User:Rinah chauhan

Sample News Item: The global debt crisis is back in the headlines. Right now, red flags are popping up all over Europe, with Spain being the most-watched nation. Standard & Poor's cut its credit rating on Spain by two notches, citing the government’s growing budget deficit as a result of economic contraction. The Spanish government released data showing a record 5,639,500 people are unemployed in that nation, with the unemployment rate hitting 24.4 percent. Spain may need to pump around $200 billion into its ailing banks. Amazingly, bad loans now make up 8.15 percent of all loans on the books of Spanish banks. That is the highest level in eighteen years. The official debt-to-GDP ratio for Spain is 79 percent, but the actual total is around 130 percent. Italy is not far behind Spain. Its massive $2.5 trillion outstanding public debt has become a daunting risk for Italian banks. While banks are not obliged to purchase domestic government bonds, they are doing so for a very clear reason. They have purchased so many already that if they don't buy more, a collapse in the bond market would wipe them out. The banking system in Europe is so critical, the U.S. Federal Reserve, the European Central Bank, and the International Monetary Fund have stepped forward with bailouts totaling $7 trillion.

Todd Strandberg1.22.154.190 (talk) 10:59, 27 August 2012 (UTC)www.raptureready.com