• China’s Country Garden wins vote on debt to avoid default, says media

    BEIJING, CHINA - Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment, narrowly avoiding a potential default, Bloomberg reported on Saturday. One of China's biggest builders, Country Garden had racked up debts estimated at 1.43 trillion yuan ($196 billion) by the end...

  • US Senate all set to pass debt deal bill as default almost avoided

    US senators raced to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case scenario of an economy-cratering default seemingly avoided. The Treasury has warned it could run out of money to pay its bills by Monday, leaving no room for delays in enacting...

  • US leaders look for support on crucial debt default bill

    The key deadline is June 5 -- when, according to Treasury estimates, the government will no longer have the funds required to pay all its debts and bills.

  • US leaders finalize deal on debt ceiling week before default

    President Joe Biden and Republican leader Kevin McCarthy announced a deal to raise the debt ceiling, dragging the United States back from the precipice of default with only a few days to spare. Congress will vote on the deal to extend the government's borrowing authority on Wednesday, just shy of...

  • US close to fixing debt ceiling issue, says President Biden

    WASHINGTON, US - President Joe Biden said that Democratic and Republican negotiators were on the verge of resolving a debt ceiling standoff, as the deadline for a potentially catastrophic US default was pushed back to June 5. "It's very close and I'm optimistic," Biden told reporters at the White House on...

  • US debt ceiling talks ‘unnecessary’ for global economy: IMF chief

    International markets have been unnerved by the battle between US President Joe Biden and opposition Republicans on US borrowing limits with an early June deadline looming. Some Republicans have questioned whether a quick agreement with the US administration is necessary to avert a painful default.

  • Stock markets advance on US debt, elections

    Major stock markets advanced after President Joe Biden said he was "optimistic" about finding an agreement on averting a first-ever US default. Stock markets in Europe and Asia kicked the week off with gains amid growing hopes the Democrats and Republicans will reach a deal to avert a US government...

  • Large scale job losses if US defaults, warns government

    President Joe Biden's administration again warned of "catastrophic" consequences for the US economy including huge job losses if the country defaults, as negotiations to forge a debt deal are expected to resume this coming week. For weeks US policymakers, bankers and the White House have warned that the country is...

  • Deutsche Bank shares tank

    The shares fell on the lender's rising cost of default cover.

  • Lebanon needs $12-15 billion to kickstart recovery: Central Bank

    Lebanon needs to receive 12 to 15 billion dollars from its partners to kickstart its economic recovery and shore up fast-diminishing foreign currency reserves, Central Bank Governor Riad Salameh said Tuesday. Lebanon is grappling with an unprecedented economic crisis branded by the World Bank as one of the planet's worst...

  • Tunisia pays $506m in foreign debt, as economy falters

    The country has seen its economy contract by more than 8 percent last year, and its pile of debt has made it more worse