Greece will soon find out if it can secure the next round of EU funding as the deadline approaches for creditors to agree to a cut to their bond holdings.

Greek Prime Minister, George Papandreou announced that he would be holding a referendum on the bail-out package -- a surprise to his own party, his people, and to all of Europe. Rumors and questions as to why Papandreou made the surprise move are ...

Robert Zoellick, the head of the World Bank, has said that the world is entering a new economic danger zone, and that Europe, Japan, the United States and other countries should take responsibility for the current debt crisis. The European Union,...

German chancellor Angela Merkel and French president Nicolas Sarkozy say they will continue to back Greece as rumours circulate it will default on its debt obligations.

Congressional Budget Office head Douglas Elmendorf says US "can't afford to take the views of its creditors lightly" as it considers "dangerous gamble" of government default.

US Senate Majority Leader Harry Reid has said neither side got what they wanted from the deal announced yesterday to raise the US debt ceiling, because it is a compromise. The White House and congressional leaders worked Monday to align lawmakers ...

Both houses of the US Congress were lining up votes Monday on a bitterly fought agreement with President Barack Obama to raise the limit on US borrowing and forestall an unprecedented American default.

World stock markets jumped Monday after President Barack Obama announced a deal to increase the US debt limit, which would avoid an American default. But observers were injecting a note of caution into their analysis.

The ongoing debt crisis in the US is a painful reminder of Argentina's past when in 2001 the Latin American country defaulted on its debts. For years, it was the US and developed nations who closely watched as Latin American economies struggled w...