Top 5 economic news, May 3-9 week, 2010

May 3rd - 9th week most important economics news compilation:

1) Wall Street: Dow Jones stocks fall nearly 10 pct

Due a (so-called) computer error, Dow Jones lost almost 1,000 points in less than 15 minutes. Later, Dow Jones recovered and finally 'only' lost one third of the original lose, almost 300 points. And the computer error wasn't a 'computer' mistake, but human one.

2) U.S Federal Reserve opens credit line to Europe

U.S. Federal Reserve, among some banks (Bank of Canada, European Central Bank, etc...) , are involved in dollar swap effort to help European economy. In this dollar swap, dollars are shipped to European Union through foreign central banks and, in turn, these central banks lends the dollars to countries that are in need of dollar funding to stabilize EU.

3) Greek €110 bn bailout arrives

Finally. 'rescue package' arrives at Greece. Would be enough to stop Greek crisis? Or will it spread further, damaging Europe?

4) Global globalization, global crisis

Global stock markets have dropped due Greece crisis, halting global economy recovery.

5) 12 Russians miners killed, dozens missed

Not related to economy, but an important and sad one. Two explosions at the largest underground coal mine at Raspadskaya, Russia, killed 12 miners and 83 were trapped inside. Poor safety standards, probably the cause of the incident.

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