facing

The euro zone will be in a recession before the end of the year, an economist from the Royal Bank of Scotland (RBS) told CNBC Monday. more...

Ministers are set to be told this autumn that a £12 billion ($18.8 billion) black hole has opened in the public finances, in a forecast that threatens to derail the coalition’s deficit reduction strategy and prolong austerity well into the next parliament, reported the FT. more...

German Finance Minister Wolfgang Schaeuble said the global economy may see "seven lean years" as a result of needed fiscal consolidation programs, even as top U.S. economists questioned the effectiveness of austerity measures. more...