Economy News

Greek Prime Minister George Papandreou, has unveiled tough measures which include a public sector pay freeze and a hike in fuel taxes, in an attempt to reduce its high levels of greek debt,

Further measures to reduce debt levels include a 10% cut in social security spending, as well as a massive 90% tax on the bonuses of senior bank executives.
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The International Monetary Fund (IMF) has today pledged its support for Greece after yesterday’s declaration from the European Union, which will see the debt-stricken economy tackle its spiralling debts.

“We stand willing and able to support Greece in ways that the Greek authorities think is appropriate,” IMF First Deputy Managing Director John Lipsky told reporters on the sidelines of an international central banking conference.
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The UK’s official rate of inflation increased to 2.9% in December 2009, up from just 1.1% three months earlier.

The rise was driven by higher petrol costs and the effects of the reduction in the standard rate of VAT a year earlier dropping out of the twelve-month comparison.
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The pound sterling dived to a low not seen since May 2009 today over debt fears in the euro zone.

It was the fourth consecutive day of losses and the pound fell to $1.5535 in early London trade – an 8½ month low.
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The Labor Department has today revealed that the US unemployment rate fell from 10% in December to 9.7% in January – its lowest level in five months.

According to the Labor Department, employers cut 20,000 jobs last month – many analysts had predicted the economy to add jobs.

US President Barack Obama has pledged to make job creation his top priority.

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