GreeceEconomy

Why Japan Is Rushing to Aid Europe: It's All About China

World markets got a boost this week from Japan's pledge to help overly indebted EU nations. What's behind Japan's move? Sure, the spirit of global cooperation is part of it. But much more significant is Tokyo's need to keep pace with Beijing in the influence game.

Greece Cleared to Receive Next Batch of Rescue Loans

Greece received the green light for the next installment of its 110 billion euro ($150 billion) bailout package. Representatives of the IMF, ECB and EU said they were recommending that the country receive the third batch of loans under the program, The Associated Press said. The loans are worth 9 billion euros.

Is the Global Economy
Rolling Over?

The recent tremors in global equity markets may have deep roots. As investors are becoming aware, there is growing evidence that the economy is slowing down in Europe, Asia and the U.S. Here's a look at some of the key data.

China Promises Continued Support for Europe

Chinese premier Wen Jiabao said his country will support European bonds and the euro currency. "I have made clear that China supports a stable euro," he said, according to BBC News.

Greek Economy Shrank 1.5% in Second Quarter

Greece%u2019s economy shrank 1.5% in the second quarter of the year as the government%u2019s austerity program bites. The country%u2019s statistics agency Elstat said the "significant reduction" in public spending contributed to the worsening recession, BBC News reported. The economy contracted 0.8% in the first quarter.

Greece Takes First Step Towards Pension Overhaul

Greece took a step towards overhauling its ailing public finances by giving preliminary approval for a bill that would increase the retirement age and cut benefits. The new law sets a retirement age of 65 for both men and women, and reduces payouts by basing pensions on lifetime income, rather than final salary, The New York Times reported. Currently, many Greeks can retire before they are 50.