Could the U.S. end up like Greece?
In the past month, we have watched as Greece went down in a debt crisis. pressure from global financial markets have forced Greece to begin a drastic austerity program. Greece promised to return to its normal status by 2013. The European Union and the IMF have sent a large sum of money to help out, $1 trillion. The European Central Bank is also sending money. The U.S. is by far the world’s largest single economy.We can depend on a domestic demand to drive the economy. However, we are facing challenges too, and many of these challenges are caused by the same reasons as in Greece. One important reason is because out debts are very far above what we can usually handle. Unless we change our fiscal policy, these problems are predicted to continue.
URL: http://www.cnn.com/2010/OPINION/05/20/vorce.greece.crisis/index.html?iref=allsearch
Greek deputy minister resigns over singer husband’s millions in tax debts
Recently, a Greek deputy tourism minister resigned after tax officials said that her husband, a popular singer and also former movie star, owes millions of euros in unpaid taxes. This was major embarrassment got the Greek government. The Greek deputy was named Angela Gerekou. She claims that she has no involvement in the tax affairs of her husband. This is bad for Greece, which is debt ridden. It was bankrupt, but saved by the International Monetary Fund (IMF).
URL: http://www.latimes.com/business/nationworld/wire/sns-ap-eu-greece-financial-crisis,0,1595125.story
Trillion-dollar euro rescue plan offers short-term relief, stores up longer-term problems
A $1 trillion rescue by the European Union stopped the slide of euro, which sent markets soaring. At this time, Europe seemed like a union. This was greeted with excitement and happiness on Wall Street. Stocks went sky high with the biggest gain in over a year. However, this package did not solve the basic dysfunction at the center of Europe’s monetary union. Governments can still spend carelessly and then blame the bill on their partners. Weeks of indecision has caused world markets to plummet downwards.
URL: http://www.latimes.com/business/nationworld/wire/sns-ap-eu-europe-financial-crisis,0,2091844.story
World markets await expected weekend Greece deal as US grows for the third quarter running
World stock markets were slightly relaxed on Friday although there was also strong U.S. economic growth. Investors have long waited for a support package to keep Greece from neglecting its debts. This Greek crisis is the center of attention in the stock market world. Most investors expect that a bailout loan package must be accepted by the European Union and the International Monetary Fund. From all the delay towards this crisis, investors are keeping reluctant from being too happy.
URL: http://www.latimes.com/business/nationworld/wire/sns-ap-world-markets,0,3576276.story
Chinese e-commerce site Alibaba to offer eBay’s PayPal on AliExpress wholesale site
Chinese e-commerce site operator Alibaba.com says that it will begin offering PayPal online payment for use on new its wholesale site, AliExpress. AliExpress has said that it will help customers by making it fast, safe, and simple to make payments. Alibaba.com is part of Alibaba Group, which is 39% owned by Yahoo.com. PayPal had also announced another deal in March with China UnionPay, which operates interbank transactions. I can tell that China is working to make better its Internet.
URL:http://www.latimes.com/technology/sns-ap-us-alibaba-paypal,0,6578047.story
2 People saved from China earthquake rubble
A 4-year-old girl and an elderly lady were saved from being stuck for almost a week in a house destroyed by an earthquake in China. Bamboo poles were used to push rice and water to the two survivors until they were finally rescued. The woman and child were protected by a wooden bed frame. Buddhist monks have shoveled rubble away and also performed funeral rituals. They threw food to the survivors. The death toll in the Tibetan Region has been raised to nearly 2,000 because of this earthquake.
URL: http://www.latimes.com/news/nationworld/world/wire/sns-ap-as-china-earthquake,0,5604431.story
China agrees to pursue new sanctions against Iran
Chinese president Hu Jintao has agreed in a direct meeting with president Obama. They are planning to discuss Iran’s nuclear promises. The U.S. and other main western nations believe Iran is developing nuclear weapons and want to decide on how to act. President Obama has already spoken with other leaders about this subject and hopes to come to a wise conclusion.
URL: http://www.latimes.com/news/nationworld/nation/la-fg-nuclear-summit13-2010apr13,0,4294428.story
Clinton says China will be involved in new Iran sanctions push at UN
U.S Secretary of State Hilary Clinton has declared that China agrees that Iran cannot become a source of nuclear weapons or power. The U.S. is leading the attack to punish Iran for not proving that its nuclear desires are for friendly purposes. We do not have anything about specific help from China, but Clinton still believes that unity can still be reached. Right now, the U.S. is also trying to get Russia to join the fight too.
URL: http://www.latimes.com/news/nationworld/wire/sns-ap-cn-us-iran-china,0,3084038.story
Chinese state media accuse Google of violating promises by stopping Internet censorship
Google has stopped censoring the Internet for China by moving its search engine off of China’s mainland. China is saying that Google has broken written and signed assurance or promise by doing this. China is angry not only because Google has ceased to filter the search service but also because Google blamed China for hacker attacks towards other countries. China is very heated about this problem.
25 People confirmed dead in electrical fire at coal mine in central China
There was a huge electrical fire in an illegal coal mine located in Xinmi City. 25 people were killed and the mine’s owner, manager, and investor are in custody. It is believed that 6 people were able to escape the fire. The reason the electrical fire started is unknown. China’s coal mines are the most hazardous in the world.
URL: http://www.latimes.com/news/nationworld/world/wire/sns-ap-as-china-coal-mine-fire,0,6640167.story
