European debt crisis

Eurozone Joblessness Rises to a Record 12%

Unemployment across the 17 European Union countries that use the euro has struck 12 percent for the first time since the currency was launched in 1999, official figures show.

Bank Shutdown Hammers Cyprus' Businesses

Banks across Cyprus remain locked Tuesday after financial authorities extended the country's bank closure, fearing worried depositors will rush to drain their accounts.

Behind Cyprus' Plan to Seize Bank Deposits

A plan to seize up to 10 percent of Cypriot's savings has been met with fury and raised concern, if not panic, in the rest of Europe about the security of bank deposits.

U.S. Trade Deficit Fell 12.1% in Second Quarter as Exports Rose

The U.S. current account trade deficit narrowed in the April-June period, pushed lower by an increase in American exports and cheaper oil imports. The Commerce Department said Tuesday that the deficit in the current account decreased 12.1 percent to $117.4 billion in the second quarter.

Don't Fear a Moody's Downgrade - Fear a China Slowdown

Credit rating agency Moody's is threatening to downgrade U.S. debt if Washington doesn't get its act together soon -- which could (perhaps) increase the government's borrowing costs. That would be troublesome, but the really scary U.S. debt problem is China's economic slowdown.

Eurozone Jobless Rate Stuck at Record High 11.3% in July

The combination of harsh austerity and high uncertainty kept unemployment across the 17-country eurozone at a record high 11.3 percent in July. The data, reported by Eurostat Friday, underscores the huge task the continent's leaders face to restore confidence in its economy.

Europe Teeters on the Edge of Recession

Europe is edging closer to recession, dragged down by the crippling debt problems of the 17-country eurozone, official figures showed Tuesday: The economies of both the eurozone and the full EU shrank by 0.2% in the second quarter, after a flat first quarter.

Cheaper Oil Pushes U.S. Trade Deficit to 18 Month Low

The U.S. trade deficit fell to its lowest level in 18 months in June, pushed down by a steep drop in oil imports and a small rise in exports. The trade gap narrowed to $42.9 billion in June, down from $48 billion in May, the Commerce Department said Thursday.