debt

The measure includes $20 billion worth of cuts in government spending while raising $20 billion through taxes and privatization. The spending cuts will mean heavy layoffs in the public sector, school closures, and restrictions on

The state will also sell off public assets like the postal service and port facilities.

The Greek parliament today voted narrowly in favor of the unpopular package of austerity measures designed to reign in debt levels and secure the next tranche of aid it needs to avoid default.

The Agency said it would downgrade U.S.

The United States would probably be unable to maintain its AAA sovereign ratings, even if it just suffered a technical default, Fitch Ratings said on Wednesday.

"Less than two years ago, we made a commitment to repay the U.S. and Canadian taxpayers in full and today we made good on that promise," Chrysler and Fiat CEO Sergio Marchionne said in a statement today.

Mr.

Chrysler said today it has fully repaid the U.S. and Canadian governments, more than six years earlier than it was required to, making final payments of $5.9 billion to the U.S. Treasury and $1.7 billion to the governments of Cana

Under the revised plan, Greece will immediately seek a buyer for its 34% stake in Hellenic Postbank, which it had originally slated for 2013.

Greece's government announced on Monday it is stepping up its extensive privatization program, raising its state asset sales target for the year to $5.5 billion EUR, up from an initial target of between $2 billion EUR and $4 billi

It also revised its outlook on the long-term rating to negative from stable.

The revised outlook reflects the U.S.'s "very large budget deficits and rising government indebtedness" relative to its triple-A peers.

Standard & Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the U.S., according to a Bloomberg report.

He said before a Bertelsmann Foundation conference, "We're only two years from [2008's] cataclysmic financial crisis, and the huge damage to credibility and huge loss of confidence. The idea that Washington would court that risk i

Both publicly and privately, congressional Republicans have indicated they understand the implications of not raising the debt cap.

Treasury Secretary Timothy Geithner said Thursday that Congress will undoubtedly raise the debt ceiling because lawmakers recognize the major repercussions of not doing so.

UBS (UBS) was ordered to pay approximately $11M in fines and reimbursements for misleading clients about the safety of Lehman Brothers debt. The Financial Industry Regulatory Authority said UBS failed to emphasize Lehman's princip