Month: June 2009

  The dollar fell, heading for its biggest weekly loss against the euro in a month, as Asian stocks rose for a third day and on speculation the Federal Reserve will keep interest rates low. The dollar weakened against 11 of the 16 most-traded currencies as Dallas Fed President Richard Fisher may elaborate on the central bank’s… Continue reading Dollar Falls, Set for Weekly Loss Against Euro, on Yield Demand

The dollar’s status as the world economy’s sole reserve currency may deteriorate, said Nouriel Roubini, the New York University economics professor who predicted the financial crisis. “We may see complementary reserve currencies,” Roubini said at a conference today in Athens. While it’s “not going to happen overnight,” the development “will diminish the role of the… Continue reading Dollar’s Reserve Status May Deteriorate, Roubini Says

  General Motors Corp., the world’s largest automaker for 77 years, will file for bankruptcy today, and emerge with majority ownership by taxpayers and liabilities reduced by more than 50 percent, the U.S. government said. The “new GM” will get $30.1 billion in bankruptcy financing from the government, and the Treasury “does not anticipate providing… Continue reading GM Bankruptcy to Bring Taxpayer Ownership, Less Debt

Treasury Secretary Timothy Geithner told China that the U.S. wants to shrink its budget gap as soon as an economic recovery takes hold, reassuring the nation that is the biggest holder of U.S. government debt. The U.S. goal is a deficit of “roughly 3 percent” of gross domestic product from a projected 12.9 percent this year, Geithner reaffirmed today… Continue reading Geithner Tells China U.S. Will Tackle Budget Deficit