrants leaving their country’s this year, evidence points... 

Coping with recession: 49.1million Americans come from poor or low-income households, latest census figures estimate. A record number of Americans – nearly one-in-two – have fallen into poverty or are scraping by on earnings that classify them as low-income, according to new figures. The latest census data reveals a middle class that is shrinking as unemployment stays high and the government’s...