Global Financial Crisis

Pensioners line up as they wait to be allowed into a bank to withdraw a maximum of 120 euros ($134) for the week. Greece braced for more chaos on the streets outside its mostly shuttered banks, as Athens and its creditors halted talks on resolving the country's deepening financial crisis until a referendum this weekend.

AP Photo/Petros Giannakouris

Members of the Catalonian Police Police "Mossos d'Esquadra" set off firecrackers during a protest against cutbacks in Barcelona, Spain. Spain is struggling to emerge from its second recession in just over three years.


Rethinking the Euro De Angelis, Rome The euro fell to a 16-month low against the dollar in January, threatening the global economy.

Cartoon Arts International (From Outlook in collaboration with The New York Times January 2013)

A pedestrian walks in front of graffiti in Athens. Unions have called a nationwide general strike to protest new austerity measures being hammered out between the government and Greece's international creditors to ensure the country continues receiving emergency loans that have kept it afloat since 2010.

AP Photo/Thanassis Stavrakis

The Prime Minister, Dr. Manmohan Singh meeting the President of France, Mr. Francois Hollande, on the sidelines of the G-20 Summit, at Los Cabos, Mexico.

Prime Minister Manmohan Singh (L) during the first plenary session of G20 Summit at Los Cabos, Mexico. India announced a 10 billion USD contribution to the IMF's additional 430 billion USD financial firewall to help the debt-wracked 17-nation eurozone so that the faltering world economy is protected against the spread of any financial contagion. The announcement of the contribution was made by Prime Minister Manmohan Singh in his address at the Plenary Session of the seventh summit of the Group of developed and developing countries(G-20) in this Mexican resort town against the backdrop of growing calls to nations to increase contributions to the International Monetary Fund(IMF) for the bailout fund.

PTI Photo/ Vijay Verma

Prime Minister Manmohan Singh with Mexican President Felipe Caideron before the first plenary Session of the G20 summit at Los Cabos, Mexico. India announced a 10 billion USD contribution to the IMF's additional 430 billion USD financial firewall to help the debt-wracked 17-nation eurozone so that the faltering world economy is protected against the spread of any financial contagion.

PTI Photo/ Vijay Verma

Prime Minister, Manmohan Singh briefing the media on his arrival at the Los Cabos International Airport, in Mexico. Arriving for the crucial G-20 summit, Singh said the world economy is in "deep trouble" and hoped that the grouping of developed and developing countries will come up with constructive proposals to pull the world out of this crisis.

Greece's Socialist leader Evangelos Venizelos casts his ballot during the elections in Thessaloniki. Greeks voted for the second time in six weeks in what was arguably their country's most critical election in 40 years, with the country's treasured place within the European Union's joint currency in the balance.

AP Photo/Nikolas Giakoumidis

Prime Minister Manmohan Singh boards his special plane at AFS Palam in New Delhi as he prepares to leave for his foreign tour to attend G-20 and Rio+20 summits.

PTI Photo by Vijay Verma

International Monetary Fund (IMF) Managing Director Christine Lagarde shakes hands with Finance Minister Pranab Mukherjee at his office in New Delhi. The IMF head Lagarde warned Sunday against complacency about global finance despite improved conditions after the latest Greek debt deal and said the world urgently needs more financial reforms. Lagarde will attend an IMF-supported conference on sustaining high-quality growth in India and China in New Delhi.

AP Photo/ Mustafa Quraishi

There’s no end to this Greek tragedy. The protests against austerity measures came just before it was announced that Greece’s debt was 120% of its GDP. Two bail-outs later, Greece continues to struggle.


A banner is lifted outside the Parliament building which reads "money for salaries and for the jobs in Europe, not for the financial world" during a demonstration to protest against the austerity policy in Paris. France's leading unions are staging nearly 200 protests nationwide against austerity measures aimed at reducing huge debts amid Europe's worsening economic troubles. Five unions organizing the protests say in a statement that the austerity measures, notably reductions in social benefits, will lead to recession and "deepen inequalities and plunge thousands of families in economic difficulty."

AP Photo/Michel Euler

French President Nicolas Sarkozy, right, reacts with Spain's incoming prime minister Mariano Rajoy prior to a bilateral meeting on the sideline of the 20th congress of the EPP, in Marseille, southern France. The leaders of France and Germany hoped to rally fellow European conservatives around their latest bid to save the euro currency from collapsing under the weight of huge state debt.

AP Photo/Gerard Julien, Pool

German Chancellor Angela Merkel and French President Nicolas Sarkozy say good bye after their meeting in Strasbourg, France. The leaders of Germany, France and Italy are set for a debate about the European Central Bank's role in region debt crisis and on how to align eurozone economic policies.

AP Photo/Michael Probst

Senate President Renato Schifani, left, hides his mouth as he talks to Senate member Guido Viceconte during a voting session on economic reform measures demanded by the European Union, that should pave the way for Premier Silvio Berlusconi to leave office in a matter of days, at the Senate in Rome. The prospect of a transitional government headed by respected non-partisan economist Mario Monti calmed markets for a second day, with Italy's 10-year borrowing rate down a further 0.21 percentage point to 6.59 percent. Shares were buoyant too, with the Milan stock index was up 1.7 percent in early trading at 15,477.

AP Photo/Pier Paolo Cito

Italian Premier Silvio Berlusconi, center, flanked by Interior Minister Roberto Maroni, left, and Reforms Minister Umberto Bossi attends a voting session at the Lower Chamber, in Rome. Premier Silvio Berlusconi won a much-watched vote, but the result laid bare his lack of support in Parliament as financial pressure from the eurozone debt crisis pummeled Italy.

AP Photo/Andrew Medichini

Members of the Left Coalition Party of Greece, SYRIZA, hold a banner reading ''End the Governments of Bankers, Austerity is the Problem not the Answer'' at the entrance of the Acropolis ancient site in Athens. Power-sharing talks between Greece's two main political parties entered their second day, as European leaders stepped up the pressure for a quick resolution by holding back a vital rescue loan that the country needs to prevent a devastating bankruptcy.

AP Photo

Greek Finance Minister Evangelos Venizelos speaks at the Finance Ministry during a news conference in Athens. EU leaders reached a landmark deal which requires banks to take on 50 percent losses on Greeks bonds. Eurozone countries and the International Monetary Fund will also provide an additional euro100 billion ($140 billion) in rescue loans as a second bailout package for Greece.

AP Photo/Petros Giannakouris

This handout photo provided by the International Monetary Fund (IMF) shows IMF Financial Counselor and Director Jose Vinals of Spain, gestures during the Global Financial Stability Report Press Conference at the IMF Headquarters in Washington.

AP Photo/Stephen Jaffe, IMF

Reuters (From Outlook, September 26, 2011)

“The good part is, I was out of a job and into the next before I ran out of money.” Subhash Tiwari, 42, Delhi Tiwari (name changed) is a highly qualified computer professional who found himself “redundant” in ’09. He’s back in the workforce now, having had a little adventure with entrepreneurship. He still thinks about going it alone, from time to time.

Jitender Gupta

“I could do tours again, but this is what I want... caring for animals.” Nariman Vazifdar, 29, Mumbai Vazifdar was happy as a tour guide, dragging foreigners across the mountains of Nepal and rivers of Bengal. But then, his employers were taken over by a larger firm as “consolidation” hit the travel business after 2008. Soon, work completely dried up. Still, he’s happier now stomping and sloshing through marshes netting reptiles for conservation, his passion. A PhD is on the cards.

Jitender Gupta

“I’ve made it through but couldn’t have done it without my family.” Milly Juneja, 29, Delhi Juneja modelled and dabbled in fashion. She made it to New York’s Parsons, but a chance interview landed her a job as a stylist, and she stayed back in India. “After a year, they sacked me...the slowdown forced their hand,” she says. Milly has more than bounced back. She’s a fashion designer and in charge of all matters “creative” at Delhi’s boutique restaurant Harem.

Jitender Gupta

A policeman burns, front, as his colleague tries to help him after being hit by a petrol bomb, in Athens. Scores of youths hurled rocks and petrol bombs at riot police after clashes broke out Wednesday during a mass rally taking place as part of a general strike.

AP Photo/Dimitri Messinis

A protester attempts to hit a riot police man with a stick during clashes in central Athens. Scores of youths hurled rocks and petrol bombs at riot police after clashes broke out during a mass rally taking place as part of a general strike.

AP Photo/Petros Giannakouris

Chairman, Wipro, India, Azim Premil listens during a session at the World Economic Forum in Davos, Switzerland. Buoyed by a burst of optimism about the global economy and mindful of the "new reality" that has framed it in the aftermath of the financial crisis some 2,500 business leaders, politicians and social activists will tackle an array of issues on the first day of the World Economic Forum.

AP Photo/Virginia Mayo

Sacked Jet Airways staff protest outside the Jet corporate office in Mumbai

Dinesh Parab

Forced Smileys
A pub in Bangalore—a city on the frontline of global flux—hopes to magnetise itself against the recession with discounts.

Nilotpal Baruah

President Pratibha Patil delivers the inaugural address at the 62nd World Newspapers Congress and 16th World Editors Forum Convention in Hyderabad. Hundreds of media representatives from across the world discussed the future of newspapers amid a global financial crisis hitting advertising revenues and circulation and the emergence of the internet and multimedia.

AP Photo/Mahesh Kumar A.

Thousands of Opel workers walked off their jobs to attend a mass rally at the automaker's headquarters, protesting against General Motors' decision to scrap the sale of a majority in Opel to Canadian auto parts maker Magna International Inc. and Russian lender Sberbank.

AP Photo/Michael Probst

America's largest carmaker General Motors filed for Chapter 11 bankruptcy protection as a part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. It marks the fourth-largest bankruptcy in U.S. history and the largest for an industrial company.

AP Photo/David Zalubowski

Demonstrators march during a protest in downtown Paris. A new wave of nationwide strikes hit France on as angry workers demanded that President Nicolas Sarkozy open new talks on the government's policies to fight the economic crisis. The banner in the foreground reads "Sarko's Policy = France Knocked Out".

AP Photo/Christophe Ena