Radio Free Europe / Radio Liberty

Revolutions Of '89: For One Czech Family, Gains But Also Disillusionment

Sun, 15 Nov 2009 19:22:32 +0000

As part of RFE/RL's series on the revolutions of 1989 that toppled Communism in Central and Eastern Europe, RFE/RL visits one Czech family to hear how they remember 1989 -- and how they feel today.

Global Mobile-Phone Growth Remains Strong Despite Crisis

Fri, 23 Oct 2009 09:47:53 +0000

Mobile phone and Internet growth has remained strong despite the global economic crisis -- and one of the fastest-growing areas is Eastern Europe and the countries of the former Soviet Union. That's according to a new report by the UN's trade body.

Havel Expects Biden To Reassure Central Europe On Ties

Wed, 21 Oct 2009 18:28:19 +0000

As U.S. Vice President Joe Biden begins his travels through central Europe, arguably the region's loudest voice for strong trans-Atlantic ties is up-front about what he expects to hear: a clear vision of American policy for the region. RFE/RL talks with Vaclav Havel, the former dissident credited with leading the revolution that toppled communism in Czechoslovakia.

1989: 20 Years On, Havel Marks Velvet Revolution

Thu, 15 Oct 2009 20:06:47 +0000

In the autumn of 1989, Vaclav Havel emerged as the leader of Czechoslovakia's Velvet Revolution, addressing huge crowds on the streets and leading the talks that within weeks ended communist rule. As the Czech Republic celebrates the 20th anniversary of those events, Havel looks back at the transition to democracy.

Weak Dollar Helps Send Commodities To Dizzying Heights

Wed, 14 Oct 2009 11:35:49 +0000

Gold prices have reached another record high today. But gold isn't the only glittering prize among commodities -- the prices of many, from oil to copper and sugar, have soared this year.

IMF Puts Lower Price Tag On Total Crisis Losses

Wed, 30 Sep 2009 11:08:50 +0000

$3.4 trillion. According to the IMF, that's the likely extent of total losses arising from the global economic crisis. Staggering though the figure is, it's actually lower than the International Monetary Fund's last estimate.

G-20 Accused Of 'Saying One Thing, Doing Another' On Protectionism

Thu, 24 Sep 2009 12:09:03 +0000

Despite pledges made at past G-20 summits, protectionism is on the rise. That's the conclusion, at least, of a new report. It calls it the "protectionist juggernaut" -- and says it's showing no sign of slowing down.

G-20 Aims For New Rules To Prevent Crisis Repeat

Wed, 23 Sep 2009 13:27:18 +0000

The last time G-20 leaders met, the immediate task was one of financial firefighting. At a summit in London in April, they struck a $1 trillion deal to combat the global economic crisis and agreed to do whatever it took to restore growth and save jobs.

U.S. Fed Chief Latest To See End Of Recession

Wed, 16 Sep 2009 12:04:01 +0000

They're not quite popping open the champagne yet. But in the last few days, top policymakers from some of the world's big economies have been giving markedly upbeat assessments. So, is the global recession coming to an end?

Dollar Hits Year Low, As Gold At 18-Month High

Wed, 09 Sep 2009 12:12:48 +0000

The U.S. dollar has fallen to its lowest level against the euro this year at around $1.45. At the same time, gold has risen to above $1,000 an ounce. The dollar slide marks a reversal of what happened a year ago, when the financial crisis prompted investors to "flee" to the safety of the dollar.

After Record Year, Migrant Remittances 'To Fall 5-8 Percent' In 2009

Tue, 08 Sep 2009 13:21:04 +0000

Despite the global economic crisis, migrants sent a record amount of cash home last year, according to a new UN report. But the report also says that after growing for nearly eight years, migrant remittances are now falling, and that they could drop 5-8 percent this year.

Scientists Claim Space Pics Tell Economic Tale

Mon, 07 Sep 2009 11:19:36 +0000

In some countries, data on economic output can be patchy, unreliable, or nonexistent. But a new study suggests there's another way to measure economic growth -- by looking at night-lights data from satellites.

Why Joblessness Keeps Rising Even As Economies Improve

Sat, 05 Sep 2009 09:57:16 +0000

First came the crisis, then the recession. Now there are signs a number of the big world economies could be on the mend. But even once a recovery takes hold, one thing of close concern to ordinary people is likely to get worse – unemployment.

Want To Know Where The Economy's Going? Watch Copper

Wed, 22 Jul 2009 10:14:52 +0000

You could track consumer sentiment indexes, scour the latest numbers for U.S. home sales, or pore over the fine print of China's GDP data.Or you could look at the price of copper.

China's Forex Reserves Post Big Rise, Now Top $2 Trillion

Wed, 15 Jul 2009 12:28:35 +0000

Already they were the biggest in the world. But now China’s foreign exchange reserves have topped the $2 trillion mark for the first time. It’s a sign that overseas investors are increasingly confident the Chinese economy is improving. It also might mean China will buy more U.S. debt, which is being sold in record amounts as Washington tries to spend its way out of recession.

Bigger 'G' Grouping Looks Set To Supplant G8

Mon, 13 Jul 2009 15:01:23 +0000

Members of the G8 group of leading industrialized nations have agreed to limit rising world temperatures, and promised $20 billion to help farmers in poor countries. But perhaps the most remarkable thing to emerge from last week's summit in Italy was the signal the group's days might be numbered.

'Chaotic’ Czech EU Presidency Comes To Close

Tue, 30 Jun 2009 12:18:02 +0000

When it comes to excitement, the EU's rotating presidency doesn't usually spring to mind. But the past half-year, under the leadership of the Czech Republic, has been anything but dull. Prague's six-month presidency has been punctuated by offending art works, inflammatory remarks, and, well, nude photographs.

Leaders Look To Map Way Out Of Economic Rescue Measures

Tue, 23 Jun 2009 13:41:52 +0000

They poured billions of dollars into troubled banks, unveiled massive spending packages, and even turned on the money printing presses. The economic crisis prompted unprecedented rescue measures by financial authorities around the world. Now they’re turning their attention to how they might unwind these emergency programs. But is it all too soon?

BRIC Leaders Aim To Build On Growing Economic Clout

Tue, 16 Jun 2009 09:54:52 +0000

The name was coined by an economist to group together the world's biggest emerging economies. Now BRIC (Brazil, Russia, India, and China) is holding its first official summit. It's seen as a sign they want to show their growing economic clout -- especially amid a global economic crisis that has pushed the world into its first postwar contraction.

Are Oil Prices Poised To Spike Again?

Thu, 11 Jun 2009 11:42:49 +0000

2008 was a roller-coaster year for oil prices. They soared to an all-time peak of $147 a barrel in July, before slumping to below $33 in December as the global economic crisis bit. Now they’ve rebounded, rising to their highest level this year at above $71 a barrel. What’s behind the rise and are we in for another spike?

China, Russia Line Up To Buy IMF's First Bonds

Tue, 09 Jun 2009 12:43:16 +0000

For the first time, the International Monetary Fund is planning to issue bonds. It's one of the ways the fund is trying to boost its resources to help countries hit by the economic crisis. China and Russia have already lined up to buy billions of dollars' worth.

Latvia Fights Devaluation Talk As Economic Crisis Bites Deeper

Fri, 05 Jun 2009 15:12:11 +0000

Storm clouds are once again gathering over Eastern Europe, with Latvia in the grip of a deepening financial crisis. For months it has been mired in the worst recession among EU members. And now there's renewed speculation that the country might have to devalue its currency. If it does, analysts warn there could be implications for other countries in the region.

In The Czech Republic, An Egg-Spattered Path To Euro Elections

Fri, 05 Jun 2009 11:16:10 +0000

As political parties in the Czech Republic vie for spots in the European legislature ahead of the June 5 and 6 elections, domestic political tensions are dominating the campaign.

Struggling Newspaper Industry Mulls How To Survive In Internet Age

Wed, 27 May 2009 14:18:57 +0000

A wave of job cuts, bankruptcies, and closures has hit the newspaper industry, particularly in the United States. The recession and the availability of free news on the Internet are blamed for turning newspapers into what one prominent senator called an "endangered species." But now the industry is trying to hit back, with more and more newspapers considering charging for online content.

Rating Agencies Take Aim At Top-Rated Countries

Mon, 25 May 2009 13:44:35 +0000

For a country's economy there can be no higher accolade, perhaps, than a "triple A" rating from the world's top credit-rating agencies. It's a sign to foreign investors that there is no safer place to invest their money. But the number of those countries is diminishing. Spain and Ireland were the first this year to lose their AAA status. And last week Standard & Poor's warned that Britain's AAA rating was at risk because of rising debt. That has spurred many to ask if the United ...

New Study Shows Trade Boost From Olympic Bids

Thu, 23 Apr 2009 13:32:20 +0000

Hosting a huge sporting event like the Olympics obviously carries with it immense prestige and it’s a prize coveted by cities -- and governments -- all over the world. But do such costly undertakings bring economic benefits? A new study suggests yes, in the form of a large boost to trade. Perhaps surprisingly, its authors say unsuccessful bidders reap similar benefits, too.

Economists See 'Green Shoots,' But Wary Of Weeds

Tue, 21 Apr 2009 15:56:26 +0000

Ben Bernanke was one of the first, spotting "green shoots" back in March. Then President Barack Obama spoke of "glimmers of hope" for the U.S. economy. And influential voices in Russia and Britain have said the worst of the crisis in their countries appears to be over. Are there real signs of economic recovery?

EU-U.S. Leaders Discuss North Korea, Turkey's EU Bid

Sun, 05 Apr 2009 16:28:25 +0000

EU leaders, gathered in the Czech capital together with U.S. President Barack Obama, issued a joint statement on North Korea's April 5 missile launch and traded opinions on the EU membership bid of Turkey.

Obama, In Prague, Calls For Elimination Of Nuclear Weapons

Sun, 05 Apr 2009 09:48:33 +0000

In an open-air address on April 5 in the Czech capital, Prague, U.S. President Barack Obama called for the elimination of the world's nuclear weapons, just hours after a controversial rocket launch by North Korea.

G20 Leaders Meet To Chart Next Steps In Crisis

Wed, 01 Apr 2009 17:08:32 +0000

Leaders of the Group of 20 (G20) major and developing nations are meeting April 2 to chart the next steps in dealing with what U.S. President Barack Obama called the most severe crisis since World War II. Obama says he's confident leaders will rally together and find consensus on what needs to be done. But the run-up to the London summit has been marked by differences, chiefly over the balance between extra spending and financial market regulation.

Czechs Latest Casualty As Economic Crisis Takes Political Toll

Wed, 25 Mar 2009 15:55:41 +0000

Domestic political squabbles were the chief cause of the Czech government's fall. But the center-right coalition's handling of the economic crisis played its part, too, making it the latest government in Central and Eastern Europe to be hit by political turmoil amid the economic crisis.

U.S. Central Bank Goes On Debt-Buying Spree To Fight Crisis

Thu, 19 Mar 2009 15:19:06 +0000

The U.S. Federal Reserve has announced it will start buying up billions of dollars of government bonds as part of a new trillion-dollar effort to revive the economy. The aim is to lower the cost of borrowing across the economy and get banks to lend more. But "quantitative easing" also carries risks -- that it could lead to inflation in the future, and hammer the dollar.

Yale Economist Shiller Sees Future In Derivatives

Wed, 18 Mar 2009 14:00:21 +0000

He was one of the few people to accurately predict the bursting of not one but two financial "bubbles." The "dot.com" collapse in technology stocks at the beginning of the decade, and the U.S. housing market collapse that triggered the current economic crisis. So when Yale professor Robert Shiller comes up with suggestions for a way forward, they're likely worth hearing. One is about derivatives, the complex financial instruments -- many based on mortgages -- that were ...

G20 Makes Pledges On Growth, IMF Funds, But Differences Remain

Mon, 16 Mar 2009 13:07:22 +0000

Finance ministers from the world's biggest economies have pledged to take "whatever action is necessary" to restore growth in the face of the global downturn. But there were few details at the G20 meeting in England, and members appear still to have different priorities ahead of a summit of world leaders in two weeks' time.

What Eastern Europe Needs Most Is Clear EU Policy, Economist Says

Fri, 13 Mar 2009 15:51:17 +0000

Going through a difficult period but in some ways better off than Western Europe. That, in a nutshell, is the view of Eastern Europe from Erik Berglof, the chief economist of the European Bank for Reconstruction and Development. But there's no reason for complacency, and Berglof says it's crucial that Western parent banks continue to support their subsidiaries in the East and that Europe could still do more to help.

Moves Afoot To Rein In Hedge Funds

Thu, 12 Mar 2009 12:02:38 +0000

They've been accused of helping drive down bank shares at the most intense period of the financial crisis last year. Hedge funds have been portrayed as predatory speculators -- one fund chief was even described by a British newspaper as a "greedy pig" who brought a bank to its knees. Now momentum is building internationally to subject them to tougher rules.

Central, Eastern European Banks Take Stand Against Region Warnings

Thu, 05 Mar 2009 13:41:44 +0000

There've been warnings, now there's a warning about the warnings. Six central banks in Central and Eastern Europe have criticized reports that lump their countries together in one stricken region. They're referring chiefly to growing concerns that Western European banks are at risk because of lending to the east. But the central banks said those warnings themselves posed a "high risk" to their financial sectors.

Media Under Scrutiny For 'Talking Up' Financial Crisis

Thu, 12 Feb 2009 17:25:59 +0000

Greedy bankers, lax regulators, complex financial instruments, irresponsible borrowers. When it comes to who was responsible for the economic crisis, there's plenty of blame to go around. Now there's another group under scrutiny, particularly in Britain -- the media.

With Rates Near Zero, What Options Do Central Banks Have Left?

Thu, 05 Feb 2009 14:47:09 +0000

Over the past few months, the world's major central banks have been slashing interest rates to record lows in a bid to get lending flowing again and help their economies weather the global downturn. Today, it was the turn of the Czech and the British central banks. But now that rates are nearing zero in some places, what options do central banks have?

U.S. Economy Posts Biggest Drop In Quarter-Century

Fri, 30 Jan 2009 15:35:29 +0000

The figures were slightly better than expected -- but still shocking nonetheless. The U.S. economy shrank at an annual rate of 3.8 percent in the period October to December.

Outlook Seen As Grim For World Growth, Unemployment

Thu, 29 Jan 2009 12:39:12 +0000

As if the economic news wasn't already depressing enough, this week has brought two more gloomy warnings. The UN's labor agency says more than 50 million jobs could be lost worldwide by the end of the year. And the International Monetary Fund says it expects the global economy to come to a "virtual standstill" -- its weakest since World War II.

Europe Hit By Downgrades As Deficits Balloon

Wed, 21 Jan 2009 14:13:36 +0000

A "triple whammy" is exacerbating what were already high deficits and debt levels in some countries.

President Grabs Limelight As Czechs Take EU Helm

Mon, 29 Dec 2008 12:51:27 +0000

Come January 1, the presidency of the European Union passes from one of the bloc's founding members, France, to one of its newest, the Czech Republic. But one of the Central European country's leaders, President Vaclav Klaus, is already grabbing much of the spotlight for views that are decidedly critical of Brussels.

2008 In Review: 'Once-In-A-Century' Financial Crisis Hits Markets Worldwide

Wed, 24 Dec 2008 12:48:04 +0000

2008 was the year the financial crisis would go truly global, knocking the economies of the United States, Europe, and Japan into their first simultaneous recession since World War II.

Financial Crisis Puts Squeeze On Migrants' Remittances

Thu, 20 Nov 2008 13:58:40 +0000

The global economic downturn is likely to cut the amount of cash sent by millions of migrants worldwide to their families back home, the UN and other agencies have warned, and the impact is likely to be felt keenly in Eastern Europe and Central Asia.

Czech Author Kundera Accused Of Informing On Agent

Tue, 14 Oct 2008 14:54:51 +0000

Czech writer Milan Kundera, the author of acclaimed novels such as "The Unbearable Lightness Of Being," has been accused of informing the communist police about a Western agent while he was a student in the 1950s.

Europe's Troubles Take Toll On Single Currency

Thu, 09 Oct 2008 14:43:27 +0000

As Europe struggles to cope with the financial crisis that has swept the continent, the single currency, the euro, has also been taking a beating. Since it hit a high of over $1.60 in July it has slumped to around $1.37.

Idea Of U.S.-Style Bailout For Europe No Longer Unthinkable

Thu, 02 Oct 2008 14:09:08 +0000

Until very recently, many in Europe thought the continent could avoid the worst of the financial crisis sweeping the United States. No need for a U.S.-style bailout, sniffed an EU commissioner, because Europe's situation is "less acute." But big lenders in Belgium, Germany, and elsewhere have since run into trouble, and governments have come to their rescue. And now, as the EU looks to strengthen its financial system, the idea of a U.S.-style rescue is no longer unthinkable.

60 Years Later, Berlin Airlift Remembered

Thu, 26 Jun 2008 11:24:22 +0000

Sixty years ago, Soviet leader Josef Stalin cut off all access to West Berlin. Over the next year, hundreds of U.S. and British planes supplied the city's needs -- the biggest operation of its kind in history.

HRW Says Democracy Charade Undermines Rights

Thu, 31 Jan 2008 15:41:42 +0000

HRW says that democracy is about more than holding elections (epa)