Debt Crisis

Dongguan suspends free services as debt crisis bites

Shuikou Cun, Dongguan. Photo: Edward Wong

In a telling sign of the mainland's mounting local government debt crisis, some towns in Dongguan - one of the richest cities - are being forced to suspend free public services and infrastructure projects.

Saturday, 18 May, 2013, 5:05am 3 comments

Chronic corruption behind Dongguan village uprisings

A villager from Shuikou, Dongguan, shows a document for a village committee loan. Committee members were accused of borrowing money and splitting it among themselves. Photos: Edward Wong, SCMP Pictures

"The police bent my arms back while asking who my husband was and what he did for a living," a woman in her 60s recalls as she describes a scary scene that unfolded at her home last month. "If I had not been carrying my grandson on my back, they would have brought me to the police station."

18 May 2013 - 5:28am

Cyprus bank disaster another episode in Europe's crisis of governance

A crowd lines up outside a Laiki Bank branch in Nicosia, Cyprus. Photo: NYT

Roman Emperor Julius Caesar was famously warned by a seer about the Ides of March, traditionally March 15. On that date this year, banks in Cyprus closed their doors to allow politicians time to decide how to raise €5.8 billion (HK$58 billion) so the country could qualify for a €10 billion bailout from the rest of the euro zone and the International Monetary Fund.

30 Mar 2013 - 3:30am 1 comment

Iceland's harsh cure would be a better medicine for Cyprus

Iceland's harsh cure would be a better medicine for Cyprus

A week after the European Union's first disastrous attempt to solve Cyprus's debt crisis, a new rescue package emerged yesterday.

Unlike the initial bailout, the new deal honours the deposit guarantee offered to small-scale savers.

26 Mar 2013 - 3:14am 1 comment

Japanese city puts its name up for sale

A debt-ridden Japanese city is offering to rename itself after the highest bidder, an official said yesterday.

Izumisano, in the western prefecture of Osaka, owes its creditors well over 100 billion yen (HK$9.7 billion), the official said, adding the presence of nearby Kansai International Airport was partly to blame.

3 Nov 2012 - 3:15am

IMF says EU must speed up reforms

Christine Lagarde. Photo: AFP

World finance leaders expressed cautious optimism on Saturday that Europe is making progress towards containing its debt crisis but said it was critical for all advanced economies to step up the pace of policy reforms to rebuild confidence.

13 Oct 2012 - 3:15pm

Greece prepares sale of state assets as economic outlook grows more bleak

A woman stands by a billboard advertising a lottery in Athens. The Greek government said yesterday it would sell state assets to raise desperately needed revenue. Photo: AFP

An unprecedented clear-out is now under way in Athens after the government announced it will sell anything it can do without - and in this debt-choked nation that means letting go of islands, royal palaces, prime real estate, marinas, airports, roads, the state-owned gas company, lottery and post office. Indeed anything, really, that can be sold.

21 Sep 2012 - 4:31am

World economies on autopilot

It is ironic that at a time when we need leadership from our policymakers, they are unable to give us any. They are paid the big bucks for the big decisions but are taking the money and hiding. We are in a period of policymaker paralysis.

4 Sep 2012 - 10:08am