Business Secretary Vince Cable says the UK economy is “in a very deep crisis”. The British Business Secretary Vince Cable says the UK economy is currently “in a very deep crisis”. Cable told the state-run BBC that it is “very difficult” to predict when the UK economy would recover from the recession and resume growth. Meanwhile, the Markit/Cips purchasing managers’ index (PMI) for services... 

Wealthy tax evaders, aided by private banks have exploited loopholes in tax legislation and stashed over $21 tn in offshore funds, says a report. The capital drained from some developing countries since 1970 would be enough to pay off national debts. ­The findings show the gap between the haves and the have-nots is much larger than previously thought. The document, entitled The Price of Offshore... 

A grim Ministry of Finance report circulating in the Kremlin today states that the shocking record rise this past week of the United States outstanding debt to $15.692 trillion (just $600 billion short of their debt ceiling) has pushed the world’s most powerful economy into a situation of its outstanding obligations now being 101.5% of its entire gross domestic product (GDP), which when coupled... 

Whereas previously we had heard extensive horror stories about banks being told to prepare for the end of the world in case the European summit (the latest and greatest one from last Friday which was supposed to find a cure for cancer among other things) failed, and even went so far as to read about preparations for trading in the drachma on a when issued basis, once the summit passed (and it was... 

Nearly 60% of people were against the plan. If the referendum would have passed, Iceland’s total population of 318.452 had to pay $5.8 billion in bailout, which means every Icelander would have been forced to pay $18.213, including new born babies, elders and crippled. It’s amazing only 58% voted against the bailout and not 98%. Icelanders have rejected the latest plan to repay the UK and...