Global Financial Crisis | featured news

Debt-crippled Ireland formally applied Sunday for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic Tiger and the economic envy of Europe.

The ultimate size will depend on whether Dublin merely tries to shore up and restructure its crippled banks, or whether a larger package is offered to give it more breathing room.

Global financial regulators on Sunday agreed on new banking rules designed to strengthen bank finances and rein in excessive risk-taking to help prevent another crisis.

China's economy slowed in the second quarter as the government steered monetary and fiscal policy back to normal after a record credit surge last year to counter the global crisis.

Germany, France and the UK said Tuesday that they will introduce bank levies to offset the cost of future financial crisis and will urge their counterparts from the Group of 20 industrial and developing nations to do the ...

The European Union agreed on a 500 billion-euro ($670 billion) emergency fund in the early hours of Monday to protect highly indebted eurozone countries from the "wolfpack" of financial markets.

Euro zone leaders decided on Friday they have special measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal.

Hundreds of thousands of people joined May Day rallies across Europe on Saturday, many protesting against government austerity policies in the wake of the global financial crisis.

China accused Washington of hypocrisy on Friday for its criticism of Beijing's restrictions on the Internet and dissent, blaming the United States for the financial crisis and saying its own rights record was terrible.

The United States must reduce its budget deficit and Asian nations must encourage more consumption to prevent a recurrence of the global imbalances that contributed to the financial crisis, Federal Reserve Chairman Ben Bernanke said Monday.