An over-supply of homes is hampering economic recovery in the US said President Obama during a stop in Ohio.
“The housing market is still a big drag on the economy as a whole,” the President said. “It is going to take some time for us to absorb this inventory, that was really too high… We were building 2 million homes a year when only 1.4 were being absorbed.”
Source: BBC News
The European Commission said today that recent efforts by Greece to reduce its deficit has warranted releasing the next round of emergency funding. Greece has already received 20 billion euros (US$25.7 bn) of the 91 billion euros (US$145 bn) pledged in rescue loans.
“Greece has managed impressive budgetary consolidation during the first half of 2010 and has achieved swift progress with major structural reforms,” said European Economic and Monetary Affairs Commissioner Olli Rehn.
Source: BBC News
Powered by Efacilitators Hosting