Skip to Content

Government finance

Greece's first radical left prime minister sworn in

Markets, creditors sanguine as Greek radical left's Alexis Tsipras sworn in as prime minister
Nicholas Paphitis, The Associated Press

ATHENS, Greece - Tieless and eschewing the traditional religious swearing-in ceremony, but with a surprise coalition deal in the bag and a sanguine international reception, radical left leader Alexis Tsipras took over Monday as austerity-wracked Greece's new prime minister.

Hours earlier, the 40-year-old's Syriza party trounced the outgoing, conservative government in Sunday's national elections, on a platform of easing social pain and securing massive debt forgiveness.

S&P settles with SEC, 2 states over misconduct charges

Standard & Poor's settles with the government, 2 states over ratings on mortgage bonds
Matthew Craft, The Associated Press

NEW YORK, N.Y. - Standard & Poor's agreed on Wednesday to pay the U.S. government and two states more than $77 million to settle charges tied to its ratings of mortgage-backed securities.

In its first enforcement action against a major rating agency, the Securities and Exchange Commission accused S&P of fraudulent misconduct, saying the company loosened standards to drum up business in recent years. The agreement requires S&P to pay more than $58 million to the Securities and Exchange Commission, $12 million to New York and $7 million to Massachusetts.

Japan's PM reshuffles Cabinet to win tax support

Japan's leader reshuffles Cabinet to win opposition support for tax hike proposal
Malcolm Foster, The Associated Press

TOKYO - Japanese Prime Minister Yoshihiko Noda replaced five members of his Cabinet on Friday in a bid to win more co-operation from the opposition to raise the sales tax and rein in the country's bulging fiscal deficit.

Two of the removed ministers had been censured by the opposition for making comments that were deemed inappropriate. Twelve posts were unchanged, including finance and foreign minister.

Syndicate content