While US interventionists continue to promote a collection of policies that have repeatedly failed, China and Russia are acting as a magnet for forces of "the rest" aiming to build an entirely new economic infrastructure.
The 'Asset Development Plan' for Greece is out and it's all go for the privatization of the country. Hellenic sea ports, air ports, motorways, petroleum companies, water and gas supply, real estate, holiday resorts - it's all for sale. Debt laden Greece has been forced to sell the family silver in an all too familiar tale with ancient history repeating itself. The Hellenic Public Asset Development Fund has been published by German Green MEP Sven Giegold who said the Greek people "hardly know" what will be sold off and that they have "the right" to know.
Wall Street opens lower amid heavy selling across Asia-Pacific and European markets as new data deepens concerns about China’s spluttering economy
A succession of devaluations in China's yuan focused attention on the country's weakening economy. A succession of devaluations in China’s yuan focused attention on the country’s weakening economy.
Sunrise Globe Earth Planet Space - Public DomainWe witnessed something truly historic happen on Friday. The Dow Jones Industrial Average plummeted 530 points, and that followed a 358 point crash on Thursday. When you add those two days together, the total two day stock market crash that we just witnessed comes to a grand total of 888 points, which is larger than any one day stock market crash in U.S. history.
The 'Asset Development Plan' for Greece is out and it's all go for the privatization of the country. Hellenic sea ports, air ports, motorways, petroleum companies, water and gas supply, real estate, holiday resorts - it's all for sale. The selling of Greek assets to raise $56 billion (€50bn) was demanded by Greece's creditors, the Troika
Global stocks plunged Thursday as fears of a world economic slowdown mixed with concerns over a destabilization of global exchange rates and mounting geopolitical tensions. US stocks staged their sharpest one-day selloff since February 2014, hitting six-month lows and wiping out all their gains over the past year.
Venezuela’s currency, the Bolivar, has nose-dived and has now reached a point where it’s worth less than a penny on the US dollar. A year ago, 82 bolivars were equal to one US dollar. Now, over 670 bolivars are equal to the US dollar. Extreme inflation rate and drop in oil prices are taking a toll on the Venezuela’s economy.
Administration of then-Gov. Jeb Bush in 2005 and 2006 put the Wall Street investment bank in charge of $250 million worth of pension funds for Florida cops, teachers and firefighters. Lehman would capture more than $5 million in fees on these deals, while gaining additional contracts to manage another $1.2 billion of Florida’s money. 2008, Lehman collapsed into bankruptcy, leaving Florida $1 billion in losses. In 2007, as he left office, Bush secured a job as a Lehman consultant for $1.3 million a year.
Major role played by the Big Banks in military warfare as well as financial warfare with a close relationship to the policies and assaults by the Pentagon and NATO. In early August, Goldman Sachs appointed NATO’s former Secretary General Anders Fogh Rasmussen as a financial consultant. Over the last five years (2009-2014), Rasmussen was actively involved in coordinating NATO’s humanitarian bombing raids in the Middle East not to mention NATO military deployments on Russia’s doorstep in Eastern Europe, the Baltic States and the Black Sea. During his stint as Prime Minister of Denmark (2001-2009), Rasmussen was involved (under a neoliberal policy agenda) in dismantling Denmark’s welfare state alongside the privatization of state assets.
It appears some are finally waking up. Correction: three of the Fed's 12 presidents are now Goldman Sachs alums. NY, Dallas and Philly. 25% from one bank. Amazing. Others, broadly disparaged by the "some" as "conspiracy theorists", have known all of this for a long, long time.
Seven years after the Wall Street crash of September 2008, fears are growing within ruling circles internationally that the world capitalist economy, far from recovering, is descending into depression. There is increasing speculation as to where the next financial meltdown, triggering a collapse in trade and production, will occur.The very countries previously touted as the “engines” of world economic growth following the 2008 recession, China and the so-called “emerging market” economies, are now seen as the places most likely to spark a new global downturn.
In the United States, only about 13 percent of U.S. workers have access to any form of paid family leave. With the idea of paid maternity leave gaining traction as a means of recruiting workplace "talent" or used as a talking point on the campaign trail, an In These Times investigation published on Tuesday reveals the sad reality for millions of U.S. families.
The Japanese report followed a wave of negative data pointing to sharply slower growth in China and last week’s surprise devaluation of the renminbi.
THERE ARE some things that no Australian politician would ever publicly oppose. Motherhood. Democracy. Friendship. Economic efficiency. These days, economic efficiency probably ranks higher than the other three in politicians' scale of values. But what is it?
Just hours after the PBOC announced a modestly “revalued” fixing in the CNY, which curiously led to weaker trading in the onshore Yuan for most of the day before a forceful last minute intervention by the central bank pushed it back down to 6.39…
The toxic spill began Aug. 5 when an EPA contractor accidentally ruptured a wall holding back millions of gallons of wastewater containing a variety of toxic substances such as mercury and lead at a closed gold mine in Colorado.
Wisconsin Governor Scott Walker, seeking the Republican nomination for president, is receiving some criticism for his decision to support a new basketball arena after cutting funds for the state’s university system.
What Is Going To Happen In September - Public DomainWhy does the Russian media seem to be far more on the ball than the mainstream media in the United States much of the time? Could it be possible that Russian reporters have more freedom to talk about important issues than reporters that work for the major corporate conglomerates in the United States do? Of course the Russian media is far from perfect. They put out pro-Russian propaganda just like the U.S. media puts out pro-American propaganda. But I must admit that I often find that Russian news sources are willing to tackle controversial issues that the mainstream media in the United States would not touch with a ten foot pole. This includes the critical events that are coming up this September.
Machine-maker DE-STA-CO said it was moving 100 jobs to Tennessee. The next day energy processor Bunge North America said it was shutting down its plant in Bradley, Illinois, and laying off 210 workers. The day after that General Mills pulled the plug on its manufacturing plant in West Chicago, terminating 500 workers. A week later Mitsubishi Motors announced it was closing its production facilities that made its Outlander, ending 918 jobs there,
Most of these stock market crashes are occurring in nations that are known as “emerging markets”. In recent years, developing countries in Asia, South America and Africa loaded up on lots of cheap loans that were denominated in U.S. dollars. But now that the U.S. dollar has been surging, those borrowers are finding that it takes much more of their own local currencies to service those loans. At the same time, prices are crashing for many of the commodities that those countries export. The exact same kind of double whammy caused the Latin American debt crisis of the 1980s and the Asian financial crisis of the 1990s.
Inmates in a Tennessee jail are being used as slave labor to benefit the private company belonging to detention center employees, two former prisoners claim.
California is now well into its fourth consecutive year of drought. This is not without consequences. Tensions in the state have mounted as urban and agricultural water users become increasingly stressed by water shortages — but we can't blame the almond farmers. There are many factors at play here, notably a complex water cycle and conveyance network, as well as a somewhat archaic legal landscape.
China is continuing to devaluate its national currency to increase the competitiveness of its national exports causing some American experts to consider the move as “currency manipulation.”China keeps its currency very low to enforce the interests of its export industries. This type of policy would make Chinese products even cheaper and, therefore, more attractive for buyers.
While key Western banks are artificially restraining gold prices to breathe life into the diluted and devalued dollar system, Russia,China and other emerging economies are involved in “the genial move” to establish an entirely different gold market.
The Los Angeles Department of Water and Power is buying 80 million 4-inch black polyethylene balls to cover the surfaces of three Los Angeles reservoirs that serve 4 million residents. At a cost of 33 cents each, the hollow spheres are designed to block sunlight from turning bromide and chlorine in the water into bromate, a suspected carcinogen. NPR is reporting total cost of the project at $34.5 million.
Greece’s Syriza government and European Commission officials announced a new draft austerity agreement Tuesday Syriza has accepted all of the main demands of the “troika” (European Union, European Central Bank and International Monetary Fund). A Syriza finance ministry official told Reuters, “An agreement has been reached. Some minor details are being discussed right now.”
Under the terms of the agreement, up to €86 billion will be loaned to Greece over the next three years, conditional on the imposition of a raft of new and savage austerity measures against the working class.
Another American election cycle is upon us, and large numbers of people are lining up to pour their time and money into the sewer of politics, to be lost forever.
China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second consecutive day, triggering fears the world’s second largest economy is in worse shape than investors believed. The move sent fresh shockwaves through global markets, pushing shares sharply lower and sending commodity prices further into reverse as traders feared the move could ignite a currency war that would destabilise the world economy.
Limits on ATM Withdrawals for Welfare Recipients in Kansas. Revocation of Driver’s License in Iowa For Missing Student Loan Payments;Tennessee will revoke nursing license of a nurse who fails to make student loan payments. Arkansas Arrests and Prosecutes People for Missing Rent Payments; in many cases, a sentence of jail time. Using the Poor as ATMs: Harsh Financial Penalties for Minor Infractions and Traffic Violations. The Return of Debtors’ Prisons. Voter Identification Requirements Suppress Poor People’s Votes.
Modern warfare is not limited to the sphere of military and intelligence operations. Washington not only imposes economic sanctions on countries which do not support its imperial agenda, it also fosters the outright destabilization of national economies.
As you can see from the first chart below, the number of potential claims per deliverable ounce on the Comex has risen to a record high of 121 to 1. That can be corrected by higher prices for bullion that will prompt more legitimate sellers of actual bullion to take their stored gold and put it in the ‘registered’ for delivery category.
It seems that these days, everywhere you look, journalists and environmental activists are praising Apple for powering its data centers with "100 percent renewable energy," as the company puts it. Greenpeace named Apple tops in its 2015 "Clicking Clean" report and commended the company for being transparent about its energy use, pledging to power its data centers entirely with renewable energy, seeking to reduce and mitigate its carbon footprint, and advancing the cause of renewable energy by pushing utility companies to make it available to both large and small customers.
The question is often asked: “What can we do?” Here is a prescription for peace and prosperity. We will begin with prosperity, because prosperity can contribute to peace. Sometimes governments begin wars in order to distract from unpromising economic prospects, and internal political stability can also be dependent on prosperity.
It took two decades for Russia and China to understand that “pro-democracy” and “human rights” organizations operating within their countries were subversive organizations funded by the US Department of State and a collection of private American foundations organized by Washington. The real purpose of these non-governmental organizations (NGOs) is to advance Washington’s hegemony by destabilizing the two countries capable of resisting US hegemony.
Over the weekend Puerto Rico was supposed to make a modest principal and interest payment of some $58 million due on Public Finance Corp. bonds, which however few expected would be satisfied. As a reminder, on Friday, Victor Suarez, the chief of staff for Governor Alejandro Garcia Padilla, said during a press conference in San Juan that the government simply does not have the money.
“The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.” (1) – Matt Taibbi, Rolling Stone
Last month marked six years since the official end of the 2007-2009 recession, and, if official commentators are to be believed, six years since the beginning of the economic “recovery.” Yet by many indicators, American households are actually far worse off than they were during the depths of the 2008 crisis.
President Lyndon B. Johnson signed Medicare, the national health insurance program for Americans 65 years of age and older, into law on July 30, 1965. Medicare and the accompanying Medicaid health program for the poor were the last major social reforms enacted in the US and came at a time of intense crisis for American capitalism.
Western sanctions may result in the resurrection of a food super-power which competes with the EU on global export markets. It is now more than a year that Russia imposed its food embargo on the EU and other states which had applied sanctions to it over its absorption of Crimea and intervention in southeastern Ukraine. The results of the change-over in overseas suppliers and rising import substitution through the efforts of domestic producers have now become fairly clear.
Central America, a place of abundant wind and sunshine, is still chained to thermal power and large-scale hydroelectricity and has failed to include local communities in clean, environmentally-friendly and less invasive projects.
We are about to enter August. And that’s a special month in India. Each year, on the 15th, the country commemorates the anniversary of independence from Britain. To mark the occasion, official public celebrations take place in Delhi with flag waving and fly-pasts, and the corporate media is awash with patriotic sentiments. Behind the scenes, however, agriculture, the very heart and soul of the nation, will continue to be restructured for the benefit of foreign interests, raising the question: just where does the notion independence sit with such a policy?
After centuries of oppression, a few indigenous voices of dissent in Chiapas, Mexico, rose up to became a force of thousands - the Zapatistas. Hilary Klein's Compañeras relays the stories of the Zapatista women who have overcome hardship to strengthen their communities and build a movement with global influence. Click here to order your copy of this inspiring book today!
I have maintained since the so-called Greek Debt “crisis” began back in 2010, I believe it was, that the imposition of austerity on Greece could not possibly work and that the only solution was to write down the debt to a level that Greece could service and introduce reforms that loosen the hold the oligarchs have on the Greek economy. The current Greek government has taken the same position, and now the IMF has joined us.
“93 million: the number of people who don’t work, and don’t want work. To put some context around that last number, it is 30% of the entire U.S. population.”
Price of gold and silver in futures markets inconsistent with conditions of supply and demand in actual physical market. Supply of bullion in futures markets is increased by printing uncovered contracts representing claims to gold. This artificial increase in supply of paper bullion contracts drives down price in futures market despite high demand and constrained supply.
34 hedge funds hired former International Monetary Fund (IMF) economists to come up with a solution to Puerto Rico’s debt crisis called for Puerto Rico to avoid financial default, repay its debts by collecting more taxes, selling $4bn worth of public buildings, cut public spending, particularly education.
Debt Slave Debt Slavery Debt Bondage Debt Chains - Public DomainCould you live without debt? Most Americans say that they cannot. According to a brand new Pew survey, approximately 7 out of every 10 Americans believe that “debt is a necessity in their lives”, and approximately 8 out of every 10 Americans actually have debt right now. Most of us like to think that “someday” we will get out of the hole and quit being debt slaves, but very few of us ever actually accomplish this. That is because the entire system is designed to trap us in debt before we even get out into the “real world” and keep us in debt until we die. Sadly, most Americans don’t even realize what is being done to them.
Arizona: The University of Arizona issued another warning about mass layoffs saying the new state budget is forcing them to cut $25-million USD in operating costs! (this is actually less than the $43-million they were warning about earlier this year)
- See more at: http://www.blindbatnews.com/2015/07/economic-conditions-dire-us-airways-officially-dead-home-depot-has-killed-us-u-s-job-losses-store-closings-29-july-2015/40082#sthash.hggL4FHp.dpuf
Mateusz Piskorski, head of the Polish party Zmiana: European countries following interests of United States, forgetting about their own economic interests by waging a sanctions war against Russia, has resulted in immense losses for Europe.
The struggle in Greece has reached a new stage since Alexis Tsipras won the parliament's sanction for drastic new austerity measures, over the opposition of more than a quarter of MPs from his left-wing party SYRIZA and larger numbers among its rank and file.
Iron ore price dropped 41 percent, platinum, 19 percent, copper 18 percent and coking coal 15 percent. Slump in commodity prices eliminated tens of thousands of mining-related jobs, gold mines of South Africa, iron mines in Canada, steelworks in US.
Negotiations are due to get underway Tuesday over a $95 billion third bailout for debt-stricken Greece as reports emerged that the left-wing Syriza government is actively considering setting up a parallel currency ready for a return to the drachma.
Russian Trade Minister Denis Manturov: Russia prepared to trade military hardware for Thai rubber, fruit and vegetables as Moscow seeks to boost its ties with Asia. Russia intends to sell Thailand $160 million worth of weapons in exchange for an amount of rubber valued at same price
The BRICS New Development Bank will name its first investment in April next year and the first loan will be issued in yuan not dollar, top officials confirmed. The first president of the Bank, Kundapur Vaman Kamath said in Shanghai that the new lender will work closely with the China-led Asian Infrastructure Investment Bank.
Kim Han Gil, chairs Korea-Russia Inter-Parliamentary Council: South Korea will not join US and EU-imposed sanctions on Russia despite strong outside pressure to do so. Despite slowing global economic development Russia and South Korea managed to ensure a hefty 8.5 percent increase in their bilateral trade; exceeds $27 billion.
Economic malaise widespread across the continent. Italy; longest recession in history, unemployment figures; Southern Europe appalling levels. France, unemployment record highs. Finland, worst unemployment figures; 13-years.. Greece is not the problem. It’s a symptom of the problem.
China reported massive increase in its gold holdings of 600 tons, dumped hundreds of billions of dollars worth of U.S. Treasuries last 15 months, $224 billion offloaded in last 90 days
Copper just hit a six-year low, Morgan Stanley warning that this could be the worst oil price crash in 45 years, Chinese economy is suddenly stalling out, world trade is falling at the fastest pace since the last financial crisis.
India is very serious about shifting towards renewable energy, reducing imports of coal by 70 million tons; $17 billion a year. Disastrous consequences for Australia, India's largest coal export partner.
The coalition to create UN tax regime, impose global tax includes more than 130 national governments and dictatorships funded by European Union and globalist billionaires such as Bill Gates, did manage to create "Tax Inspectors Without Borders."
Saudi Arabia, usually considered a close ally of the US, plans to invest ten billion US dollars in Russia in the coming years. The agreement between Saudi Arabia and Russia is a sensitive geopolitical setback for the United States,
steep increase in the sales tax from 13 to 23 percent. The new rates have been imposed on basic goods, from cooking oil to condoms, coffee, diapers as well as to popular services; taxi rides, restaurants and ferry transport to the Greek islands. The tax hikes are part of a package of austerity measures that also include pension cuts.
Friday,China's announcement it bought over 600 tons of gold in "one month", Chinese FX reserves come via China's US Treasury holdings, are being aggressively sold, to the tune of $107 billion in Treasury sales so far in 2015. China is forced to liquidate US Treasury paper even though it does not want to, merely to fund a capital outflow unlike anything it has seen in history.
The Greek debt crisis implications should be analyzed at global scale. No matter what kind of deal Athens and Brussels reach, nobody can say what is in store for Greece and the European Union. If the whole Europe is affected, it will give rise to ripple effect to encompass the whole world. No fundamental solutions on the agenda of talks conducted by state officials.
Greek government spokeswoman Olga Gerovasili: Greece intends to strike a new deal with international creditors before August 20. Pursuant to the eurozone summit’s decision of July 12 ratified by the Greek parliament and published in the government’s newspaper, Greece is required for the start of talks with creditors "to change the value-added tax, amend its tax system.
President of Greek Banks Association Louka Katseli appealed to citiznes to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months.“Let’s all help our economy,” Katseli urged Greeks and added “If you take your money out of your chests and houses which are not safe in any case and deposit at banks, this will enhance liquidity.”
“Τhere will be no need to “haircut” deposits in the future if we all act responsibly.”
Puerto Rico Director of the Office of Management and Budget Luis Cruz: “It is the government’s priority to provide public services health, safety, education, we will not be transferring funds from these assignments to pay the debt, "ratcheting up the pressure to restructure the island’s $72 billion debt burden.
Extent of massive government intervention to halt plunge in Chinese stock market revealed last week by figures showing major state-owned banks have made available $200 billion to boost share prices. Massive bank intervention one of a series of measures initiated by government and financial authorities to halt plunge that was threatening economic and political stability.
Greek banks are reopening Monday after a forced 3-week closure. Greek government kept daily cash withdrawal limit at 60 euros ($65), added a weekly limit. Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases.
Precious metals are nearing their multi-decade lows as the stronger dollar, safer financial markets and lack of inflation in the advanced nations have all undermined demand for the non-yielding passive and low-liquid assets.
The IMF has confirmed it has received about €2 billion from Greece, which means the country is no longer in arrears. The Greek Finance Ministry has said it started payment of €6.8 billion to the IMF and the ECB.
German Chancellor Angela Merkel again ruled out proposals to write off some of Greece's debt, assures Berlin is supporting a flexible repayment plan for the debt-laden country. Said any talk of Greece exiting the eurozone was off the table, would lead to “predictable chaos.”
At the center of a decision by leaders at the summit. In the event of no agreement, Greek assets of [EUR 50 bn] shall be transferred to an existing external and independent fund; Institution for Growth in Luxembourg.”The Institution for Growth counts German Finance Minister Wolfgang Schäuble on its board, chairmanship alternates between German Minister of Finance and Minister for Economic Affairs.
Organic supermarket chain Whole Foods coming under fire for reportedly paying Colorado prison inmates $ 1.50 an hour to cultivate its fish, milk and gourmet cheese products. The company and its CEO John Makey, whose net worth is more than $100 million, have faced controversy before over overpricing food products, restrictions on unions.
Court in Athens found Hochtief, German construction company running Athens International airport avoided paying VAT for 20 years, estimates more than $545 million (€500m) for VAT arrears; with other outstanding payments it might have to pay $1.1 billion (€1bn)." "Under Troika austerity Greeks lost $436 million (€400m) from salary cuts".
Six-and-a-half month strike that closed all banks in Ireland in 1970 had little destructive impact. Irish people found other ways of carrying out functions performed by banking industry. Services of the banks proved by no means indispensable as would have been expected, evidence much of what banks do a “socially useless activity”.
Yanis Varoufakis, former Greek finance minister: “Germany won’t spare Greek pain;, it has an interest in breaking us”, then dismisses only viable solution; leaving euro, returning to drachma, as too difficult. Nicholas Ridley; Secretary of State for Trade and Industry under Margaret Thatcher: proposed European Economic and Monetary Union “a German racket designed to take the whole of Europe”.
World stock markets uneven Friday as Europe's rally faded, most Asian indexes advanced, jump in Chinese shares, after strong U.S. earnings. With bailout lenders pledging support for Greece as it moves to re-open banks, investors' fears about Greek exit from euro faded, now examining other parts of global economy.
More than 400 of the 2,000 largest malls in the U.S. closed in past two years. No new malls built since 2006. Many retailers downsizing, closing their stores; Blockbuster, JCPenney, Sears, Staples. Habits rapidly changing to online shopping, increasing every year.
Three top Democrats; Sens. Sherrod Brown, Elizabeth Warren, Rep. Maxine Waters accusing Department of Housing and Urban Development of removing aclause in its requirements for taxpayer-guaranteed mortgage insurance in order to spare two banks JPMorgan Chase, Citigroup convicted of federal crimes from being frozen out of the lucrative market.
Iron ore prices have plunged to a fresh six-year low as the commodity gets caught up in the fallout from China’s massive sharemarket plunge, with steel now reportedly cheaper per tonne than cabbage. Many agricultural commodity prices were also weaker, including cotton and wheat while copper jumped.
Eurogroup welcomes the adoption by the Greek Parliament of all the commitments specified in the Euro Summit statement of 12 July. Concluded that authorities have implemented first set of four measures in a timely and overall satisfactory manner, confirmed Euro Summit statement has been included in the preamble to implementing law adopted by the Greek parliament.
Government must introduce new stringent austerity directed at the weakest. Reducing lowest of the low of pensions, accelerate judicial process and reduce costs; evictions and foreclosures of thousands of homes and businesses. Labour markets: rigorous reviews and modernisation; no collective bargaining, reduce the lowest wages.
Pope Francis called for international bankruptcy process stated, “if a company can declare bankruptcy, why can’t a country do so and we go to the aid of others?” noting that too many countries struggling with high debts, suggested a United Nations bankruptcy proposal could be solution.
Economics and Energy Ministry: Germany is interested in normalization of economic relations with Iran,
"German business circles are highly interested in the improvement of relations with Iran."Iran and P5+1 group (US, UK, Russia, China, France and Germany) reached agreement on Tehran’s nuclear program in exchange for removal of sanctions.
European Commission offered to provide Greece €7 billion bridge loan for next three months if Greek Parliament adopts reforms agreed with the international creditors on Monday. Tsipras said he signed the deal, “with a knife at his neck”. However, he confirmed his intentions to finalize the agreement.
International Monetary Fund (IMF) criticised bailout deal offered Greece by the eurozone, said Greece's public debt was "highly unsustainable,"urged debt relief on a scale "well beyond what has been under consideration to date"; new bailout should include measures to restructure the country's debt.
Santa Cruz County, California Board of Supervisors: The County will not do business, including investment services or bond issuances, with five major banks the Justice Department found associated with felonious acts May of this year; Citigroup, J.P. Morgan & Chase, Barclays, The Royal Bank of Scotland, U.B.S. believe critical County only work with trustworthy institutions to invest, protect public tax dollars, should not be involved with those who rigged world’s biggest financial markets.
GREEK PM TSIPRAS: I SIGNED I DEAL I DO NOT BELIEVE IN BUT I'M WILLING TO IMPLEMENT AND WILL ASSUME RESPONSIBILITIES Greece, as a sovereign nation, no longer exists: SAYS LENDERS GIVE A MESSAGE THAT IN COUNTRIES UNDER A BAILOUT THERE IS NO POINT IN HOLDING ELECTIONS.
The Greek debt problem delayed again but not resolved. Probability of Greece’s exit from eurozone still high, although this issue has been taken off the agenda for the time being. Eurozone countries reached agreement Monday on Greek debt crisis. Greece will remain in European Union, euro creditors will give Greece an additional €86 billion over three years to help resolve its current debt problems.
International Monetary Fund: The severe damage caused to Greek economy by more than two weeks of bank closures and capital controls means the country will require far more generous debt relief than is currently on offer from its single-currency partners.
Los Angeles County Supervisor Mike Antonovich hired a corporate-sponsored lobby group and PR firm to conduct a "study" of the minimum wage. County is going to pay $55,000 to the Washington, DC-based Employment Policies Institute (EPI) to help him undermine a plan to create a countywide minimum wage of $15 an hour.
Italian Prime Minister Matteo Renzi: Italy opposed further demands on Greece under the threat of exit from the euro zone (Grexit), insist euro zone accept Greek Prime Minister Alexis Tsipras’ €13 billion austerity proposal, drafted by French and Greek officials.
After 17 hours of marathon talks, eurozone leaders reached an agreement over a third three-year bailout for Greece worth around €82-86 billion, averts the risk of the country leaving the eurozone. Program will affect pension reform, reform of product markets, privatization, changes in labor exchanges; German Chancellor Merkel.
An historic betrayal has consumed Greece. Having set aside the mandate of the Greek electorate, the Syriza government has willfully ignored last week's landslide "No" vote and secretly agreed a raft of repressive, impoverishing measures in return for a "bailout" that means sinister foreign control and a warning to the world.
Report on global incomes published this week by the Pew Research Center: 71 percent of the world population subsisting on less than $10 per day. The report concludes that 84 percent lives on less than $20 per day.
Eurozone finance ministers included an option for a temporary Greek exit from euro if Athens fails to agree a bailout deal. If a deal is reached, Greece's bailout needs could amount to between 82 billion and 86 billion euros ($91.5-96 billion), "In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from euro area, with possible debt restructuring.
Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel aired differences during meeting in Brussels Sunday on a possible new aid program, were at odds over issues including the treatment of Greece’s debt and the role of the International Monetary Fund in a possible third rescue package.
Greek Prime Minister Alexis Tsipras: deal with international creditors on his country’s debt crisis is possible if all involved parties work together. Made the remarks ahead of a eurozone summit. "I'm here for an honest compromise. We can reach an agreement tonight if all parties want it.
According to a new Trulia study, it will take the average Bay Area college grad approximately 29 years to save 20% down for a typically priced home. For those with no degree, forget it. By this study’s calculations, that 20% down savings is impossible for millennials who didn’t earn a college degree.
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