2010 Marked by Debt Problems in Europe and Growth in the Developing World

!: 2010 Marked by Debt Problems in Europe and Growth in the Developing World

I'm Alex Villarreal with the VOA Special English Economics Report, from voaspecialenglish.com | http Here are some of the top economic stories of two thousand ten. The world continued to struggle with a slow recovery from the financial crisis two years earlier. Greece admitted to bigger-than-expected budget deficits. Investors punished Greece with much higher borrowing costs. The sixteen countries that use the euro joined the International Monetary Fund in offering loans of about one hundred forty billion dollars in May.But, Greece had to agree to deeply cut government spending. Some demonstrations against the measures turned violent. And debt problems extended beyond Greece. Ireland asked euro-area members and the IMF for help in November. Its rescue was even bigger, considering the size of the Irish economy. Euro-zone nations have set up a bailout fund of about one trillion dollars. But the IMF worries that may not be enough. Portugal, Spain and Italy could soon require emergency loans. And the euro has declined, making imports more costly for the region's struggling economies. China's exports of important industrial metals also made news in two thousand ten. China temporarily cut off rare earth metals meant for Japan after a territorial dispute in September. China controls nearly all of the rare earth metals market. These metals are used in everything from smart bombs to batteries. China recently announced lower export limits for rare earths for two thousand eleven. In ...

2010 Marked by Debt Problems in Europe and Growth in the Developing World

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