Moody’s Investors Service The European banking industry has suffered another crushing blow after Moody’s ratings agency downgraded the credit ratings of 16 Spanish banks, citing the weakened government’s ability to support some banks. The agency downgraded the long-term debt and deposit ratings by one to three notches for 16 Spanish banks and Santander UK PLC, a... 

Where the eurozone crisis heads will depend not on whether Greece leaves the union, but on how the situation in the region affects debt-troubled Italy and Spain, Aleksey Bachurin, head of Russian Cash Equity Trading at Renaissance Capital, told RT. ­“The important thing is not Greece itself: it’s relatively small and the investments in Greece are already written... 

Two policemen have been injured as hundreds of protesters hurled red paint and eggs at officers guarding Equitalia, Italy’s tax collection office, in Naples following the suicide of yet another debt-ridden Italian citizen. Demonstrators lobbed rocks and bottles at policemen clad in riot gear as the building was quickly closed to the public. The protesters claimed... 

German Chancellor Angela Merkel left little ground to hope she would abandon or moderate the austerity program for Europe as she warned that growth on new loans would push the EU into deeper crisis. “Growth through structural reform is sensible, important and necessary,” she said during an address to the German Parliament. “Growth through debt would throw us... 

Australia will become the first major economy in the developed world to record a surplus since the start of the global financial crisis. Julia Gillard, the prime minister, has pinned her political future on a “Robin Hood” budget which includes sweeping handouts worth more than £3 billion to reverse her dwindling public support. Relying on extra revenues... 

The euro has dropped in value following the electoral defeat of ruling parties in France and Greece. The euro has dropped in value following the electoral defeat of ruling parties in France and Greece as new anxiety about the fate of EU austerity policies rattles financial markets. The currency sank to 1.29 dollars on Monday, its lowest level since January, after Socialist... 

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... 

Jobseekers queue at a job center in Madrid The eurozone unemployment rate has hit a record high in March, rising to 10.9 percent for the first time for 15 years, official figures show. The European Statistics Office, Eurostat, announced on Wednesday that almost 17.4 million men and women, over three million of whom were under 25, looked for work in the zone in March... 

May Day demonstrators protest in Paris, France, May 1, 2012 Tens of thousands of Europeans have held huge rallies and coordinated general strikes for May Day to protest against tough austerity measures and poor economic conditions. Workers across the world have taken to the streets to mark the International Workers Day, the annual May Day workers’ event held on... 

The Prime Minister of the Netherlands, Mark Rutte, has submitted his letter of resignation to Queen Beatrix after entering into a governmental coalition with the extreme right-wing Freedom Party, led by Geert Wilders, which had refused to support the budget reduction. His resignation was immediately accepted. The Netherlands, is one of many European countries which still... 

A chilling Ministry of Finance report circulating in the Kremlin today states that the Obama Regime has begun instituting what can only be described as one of the most brutal assaults of human rights and freedoms after it effectively banned all protests against the US government under penalty of the offender being sentenced to 10 years in the American Gulag. The Ministry... 

Dutch Prime Minister Mark Rutte Dutch Prime Minister Mark Rutte has handed his government’s resignation to Queen Beatrix after talks on reducing the country’s budget to meet European guidelines failed. The government information service announced on Monday that the Queen accepted Rutte’s resignation and asked him to tend to urgent matters of the state until... 

Millions of Americans may lose homes for debt. Millions of Americans are at risk of losing their homes due to mortgage debt. The finding is by a group of experts from the International Monetary Fund, haning prepared an analytical report on the prospects of the global economy. “About 2.5 million owners of apartments and homes in the U.S. have lost their homes. Other... 

Italian metalworkers march during a protest in Rome on March 9, 2012. Italy’s main labor unions have staged rallies in the capital Rome to protest Prime Minster Mario Monti’s pension reforms that is expected to trap many workers in a legal limbo without retirement pay. The plan will see the retirement age raised and that younger workers will collect smaller pensions... 

The Egan-Jones agency has downgraded the US credit rating for the second time to AA as debt to GDP surpasses the 100 percent mark and is worsening. Press TV has interviewed Allen Roland, freelance alternative press online columnist in Sonoma California about the latest down grade adjustment to the US economy; how the administration is performing their duty to accurately...