As the European sovereign debt crisis enters its fourth year, there are growing concerns that Spain, the fourth-largest economy in the euro area, could collapse under the weight of its debt and trigger a break-up of the euro zone.
If there's one thing which stands out about the West since 2008, it's this: there's been almost no substantive economic reform. There's been a lot of money printed, talking up of prospects (forward guidance in central banker parlance), huge subsidies to save certain sectors, but little restructuring of economies to put them on a more sustainable footing. Where the financial crisis showed the dangers of relying on ever-expanding debt to fund consumption, that reliance has only increased since.
It might seem a strange that newly re-elected President Barack Obama has chosen this moment to jet off to Asia. After all, he’s left a mess of problems back home. The White House is in the midst of tense negotiations with Republican Congressmen over a budget compromise to avoid the looming “fiscal cliff.” The nation is still smarting from a long and divisive election. And even in the realm of foreign policy, Asia doesn’t seem to be the priority right now, with a conflict escalating between Israel and Hamas in Gaza.
Singapore is set to overtake Las Vegas as the world's second-largest gambling hub this year, a US gaming industry head said Tuesday, as Asia cements its place as a major betting market.Singapore has emerged as Asia's hottest new gambling destination with a revamped cityscape and billions of dollars pouring into the economy, after the opening of two resort casinos in 2010.The strong growth came after Macau -- the world's biggest gaming hub -- leapfrogged Las Vegas in gaming revenue and continues to post record-breaking growth, thanks to burgeoning numbers of wealthy Asians.
LONDON, April 13 (IFR) - Any fundamental restructuring of Greece's US$350bn of outstanding debt before June 2013 will have severe repercussions across the Eurozone, according to the lawyer who advised Uruguay on the successful restructuring of its sovereign debt in 2003.
Michael Johnston submits:Since the economic recovery began, many investors have looked to Asia to drive growth and stimulate global demand. China has grabbed most of the headlines, as tremendous growth in the world’s most populous nation has essentially pulled this emerging market into a tie with Japan as the world’s second-largest economy.