Australian opposition leader Tony Abbott officially began the Liberal party’s election campaign, promising a budget surplus equal to 1 percent of gross domestic product within a decade amid polls signaling he is set to become the nation’s next prime minister.
We are now about five years into the deleveraging, and the related slow global growth, that followed the 2008 financial crisis. My forecast is for another five years of unwinding the excess borrowing by banks worldwide, U.S. consumers and many other sectors.
Brazil’s real posted its biggest gain in almost two years as the central bank stepped up efforts to stem the world’s worst currency decline, announcing a $60 billion intervention program involving swaps and loans.
President Francois Hollande wants to go further in overhauling the French economy, Prime Minister Jean-Marc Ayrault said, adding the government will decide changes to the retirement system within weeks.