Debt, Global Economy | featured news

At a time when much of the advanced world is unloading its debt, South Koreans are still borrowing at a feverish rate that economists say is unsustainable, and potentially dangerous.

Japan says it will forgive about 300 billion yen ($3.7 billion) of Myanmar's debt as a way to support the country's democratic and economic reforms.

After a series of positive announcement from Greek FinMin Venizelos, rumors that Moody's would downgrade French banks and Germany was preparing for a Greece to default send equities tanking, particularly French banks.

Italy and Spain pass new measures as they battle to control their debts while Greece steps up its austerity plans.

The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits.

Icelanders are set to reject the terms for repaying Anglo-Dutch debts in a referendum on Saturday, forcing new negotiations with creditors and delaying financial aid the country needs to fix its shattered economy.