NEW YORK (AP)-the world of finance in Europe took a ride stomach heartburn in 2011.
The threat of rising defaults by European States owe spread fear in the financial markets and weigh in on economies worldwide. As the year came to a close, banks and investors nervously watched the European political and financial leaders are scrambling to prevent 17 country Eurozone mess.
Some of the biggest business stories of the other highlighted global economic relations: United Kingdom phone hacking scandal rocked the foundations of Rupert Murdoch’s media-based Empire; a nuclear disaster in Japan hindered auto plants in the United States and so on; and gasoline prices rising unrest in the Middle East and growing demand in Asia and Latin America.
In the US, political quarrels lead to downgrade credit first to government debt, the economy suffered its fourth straight disappointing year and Apple founder Steve Jobs passed away.
The financial crisis in Europe was selected as the top business story of the year by the business editor at The Associated Press. U.S. economy come in both sluggish, followed by the death of a job.