Latest Financial crisis News

Sri Lanka's crisis rings alarm for other troubled economies

Jul. 06, 2022 00:23 AM EDT

BANGKOK (AP) — Sri Lanka is desperate for help with weathering its worst crisis in recent memory. Its schools are closed for lack of fuel to get kids and teachers to classrooms. Its effort to arrange a bailout from the International Monetary Fund has been hindered by the severity of its financial...

Argentina's economic change underlines president's weakening

Jul. 06, 2022 00:09 AM EDT

BUENOS AIRES, Argentina (AP) — The abrupt resignation of Argentina’s economy minister has engulfed the country in an all-too familiar anxiety that flows from its periodic financial crises in recent decades. The departure of moderate Martín Guzmán on Saturday also gave another...

Cricket is a welcome distraction for Sri Lankans in crisis

Jul. 05, 2022 23:27 PM EDT

GALLE, Sri Lanka (AP) — The sport of cricket has become a welcome distraction for Sri Lankans looking for a break from the effects of the economic crisis in the country — long lines to buy fuel and cooking gas and school and work disrupted because there is little access to public transport. ...

Bank of England: Crypto crashes show need for tougher rules

Jul. 05, 2022 10:55 AM EDT

LONDON (AP) — The Bank of England warned Tuesday that recent cryptocurrency meltdowns that wiped out more then $2 trillion in value highlight the need for tougher financial regulations The U.K.'s central bank said that the crashes exposed vulnerabilities in the crypto markets...

Argentina peso drops as left-leaning economy minister named

Jul. 04, 2022 17:57 PM EDT

BUENOS AIRES, Argentina (AP) — Argentina’s peso fell and stock prices dipped Monday after left-leaning Silvina Batakis was named economy minister following the surprise resignation of her more moderate predecessor over the weekend as the country struggles with economic woes. ...

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...