Latest Financial crisis News

Argentina has new economy minister after abrupt resignation

Jul. 03, 2022 22:43 PM EDT

BUENOS AIRES (AP) — Argentina got a new economy minister late Sunday, a day after the abrupt resignation of her predecessor shook the governing coalition at a time it was already facinga crisis of unity. Gabriela Cerruti, the presidency’s spokesperson, wrote on Twitter late...

With no fuel and no cash, Sri Lanka keeps schools closed

Jul. 03, 2022 20:32 PM EDT

COLOMBO, Sri Lanka (AP) — Cash-strapped Sri Lanka on Sunday extended school closures for one week because there isn't enough fuel for teachers and parents to get children to classrooms, and the energy minister appealed to the country's expatriates to send money home through banks to finance new...

Argentine economy minister resigns amid peso, diesel woes

Jul. 02, 2022 20:03 PM EDT

BUENOS AIRES, Argentina (AP) — Argentina's economy minister resigned unexpectedly Saturday, dealing a fresh blow to the government of President Alberto Ferández as the country struggles with economic problems. Martín Guzmán stepped down after a week in which Argentina’s...

Tunisian president seeks more powers in new constitution

Jul. 01, 2022 13:47 PM EDT

TUNIS, Tunisia (AP) — Tunisian President Kais Saied on Friday unveiled a new draft constitution that would bestow broad powers on the president and curtail the authority of the prime minister and parliament. A referendum on the constitution is scheduled for July 25, exactly a year...

Bulgarian finance chief gets mandate as Russia tensions soar

Jul. 01, 2022 12:12 PM EDT

SOFIA, Bulgaria (AP) — Bulgaria's president on Friday handed the mandate to try and form a new government to the country's finance minister, four days after pro-Western reformist Kiril Petkov resigned following a no-confidence vote in Parliament. Asen Vassilev, from Petkov's We...

Qatar donates $60 million to Lebanon's army during crisis

Jun. 30, 2022 11:46 AM EDT

BEIRUT (AP) — Qatar has donated $60 million to the Lebanese army, hard hit by the Mediterranean nation's unprecedented economic meltdown, Qatar News Agency reported Thursday. The announcement came shortly after Qatar's Foreign Minister Mohammad bin Abdulrahman Al Thani arrived in...

Sri Lanka crisis gives India chance to gain sway vs China

Jun. 30, 2022 01:13 AM EDT

NEW DELHI (AP) — Sri Lanka's strategic location has attracted outsized interest in the small island nation from regional giants China and India for more than a decade, with Beijing and its free-flowing loans and infrastructure investments widely seen as having gained the upper hand in the quest...

Gas lines and scuffles: Sri Lanka faces humanitarian crisis

Jun. 29, 2022 21:08 PM EDT

COLOMBO, Sri Lanka (AP) — Chamila Nilanthi is tired of all the waiting. The 47-year-old mother of two spent three days lining up to get kerosene in the Sri Lankan town of Gampaha, northeast of the capital Colombo. Two weeks earlier, she spent three days in a queue for cooking gas — but came...

Puerto Rico sets 7th electric rate increase in just a year

Jun. 29, 2022 19:35 PM EDT

SAN JUAN, Puerto Rico (AP) — Officials in Puerto Rico announced another electric rate increase Wednesday, the seventh in a year amid continuing power outages and the U.S. territory's economic crisis. For a client that consumes 800 kilowatt hours, the new rate will be 33 cents per...

Ducey OKs $18B budget upping school, infrastructure spending

Jun. 28, 2022 20:03 PM EDT

PHOENIX (AP) — Arizona Gov. Doug Ducey on Tuesday signed into law his eighth and final state budget, an $18 billion spending plan that uses a record surplus to invest in education and infrastructure while lowering state debt and preparing for an economic downturn. The massive...