Despite the European Central Bank’s intervention today, last week's losses in the Asian and European exchanges continued, prompted by worries that Europe's debt crisis will spread.
While Italy has a fairly low budget deficit, structural issues such as low productivity have resulted in an economic crisis. Its public debt, at 118 percent of GDP, is one of the highest in Europe.
Global markets fell for the eighth day on Friday, while the US markets recovered from Thursday's plummet. As global markets drop, fear grows that the global economy could slip into another recession.
A better-than-expected US jobs report helped abate selling pressures on Wall Street. But Europe's debt problems are pressuring EU officials to act.
With Washington locked in a debt-ceiling stalemate, debt seems to be on everyone’s mind. So, how does US debt compare with that of European countries, embroiled in a debt crisis of their own? In April, the International Monetary Fund estimated that the US government's gross debt amounted to 99 percent of gross domestic product. That’s high, but less than four of Europe's five largest debtors. Editor’s note: All figures are come from International Monetary Fund’s World Economic Outlook database that was updated in April 2011. See the full statistics here.
Last week's attacks in Norway have put Western Europe's far right in the spotlight, despite their rapid condemnation of Anders Behring Breivik's actions. These parties share some of the anti-immigrant and anti-Islam opinions that spurred Mr. Breivik. Who are some of these rising parties on the right? (RELATED STORY: Norway massacre likely to ramp up monitoring of right-wing groups)
European leaders in Brussels today agreed to a deal for Greece that includes $156 billion in aid, private investors, and extending the maturity period on Greek bonds.
Carla Bruni-Sarkozy: Asked to confirm rumors it's a boy, she told Friday's Nice Matin daily, 'I don't even know, myself. There are things that are better kept secret.'
Megan Rapinoe, a hero in the dramatic US soccer win over Brazil Sunday, helped turn the momentum in a hard-fought 3-1 win over France in the World Cup semifinals.