Weekly Business News Summary -- week ending June 09, 2012
On Saturday, Spain requested a loan of up to €100bn from Eurozone to bailout its struggling bank sector. The International Monetary Fund (IMF) said the bailout was big enough to restore credibility to Spain's banks. Ireland’s unemployment rate was reported to have climbed to its highest level since its financial crisis began, with the seasonally adjusted jobless rate at 14.8% in the first quarter of this year. The European Central Bank left its benchmark interest rate unchanged at 1%. Mario Draghi, ECB governor, hinted at a possible rate cut in July and warned recently that the ECB would not “fill the vacuum” created by political dithering. China's exports and imports both rose sharply in May, a hopeful sign for the world's second-largest economy, especially after alarmingly weak trade data in April.
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