The Japanese Nikkei lost 7.3 percent on Thursday, the worst loss in over two years, after China released unexpectedly weak Flash PMI accompanied by hints that the US Federal Reserve could shut down its stimulus program in June.
In a period of record recession and unemployment, the EU has decided to recover a reported €1 trillion in tax revenue lost in loopholes and fraud, and has set a one year deadline to end banking secrecy.
As a severe recession and unprecedented unemployment sweeps Italy, millions of people are struggling to make ends meet. The number of those receiving food assistance has doubled in the past two years, according to a government report.
The Russian economy will not be able to grow faster than 2 percent per year in the coming decade and might become another Greece, says one of Russia’s leading investment banking firms Renaissance Capital.