Protests against corporate America were witnessed across the country on Tuesday. Rallies and demonstrations outside federal banks, and financial districts in various parts of US such as Baltimore, Chicago, San Francisco and Los Angeles were taken out as anti-Wall Street protests continued for a third week. Protestors were seen dressed up as “corporate zombies,” carrying placards which read ‘Down with the World Bank’, ‘How to fix the deficit: End the war, tax the rich,’ ‘End corporate personhood,’ and ‘Say no to corporate America.’ Social networking sites such as Facebook and Twitter were also used by the organizers to gain support.

The protest which started on a small scale, garnered wide spread attention after police arrested 700 protestors as they attempted to cross the Brooklyn Bridge. Similar rallies are being planned in other states.

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Deutsche Bank chief Josef Ackerman warned at a conference in Frankfurt that smaller European banks were in trouble due to volatile and unfavorable market conditions. Ackerman warned about the limited prospects for financial recovery, and the additional problems created due to the uncertainty of the US regulatory reform.

Chrisine Lagarde, the head of IMF has called on for a recapitalization of European banks to make them stronger in the face of a weak economy. Ackerman disagrees with the approach as he said it shows politician lack belief in their own policies.

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US Vice President Joe Biden is in China for talks expected to concentrate on the economy following the downgrade of US debt. Beijing is the largest foreign creditor to the US government, holding $1tn of debt, and has urged Washington to cut its budget deficit.

Officials said Biden would explain to China the finer aspects of a “very strong deficit reduction package” approved by Congress. He would also discuss “tremendous mutual interest” in international economic recovery.

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World Bank President Robert Zoellick has cautioned that markets have been pushed towards a new danger zone which policymakers need to take seriously. In his speech at the Asia Society’s annual dinner in Sydney on Monday, Zoellick said, “A convergence of some events in Europe and the United States has led many market participants to lose confidence in economic leadership of some of the key countries.” His remarks followed a tumultuous week on global markets prompted by fears over the fragile US economy and European debt crisis.

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State media in China on Monday blamed America’s massive military expenditure and international footprint for sparking the crisis that resulted in the downgrade of the US credit rating, calling for a halt to the global “domineering” harming its economy. Toughening up its rhetoric on the financial meltdown that has sent shockwaves in markets worldwide, the Xinhua news service lambasted both the US and Europe for their insatiable appetite for spending and the shortcomings of their democracies. It also warned Washington against attempting to boost growth and exports by allowing the dollar to weaken, which could have a drastic effect on Beijing due to its huge stash of dollar assets.

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The governments of Eurozone have delayed a verdict on whether to offer debt-hit Greece assistance, arguing that Athens should first implement rigid austerity measures before they can release €12 billion to keep the Greek economy functioning and prevent a global crisis. The finance ministers of 17 Eurozone nations met in Luxembourg on Monday to devise the structure of a three-year new bailout package for Greece in a manner that would convince European banks, private creditors and pension funds to agree to the plan. According to the Belgian Finance Minister Didier Ryenders, the decision on the bail-out will be taken in early July.

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