Unable to Fix Economy, Hungary's PM Steps Down

Eastern Europe melts down, but Western leaders refuse bailout

(NEWSER) - EU leaders meeting in Brussels yesterday rejected a Hungarian-led effort to bail out the faltering economies of Eastern Europe, leading to apocalyptic warnings of an economic "Iron Curtain," with millions of unemployed workers heading west. Countries from the Baltic states to Poland and Romania have seen their once-booming economies implode, and several have turned to the IMF for aid. More»

Debt crisis throws majority into disarray

(NEWSER) - After barely surviving a confidence vote last month, Silvio Berlusconi may be poised to step down as Italy’s prime minister as soon as today, at least according to two journalists. "That Silvio Berlusconi is about to resign is clear. It is a question of hours, some say of minutes," says an editor with close ties to the PM. But the PM himself denied the chatter on Facebook, writing, "Rumors of my resignation are baseless," reports Reuters . Meanwhile, other insiders tell the Wall Street Journal that Berlusconi will meet with his family and the head of Italy’s top TV broadcaster today to make a decision. More»

Mohamed Ghannouchi was close to former government

(AP) - Tunisian Prime Minister Mohamed Ghannouchi has announced his resignation today on state television after a renewed outbreak of street violence in the North African country in the past few days. Ghannouchi, 69, has been a major irritant to Tunisians behind the so-called "Jasmine Revolution"—weeks of public upheaval that drove longtime autocratic President Zine El Abidine Ben Ali from power last month. More»

More businesses signing on to trend of exchanging services

(NEWSER) - The global recession has made bartering hot, but don’t go thinking it’s all a backrub for a plumbing fix. Big money—though no cash—is changing hands through the world’s largest barter service, Bartercard. The worldwide service’s transactions are valued at $2 billion this year, up 20% over last year. That makes it the leader in a global trend that saw 400,000 business make trades worth $10 billion last year. More»

How one country ducked the economic downturn

(NEWSER) - Australia has weathered the financial crisis better than any other developed country. Last week its central bank raised interest rates, indicating its primary concern is now inflation, not growth. What were the keys? Phil Dobbie of BNET explains:

• Befriending China: Australia used to export much of what it made to the US and UK, but over the last decade much of that trade has shifted to China. In fact, some economists argue that Australia didn’t need a stimulus package—Beijing’s stimulus was enough.