French President Nicolas Sarkozy unveiled an aid package of 270 million euros over the next two years for the reconstruction of quake-stricken Haiti during a brief visit to Port-au-Prince. He also cancelled the island's debt worth 56 million euros.
French President Nicolas Sarkozy is briefly visiting Port-au-Prince Wednesday, where he is expected to confirm the cancellation of Haiti’s debt to France and offer the quake-stricken country an “extremely significant” aid package.
Olafur Ragnar Grimsson, president of Iceland, has stated that his country will honour the debts of failed online bank Icesave, but has also defended the principle of a referendum as a way to give Icelanders the last word.
The long-awaited Burj Dubai opened on Monday after a series of setbacks. Construction of the world's tallest structure began in economic boom times, but after a recent debt crisis the project is seen as a key test for the emirate.
The Greek government has ordered major austerity measures , to cut the country's huge debt. To discuss the Greek financial situation, Raphael Kahane talked to Nicos Vernicos from Athens. He is the President of the International Chamber of Commerce in Greece.
Greece's debt has now reached a record 300 billion euros, the highest in its history and among the 16 euro-zone members. The crisis, coupled with continuing unrest in the streets, has spurred EU members to call for urgent action by the newly elected Socialist government.