Tag: economy

Politics

Cyprus The Latest Country To Get A Bailout

by

Cyprus is the latest country to require a financial “bailout” from other European countries to keep its banks and economy from collapsing.

Like Greece, which was bailed out of an economic crisis last year, Cyprus is one of 17 countries in Europe that uses a type of currency, or money, called the Euro.

The problems for Cyprus began with the country’s banks, which loaned money to people who didn’t pay it back. Governments of other countries that use the Euro became nervous that Cyprus banks would fail if they were re-paid, and that the problems could spread to their countries.

Continue Reading →
News

Bank Of Canada’s Loss Is England’s Gain

by

On Monday, Mark Carney made news when he announced that he was leaving his job as Governor of the Bank of Canada to become the Governor of the Bank of England.

The governor of a country’s central bank watches over the country’s money, and sets interest rates for borrowing or lending money to governments and others.

The governor also has to make sure there is enough cash in government accounts to cover all the programs it runs.

The central bank’s governor sets policies and rules for money matters at the highest level.

Carney told reporters that he took the job with the Bank of England because it will be a challenge.

He meant that he wanted to see if he could do a harder, or different, job than what he is doing now.

England is part of the United Kingdom, which is a member of the European Union.

Right now, the European Union is facing big decisions to make sure Europe’s financial future is strong.

Carney will have to help England to make those decisions.

Continue Reading →
News

More Money Problems For Greece

by

The debt problem in Greece is causing problems for the country again. And, once again, there is fear these money problems could spread to other countries around the world.

This time, some people in Greece have begun taking all their money out of the country’s banks because they’re worried about what will happen to the value of their money if Greece stops using the euro.

The euro is a currency, like the dollar, and it is used in many countries in Europe.

But Greece has borrowed a lot of money that it is having trouble paying back, and there have been talks about whether Greece should be allowed to keep using the euro.

Continue Reading →