A look at economic developments around the globe

AP News
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Posted: Sep 27, 2011 12:35 PM
A look at economic developments around the globe

A look at economic developments and activity in major stock markets around the world Tuesday:

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BERLIN _ Greece will receive its next batch of bailout loans in time to avoid a disastrous default, the country's finance minister said, as stock markets rallied on hopes that policymakers around Europe were preparing a comprehensive solution to the debt crisis.

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LONDON _ Hopes that policymakers are preparing a grand plan to finally contain Europe's debt crisis bolstered stocks ahead of a meeting between the leaders of Greece and Germany.

Germany's DAX closed 5.3 percent higher while the CAC-40 in France jumped 5.7 percent. The FTSE 100 index of leading British shares ended 4.0 percent higher.

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TOKYO _ In Asia, Japan's Nikkei 225 shot up 2.8 percent, a day after shedding more than 2 percent and ending at its lowest level since April 2009. South Korea's Kospi rallied 5 percent. Hong Kong's Hang Seng jumped 4.2 percent. Australia's S&P/ASX 200 index ended 3.4 percent higher.

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MILAN _ Italy raised $19.6 billion in short-term government debt but there were signs the country is finding it more expensive to raise the money it needs.

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MADRID _ Spain's treasury has sold $4.3 billion in two short-term debt auctions but has had to pay higher interest rates as investors continue to worry over the level of the country's borrowings.

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MOSCOW _ The influential Russian finance minister who was ousted by President Dmitry Medvedev warned that Russia's budget is overextended because of increased spending on defense and social needs.

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LJUBLJANA, Slovenia _ Slovenia's parliament voted in favor of boosting the powers of Europe's rescue fund, part of an effort by eurozone nations to fight the debt crisis that threatens their currency union.

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NAIROBI, Kenya _ Kenya's currency is in a free fall against the dollar, dropping 30 percent this year to an all-time low. That has increased prices of food and fuel across the country and has pushed more Kenyans closer to poverty.

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WARSAW, Poland _ Poland's government has approved the 2012 budget that foresees debt of $11 billion _ 53 percent of GDP _ and predicts growth of 4 percent despite the economic turmoil in Europe.

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