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Bulgaria’s Prime Minister resigns as banking crisis unfolds

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The Prime Minister of Bulgaria Plamen Oresharski has resigned his post. His decision came after accusations by opponents of failing to cope with the worst banking crisis in 17 years. The decision was supported by 180 lawmakers in the parliament, only 8 voted against, and 8 abstained, reports Bloomberg. The Oresharski government lasted for only 16 months of... 

Japan child poverty rate hits record high

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A boy sifting through floating garbage as he collects recyclable items to sell. A new report shows that child poverty in Japan is at its highest level in the last three decades as critics rap Tokyo for failing to address the crisis. The child poverty rate increased to over 16 percent in 2012, Japan’s Welfare Ministry said in a report published on Tuesday. The... 

Microsoft announces biggest layoff in history, cutting 18,000 jobs

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Microsoft will cut a record 18,000 jobs next year, as the company’s new CEO Satya Nadella seeks to boost efficiency, according to a company memo on Thursday. “The first step to building the right organization for our ambitions is to realign our workforce. With this in mind, we will begin to reduce the size of our overall workforce by up to 18,000 jobs in... 

Australia jobless rate jumps to 6% in June

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New figures show that Australia’s unemployment rate relapsed to a decade-high of six percent in June. Data released by the Australian Bureau of Statistics (ABS) on Thursday showed a 0.1-percentage-point increase in the unemployment rate in June, matching the highest since July 2003. This is while economists had expected the jobless rate to stay at the revised... 

Russia writes off 90% of Cuba’s debt

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Russia has written down $32 billion of Cuba’s Soviet era debt. Russian President Vladimir Putin signed the law ahead of his official visit to Latin America, with Havana as his first stop. The agreement was first signed in October 2013 and draws a line under a twenty-year dispute. Cuba is now required to pay back $3.2 billion over the next 10 years. The first... 

The deteriorating economic outlook

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The third and final estimate (until the annual GDP revisions) of first quarter 2014 real GDP growth released June 25 by the US Bureau of Economic Analysis was a 2.9% contraction in GDP growth, a 5.5 percentage point difference from the January forecast of 2.6% growth. Apparently, the first quarter contraction was dismissed by those speculating in equities as... 

Germany Races To Stop US-Backed July Terror Attack

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A chilling new report prepared by the Federal Security Service (FSB) says that Russian intelligence experts were contacted earlier today by Germany’s foreign secret service agency Bundesnachrichtendienst (BND) and warned that the Obama regime is planning a “catastrophic 9/11-type false flag terror attack” to occur on or about 28 July in order to “mask”... 

Australians hold rallies to slam budget cuts

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Australian demonstrators have taken to the streets across the country to protest against the government’s budget cuts. The Sunday protest, dubbed Bust the Budget, saw over 6,000 people show up in Sydney. The ralliers were waving trade union flags and holding budget-protest placards. As many as 30,000 people, including union members, lawyers and nurses,... 

Greece faces massive power cuts

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Graffiti is painted on walls and the entrance of an electric station of Public Power Corporation (PPC) in Athens, July 2, 2014. Greece faces massive power cuts as unions have threatened to disrupt the country’s power supply in row over government plans to break up the country’s main electricity provider. Workers of Greece’s Public Power Corporation... 

1 mn more working Brits plunged into poverty, trade unions outraged

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A million more working Britons have been pushed into poverty because of soaring housing costs and stagnant wages. That’s according to a new UK government report attacked bitterly by unions and rights groups. New figures published by the UK government reveal that the number of working Britons below the poverty line has risen by at least 1 million. The... 

US economy shrinks 2.9% in first quarter of 2014

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The US economy shrank at a much faster pace in the first quarter of 2014 than previously estimated, marking its worst performances since 2009. The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, instead of the 1.0 percent rate it had reported last month. Most economists had expected the revision to show the economy... 

Inflation Getting Severe in the US, All Prices Going Up

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Have you noticed that prices are going up rapidly? If so, you are certainly not alone. But Federal Reserve chair Janet Yellen, the Obama administration and the mainstream media would have us believe that inflation is completely under control and exactly where it should be. Perhaps if the highly manipulated numbers that they quote us were real, everything would... 

The European Union Dream is Over, Now Poverty Reigns High

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Smoke of wood stoves rises over cities of Greece, Spain suffers from youth unemployment, Germany raises retirement age to 76 years, whereas in the heart of London, people gather to protest against austerity measures. Who benefits from multiplying the poor in Europe? Has the tale of good European life been destroyed? “In winter you can heat your house... 

US total debt reaches stunning 60 Trillion Dollars!

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America, its government, businesses, and people are nearly $60 trillion in debt, according to the latest economic data from the St. Louis Federal Reserve. And private debt, not government borrowing, is the biggest reason for the huge deficit. Total US debt at the end of the first quarter of 2014, on March 31 totaled almost $59.4 trillion – up nearly $500... 

Russia threatens to cut off gas supply to Ukraine by June 3

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Russia has set a deadline for Kiev to pay part of its debt to Moscow or the flow of Russian gas to Ukraine will be halted. The acting Kiev government has until June 3 to pay part of its debt or face cuts in natural gas supplies from Russia. According to Russia’s Gazprom CEO Alexey Miller, with last month’s consumption included, Ukraine’s debt will rise... 
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