Banks said they had a €1bn cash buffer to see them through the weekend – equal to €90 (£64) a head for the 11 million-strong population, require immediate help from the European Central Bank on Monday. only sectors in demand are food and fuel.”Food staples, such as sugar and flour running out.
Greek ministry of finance Yanis Varoufakis: examining options to take direct control of banking system rather than seizure of depositor savings. We have to restore stability to the system, with or without the help of the ECB. We have the capacity to print €20 notes."
Nearly a year after legal pot shops opened their doors in Washington state, sales are at an all-time high of $1.4 million per day and tax revenue on cannabis has spiked to $70 million, exceeding expectations, prices for recreational marijuana coming down.
Health insurance companies around the country are seeking rate increases of 20 to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are determined to see that the requests are scaled back.
Capitalism has become socially dysfunctional system focused on pillage, not growth of consumer income that sustains and grows markets for goods and services. Iceland rejected the debts, refused to pay them, now recovering. Irish brainwashed into accepting austerity, looting of Ireland continues.
Connecticut Governor Dan Malloy signed into law Senate Bill 914, allows victims of wage theft to collect double amount due them. Ten states make an employer liable for triple damages.”60 percent of workers in low-wage industries suffer wage violations each week, few incentives for employer to not steal.
Foundation for Agricultural Development in Argentina (FADA): Argentinean government keeps 93.5 percent of profits generated by the agricultural industry. High taxes, inflation, drop in international commodity prices; soybeans, corn, and wheat, among reasons cited. Between 2009 and 2013, government took only 75 percent of the profits.
Greece is victim of a structure that makes it possible to unload losses of big countries’ failing financial systems onto the smaller. Eurozone made it possible for Merkel to save her domestic banks from losses by unloading them upon the Greeks, not have been possible had Greece not been a member of the eurozone.
head of the Russian Chamber of Commerce and Industry Sergey Katyrin: BRICS Bank, Silk Road Economic Belt project should significantly influence global development of financial infrastructure will be more democratic, not be concentrated in hands of one country.
Goldseek.com, published a report on a Freedom of Information Act request they recently filed with US government seeking seven reports from federal audits of the gold at Fort Knox. The government’s response? They can’t find those reports even though they reference those reports as evidence of the gold stored at Fort Knox.
1,000 Greek bank branches chanced a stampede in order to open their doors to the country’s retirees on Wednesday. The scene was somewhat chaotic as pensioners formed long lines and the country’s elderly attempted to squeeze through the doors in order to access pension payments.
Depositors who have money in Greek subsidiaries in Bulgaria, Romania and Serbia could seek to withdraw their deposits. Although well capitalised and liquid, Greek subsidiaries in the region may see difficulties providing enough cash if withdrawals are intense. European Central Bank to extend a backstop facility to Bulgaria, assist other nations in the region to ward off contagion from Greece.
Greece Prime Minister Alexis Tsipras:the debt is not viable and the only way to make it sustainable "is to do a 30% haircut and provide a 20-year grace period before any repayments," urged Greeks on Friday to say "no" to international creditors’ ultimatums at a nationwide referendum scheduled for Sunday.
One of Europe's biggest supermarket chains, Lidl, handed $1 billion in funding from World Bank and European Bank for Reconstruction and Development, effectively receiving government funding. Owned by Schwarz Group, Germany's richest private family-owned German retail group, turnover of $75 billion (€67.6 bn) in 2012/2013. 10,000 branches in 20 countries. Poor record on workers' rights.
Plans to sell 28,545 Detroit properties at auction including 10,000 occupied homes three or more years delinquent on taxes, record number. 40,000 owners agreed to payment plans. 80 percent facing foreclosures have a hardship in past year; medical problems, divorce, job loss, family death. Homes in Detroit often destroyed after becoming vacant. Demolishing them costs $15,000 per house.
China may help Greece directly through its new financial instruments, director of the Quantitative Finance Department at China's Institute of Quantitative and Technical Economics: First, within the framework of international aid through EU countries. Second, China could aid Greece directly; Silk Road Economic Belt and the Asian Infrastructure Investment Bank. China has this ability.
Wikileaks released another intercepted NSA communication between German Chancellor Angela Merkel and her personal assistant, reveals that not only Merkel, but Finance Minister Wolfgang aware that even with a debt haircut Greek debt would be unsustainable.
The International Monetary Fund conceded the crisis-ridden country needs €60bn (£42bn) of extra funds over the next three years, large-scale debt relief to create “a breathing space” and stabilise the economy, warned that Greece’s debts were “unsustainable.” IMF; Greece should have a 20-year grace period before making any debt repayments, final payments should not take place until 2055, would need €10bn to get through the next few months, €50bn after that.
Greece is sliding into a full-blown national crisis, final cash reserves of the banking system evaporate by the hour, industry start to shut down, daily allowance of cash from many ATM machines dropped from €60 to €50, purportedly because €20 notes are running out. Large numbers are empty. The financial contagion is spreading fast, petrol stations and small businesses stop accepting credit cards.
On third day of capital controls, pensioners lined up at Athens branch of the National Bank of Greece. They were to receive a maximum of 120 euros ($133), compared with average monthly payment of 600 euros. Many left with nothing; manager said only those with last names starting with letters A through K would get paid.
The site 24/7 Wall St. compiled annual list of worst companies to work for in U.S., rankings determined based on employee ratings. 10. Dollar General Corp. 9. Ross Stores, 8. DISH Network Corp, 7. AECOM, 6. Sears, 5. Xerox, 4. Forever 21, 3. Kmart, 2. Dillard’s, 1. Express Scripts’ worst-rated company on 24/7 Wall St.’s list; employees complain of being overworked, constant fear of firings.
global shadow banking system 75 trillion dollars, largely unregulated, governments hesitant to crack down on them because these nonbank lenders helped fuel economic growth. Shadow banking system financial institutions of non-depository banks investment banks, structured investment vehicles (SIVs), hedge funds, non-bank financial institutions, money market funds. Highly leveraged; behaving very recklessly. Played major role in financial crisis of 2008.
bitter attacks on Greek prime minister Alexis Tsipras, whose brinkmanship has gone further than anyone believed possible and left the eurozone’s leaders reeling. Athens insists what is at stake in the referendum, will mean either staying in the euro on their tough terms or returning to the drachma.
Barack Obama: for the American people, this is not something we believe will have a major shock to the system, but obviously it’s very painful for the Greek people, and it can have a significant effect on growth rates in Europe,” which can “have a dampening effect” on global economy.
Even if Greece accepted all of the austerity measures demanded by its main creditors, the Troika, it still would not be able to make ends meet by 2030, according to IMF estimates revealed in documents obtained by a German newspaper. Greece would face an unsustainable debt in 2030 if it agreed to tax increases and spending cuts proposed by European Central Bank and IMF in exchange for a five-month €15.5bn loan from its creditors.
Small fraction of €240bn (£170bn) total bailout money Greece received in 2010 and 2012 to soften the blow of the 2008 financial crash and fund reform programmes. Most of the money went to banks that lent Greece funds before the crash. Unlike most of Europe, which ran up large budget deficits to protect pensioners Athens was forced to reduce its deficit by squeezing pensions and cutting the minimum wage.
Greece defaulted on a loan payment to International Monetary Fund (IMF) on Wednesday, just hours after eurozone finance ministers rejected a last-minute Greek appeal for an extension of its current bailout program. IMF representative confirmed it had not received the funds said Athens requested an extension on repayment, which IMF executive board would consider in "due course."
French economic situation was "worse than anyone [could] imagine and drastic measures [would] have to be taken in the next two years, situation is dire” voters turning to the rightwing National Front.
Puerto Rican governor Alejandro Garcia Padilla called for a moratorium that would postpone debt payments for years, allowing the country to catch up on payments while also investing in key areas like job creation, called for the U.S. to allow the country to file for bankruptcy to enable debt restructuring. Puerto Rico is a U.S. territory, not eligible to file for bankruptcy, an option only open to U.S. municipalities.
Brazilian Ambassador to Russia Jose Vallim Guerreiro: setting a single currency for the BRICS member states is positive but the technical side of the issue needs to be ironed out first, would allow for the use of a single currency without any dependence on the currency market fluctuations.
Athens’ stock market closed to avoid a panic, bank holiday imposed to keep capital flight from Greece’s cash-starved banks triggering a complete collapse of the financial sector. Personal withdrawals limited to €60 per day, many retirees were blocked from receiving scheduled pension payments. Syriza-led government has imposed billions in additional cuts on the Greek working class while allowing the oligarchs to pull their money out of Greek banks and park it in offshore safe havens.
The Greek government has asked for a new bailout program from the European Stability Mechanism (ESM), that’ll cover all the country’s financial needs for the next two years, according to the government statement. The request also includes a restructuring plan for Greek debt to the European Financial Stability Facility that accounts for about 63 percent of the Greece's total debt.
Russia's home ownership rate is among the highest in the world, when communism collapsed, the governmentsimply gifted everyone the apartment where they were registered at the time, probably biggest transfer of wealth in history. Russia’s residential real estate business is surprisingly robust, demand remains “huge.”
A lot of Americans don’t have any money saved up for emergencies at all, wouldn’t have any reason to line up at ATMs. 29 percent of all Americans do not have a single penny in emergency savings, highest level ever recorded. 53 percent of Americans do not have three-day supply of food and water at home. If they were not able to resupply themselves at the stores, more than half the country would run out of food and water within days.
President Obama signed a bill giving him "fast-track" powers to conduct and conclude trade legislation. Bill was approved by Congress last week after months of contentious debate. In addition to the Trade Promotion Authority (TPA), the president signed Trade Adjustment Assistance (TAA) act, extending aid to US workers who might lose their jobs as a consequence of free-trade deals.
IMF made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay IMF in full this will rise to €4.3 billion by 2024. IMF has been charging interest rate of 3.6% on its loans to Greece. IMF lending to all countries in debt crisis between 2010 and 2014 made a total profit of €8.4 billion, over a quarter of is from Greece.
Proposed creditor reforms have included extending the maximum length of the work week to six days and “[decompressing] the wage distribution” for public sector workers, paying lower-paid workers less so higher-paid workers can earn even more. Greek government proposed increasing corporate taxes to reduce debt, troika seeking higher value-added tax (VAT); more of the tax revenue would come from consumers instead of corporations.
European markets bracefor a wave of contagion from Greece on Monday, heavy losses for southern European government bonds and regional stock markets expected as investors scramble, safe-havens outside the euro zone, as a result, may get a boost, include Swiss franc and U.S. Treasuries.
Cable and telecommunications industry lobbied against city-run broadband, argue taxpayer money should not fund potential competitors to private companies. 20 states have restrictions against municipal broadband, attorneys general in North Carolina and Tennessee have filed lawsuits in an attempt to overrule the FCC and block towns in these states from expanding publicly funded Internet service.
“Those that were already on the margins have been pushed right to the veryedge, and those who were in the middle have been pushed to the margins, not be able to pay their electricity bill, or feed their children properly.”
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