Diwali, this year, hardly lit up business for most shop owners. Businesses are seeing sluggish sales this festive season in part because India’s shadow lending industry, which accounted for nearly 4 out of every 10 consumer loans in the last three years,... read more
The Matrishri Usha Jayaswal Thermal Power Plant, is seen through foliage in Bana village in the district of Latehar, Jharkhand. Deep in the jungles lies this abandoned power plant, a warning symbol for the $38 billion of additional bad loans which are about to engulf the country’s banks.
The inability to tackle bad loans more urgently has weakened banks to an extent that they have been unable to lend on the one hand while the government has had to use tax payer money for a bailout on the other. read more
European Union nations agreed to give euro 67.5 billion ($89.4 billion) in bailout loans to Ireland on Sunday to help it weather the cost of its massive banking crisis, and sketched out new rules for future emergencies in an effort to restore faith in... read more
Ireland\'s teetering government is set to announce plans to cut welfare spending sharply and raise taxes to help pay for the country\'s catastrophic banking crisis and meet the terms of an international bailout. read more
US regulators have warned that taxpayers may end up absorbing losses of $363 billion from bad mortgage loans — the latest sign that problematic lending practices that triggered the 2008 banking crisis continue to buffet the US. read more
An influential group of British lawmakers said that they would hold an inquiry into the role of the media in the banking crisis and whether journalists should be partly gagged in periods of market volatility. read more