Road to Depression

IMF chief says world economy is at very dangerous juncture!

LAGOS, Nigeria - December 20, 2011 - International Monteary Fund chief Christine Lagarde warned Tuesday that the world economy is at a "very dangerous juncture," speaking of the potential impact on poorer nations during her first visit to Africa as head of the fund.

Road to Depression

AMBROSE EVANS-PRITCHARD: Spain grits teeth yet again as austerity deepens!

By Ambrose Evans-Pritchard

LONDON, England - December 19, 2011 - Spain's new premier Mariano Rajoy has launched a fresh blast of fiscal austerity at his inauguration, describing the national outlook as "desolate" and his task like that of a father feeding four hungry mouths with bread for two.

Road to Depression

Euro collapse evacuation plan for Brits in Spain could leave them stranded!

LONDON, England - December 19, 2011 - Emergency evacuation plans for Brits living in Spain and Portugal are being drawn up amid fears of the euro collapsing.

The drastic proposals emerged as a former Security Minister warned expats could be left stranded and destitute by the break-up of the single currency.

Road to Depression

IMF warns that world risks sliding into 1930s-style Depression!

LONDON, England - December 15, 2011 - The world risks sliding into a 1930s-style Depression unless countries settle their differences and work together to tackle Europe's deepening debt crisis, the head of the International Monetary Fund has warned.

Road to Depression

New foreclosure wave is coming!

NEW YORK - December 15, 2011 - Despite a seasonal slowdown in overall foreclosure activity and a process still bogged down and backed up by the "robo-signing" processing scandal, the U.S real estate market is about to be hit by another surge of bank repossessions, according to a new report from the online foreclosure sale site RealtyTrac.

Road to Depression

European banks suffer downgrade!

LONDON, England - December 15, 2011 - Fitch Ratings has downgraded the debt ratings for five major European commercial banks and cooperative banking groups, citing the eurozone crisis and stronger headwinds facing the banking sector.

The ratings firm lowered the long-term issuer default and viability ratings by one notch for French banks Banque Federative du Credit Mutuel and Credit

Road to Depression

Latvia's largest bank fights off depositor run after rumors of collapse!

RIGA, Latvia - December 12, 2011 - Latvia's largest bank scrambled Monday to head off a run among depositors who were gripped by rumours of the bank's imminent ruin.

Weekend rumors that Swedbank was facing legal and liquidity problems in Estonia and Sweden sent thousands of Latvians to bank machines on Sunday, with some lines reaching as many as 50 people.