Finance & Economics | WPN World People News

There were many distortions in the Greek finance and labour markets that had to be tackled, but Greece has taken all the necessary measures. Now it is up to the EU to come forward with the next aid tranche, Greek finance and labour ministers Giannis Stournaras and Giannis Vroutsis told the Economic Affairs and Employment committees on Tuesday.

Mr De Guindos is the third finance minister after Hungary's and Belgium's to be heard by the EP committee as part of the House's efforts to increase the transparency and accountability of the EU's efforts to exit the crisis and enhance economic governance. Finance ministers from Italy, France and Germany are all expected to attend similar hearings by the committee before the end of the year.

With the U.S. elections over, President Barack Obama and Congress are turning their attention to the political stalemate called the “fiscal cliff.” It is a tangle of major spending cuts and tax increases that could stall the national economy unless Democrats and Republicans quickly forge compromises.

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the October edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation’s housing market. Data continue to show signs that the housing market is strengthening – as home price improvements this year have helped lift more than 1.3 million families above water – although officials caution that the overall recovery remains fragile. The full Housing Scorecard is available online at www.hud.gov/scorecard. The Administration is also announcing that it has provided guidance to servicers participating in the Making Home Affordable Program about options available through the program to homeowners affected by Hurricane Sandy.

Financial disclosure laws requiring public officials to file a statement of their assets, liabilities and interests can make corruption easier to detect. However, a new World Bank database finds that although 78 percent of countries covered by the database have financial disclosure systems, only 36 percent systematically check public servants’ disclosures for irregularities and inconsistencies.

The Thursday the World Bank Board of Directors approved a credit of US$70 million for the second Vietnam Climate Change Development Policy Operation, part of a series of three operations to support Vietnam’s institutional development which will help the country respond to climate change.

A mission from the International Monetary Fund (IMF) led by Mr. Norbert Toé visited Bangui, Central African Republic (CAR), during October 24 to November 8, 2012 to conduct the first review of the three-year program supported under the Extended Credit Facility (ECF).

The measures - endorsed by a large majority in committee following an informal agreement with Council - establish a general safety-net for all EU producers to help them adapt to liberalisation of trade foreseen by the largely trade-focused Association Agreement with Central America and the trade agreement with Peru and Colombia.

Around 47,000 farmers based in 72 municipalities in the state of Rio de Janeiro will benefit from a $100 million additional financing to the Rio de Janeiro Sustainable Rural Development Project.