Recession: it’s official in the eurozone

GENEVA, SWITZERLAND – The eurozone nations have slipped back into recession for the first time since 2009, figures published 15 November by Eurostat show. GDP fell by 0.1 percent in the 17-nation euro area and increased by 0.1% in the larger group of 27 during the third quarter of 2012, compared with the previous quarter. […]

Bill Clinton encourages Europe to find austerity, growth compromise

LAUSANNE, SWITZERLAND – Compromise is the only way forward, former US President Bill Clinton told business leaders and students in Lausanne Sunday night, in a speech at IMD, and that includes resolving the eurozone crisis. “What works in people’s lives are creative networks of cooperation,” he told the crowd of several hundred. He pointed to […]

Students protest Quebec university fees hike

GENEVA, SWITZERLAND – Tens of thousands of students protested in Montreal, Canada this week against a planned increase in tuition fees at Quebec universities, announced by the liberal government lead by Prime Minister Jean Charest. The city has seen daily marches since Monday 19 March. Quebec’s tuition fees, which are by far the lowest in […]

Portugal passes muster for next funding round

Greeks bonds out as collateral GENEVA, SWITZERLAND – Portugal will get the nice euros 14 billion of the 78bn allotted to it as part of a european bailout package. The country’s spending cuts and ability to stay on target for reducing its debt were reviewed by a team that visited Monday, from the three agencies […]

IFMA: Debt + Deflation = Devastating

Presentation by Philippe Coutaz, Chief Economist of Compagnie Bancaire Helvetique discussing and comparing the economic events of the past with those of today’s current market. Registration and pre-payment to signup@ifma-net.ch no later than 2 December.

And now, Italy . . . (Chappatte cartoon)

and now italy chappatte

©2011 Chappatte, distributed by Globe Cartoon. More cartoons on Chappatte’s web site. Geneva-based Patrick Chappatte works for the International Herald Tribune, for Geneva newspaper Le Temps, and for NZZ am Sonntag. All cartoons reproduced with permission.

Greece’s new PM could be ex-central banker, Italian worries grow

GENEVA, SWITZERLAND – Bond markets were nervous Monday as Greece scurried to put in place a 100-day emergency coalition government that will push through a bailout plan before money runs out. Governments in the eurozone rushed to placate the traders as Italy’s borrowing reached its highest-ever point, raising new fears about its financial stability. Reuters […]

Italy’s debt downgraded by S&Ps

GENEVA, SWITZERLAND – Standard and Poor’s downgraded Italy’s sovereign debt Tuesday 20 September by one notch to A/A-1, and it maintained its “negative” outlook. The move came as a surprise to markets, which expected Moody’s to downgrade Italy first, according to CNBC, but it has said it will wait a month to decide. The S&P […]

Young Swiss francophones rack up more debt on phone and Internet than other Swiss

GENEVA, SWITZERLAND – Swiss aged 18-25 are more prone to get into debt in e-commerce, telecommunications and health than people aged 32 and up, says the European-based credit management and services company Intrum Justitia in its 2011 Radar study. On average, young people in Switzerland owe CHF468 for subscriptions to mobile phones and Internet. People […]

New US ambassador urges calm over debt

GENEVA, SWITZERLAND – The new US ambassador to China, Gary Locke, told reporters at his first press conference in Beijing Sunday 14 August that the US is committed to “getting our fiscal house in order”, in response to Chinese criticism in recent days of what official media have called the American “addiction to borrowing”. China […]