Spain continues to slide deeper into recession. Economic output fell by 0.7 percent on the same period in 2011. It's the steepest decline in three years. Spending cuts and tax hikes are putting the brakes on growth.
Brazil's interim president Michel Temer has unveiled a raft of economic austerity measures. Just a few days into his 180-day tenure, the 75-year old has confounded expectations he would spend Brazil out of its slump.
Greece needs “unconditional debt relief” from its European creditors at least until 2040 to help its finances to recover, the International Monetary Fund (IMF) has said in a new analysis of Greece's debt burden.
After Greece adopted a new set of reforms, eurozone finance ministers have closed in on a deal to unlock vital cash for Athens. Debt relief was discussed, setting the stage for a showdown between the IMF and Germany.
Greek labor unions have begun two-day strikes to protest a new raft of austerity measures that parliament will debate this weekend. Athens must impose more belt-tightening if it wants to unlock further bailout money.
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