Detroit is so strapped for cash that police cutbacks have convinced one neighborhood association worried about crime to rent off-duty cops for extra protection. "We're supplementing a city service that isn't adequate," said a spokesman for the bus...

The Cypriot government says the next few hours will determine the future of the country. Politicans are to debate how to stop the country from going bankrupt. The European Central Bank says they have until Monday to figure out how to raise more...

In Cyprus, banks are set to stay closed all week: until next Tuesday in fact, as the hunt continues for a bailout which Cypriots will accept, to stave off bankruptcy.

Cypriots are holding their breath for a make or break bailout decision amid warnings of a slide into bankruptcy or crash out of the euro. Cyprus has postponed a vote on a planned one-off tax on depositors' savings accounts central to a eurozone ...

Detroit is thisclose to declaring bankrupty, meaning that it will be taken over by the state, which will likely squeeze residents further with major new austerity cuts. Motown is more than $14 billion in debt after close to half its population fle...

Iceland President Olafur Ragnar Grimsson tells Al Jazeera's Stephen Cole that Europe should let banks that are ran "irresponsibly" go bankrupt. Speaking at the annual World Economic Forum in Davos, Grimsson also held his country as a model of eco...

At a bankruptcy judge's urging, Hostess Brands and a key union have agreed to enter into mediation in a bid to settle their pay battle. That means Twinkies just might live another day to fatten up nostalgic American fans.

Twenty banks have already closed and South Koreans have lost almost $900 million in savings after an epidemic of bad real estate loans hit the banking sector. And the worst is still to come. South Korean broadcaster MBC reports on the impending wa...