The US is clearly worried about the Silk World Order that is emerging. It has begun to pull out all the stops, from courting Brazil on the eve of the summit in Ufa to calls for the European Union to not join China’s banking project.
President Putin: Russia should switch to national payment card by end of 2015, the country needs to change; more than 90 percent of Russians use foreign payment cards, such as Visa or MasterCard. “We need to launch our own ‘plastic’ [national payment cards] this year.
US and global economy appears on verge of another economic collapse. China’s stock market imploding, Greece in the midst of a bank shutdown, economic growth in US has stalled, capital flows to emerging countries drying up, military conflicts throughout the world threaten major economic disruptions.
The Greek parliament has approved a motion allowing reform proposals submitted by the government to international creditors to be used as a basis for further negotiations. The proposed measures include tax hikes and spending cuts very similar to ones Greeks rejected in a referendum on July 5.
Eric Holder Attorney General: the size of some of these institutions so large difficult to prosecute them when if we do prosecute it will have a negative impact on the national, world economy. Returning to corporate law firm Covington & Burling. Clients include THOSE BIG BANKS; JPMorgan Chase, Wells Fargo, Citigroup, and Bank of America.
China is and will remain the "locomotive of the world economy," said Russian President Vladimir Putin at the press-conference after the SOC and BRICS summits on Friday.
BRICS governments to put together projects which we can look at in the next six months, so that we have them ready for approval in April next year," he said, adding that all the projects will be on the infrastructure area as the bank's initial idea supposes.
Russian President Putin The European Commission should have adjusted the economic activity of Greece before the crisis, EU shouldn’t have issued such high bonuses and loans to the debt ridden country.
The US and IMF called on European leaders to grant Greece debt relief, to prevent ‘Grexit’ from eurozone. International Monetary Fund chief; Christine Lagarde:“Greece in a situation of acute crisis, needs to be addressed seriously and promptly,” Reforms,“debt restructuring” would help to get out of the crisis, US Treasury Secretary Jack Lew calls for compromise, warns of hundreds of billions of dollars in economic damage around the world otherwise.
New Jersey Gov. Chris Christie getting ready to offer a massive tax break to JPMorgan Chase to locate in Jersey City; $19 million per year for 10 years. Projects financed during Christie’s time as governor: $6 billion in corporate tax subsidies this decade. $82 million deal to bring a Philadelphia 76ers practice facility to the Camden waterfront last year $303 million tax credits over a decade that was approved last for JPMorgan Chase and RBC Capital Markets to create 1,000 jobs.
Greek government submitted proposals for economic reforms to international creditorsto avoid bankruptcy. Greek government offering to overhaul pension system. For corporations, taxes could increase from 26% to 28%, rent payments could see a tax increase. May cut defense spending, cut early retirement.
Jeb Bush who made $5.8 million in “consulting and speaking” income in 2013 has argued publicly against federal minimum wage, imposing a higher retirement age on Americans. His interview with newspaper The Union Leader:" We have to be a lot more productive; address a variety of issues, including a tax reform agenda that Americans could expect under his administration."People need to work longer hours and through their productivity, gain more income for their families, only way we’re going to get out of this rut that we’re in.”High-sustained growth means that people work 40 hours rather than 30 hours and that by our success, they have money, disposable income for their families to decide how they want to spend it rather than getting in line and being dependent on government.”
Federal agents raided the offices of a Jewish college that has prospered from millions of dollars in federal aid, almost all its students live in Israel and hardly any of them graduate. Michigan Jewish Institute students claimed $25 million in Pell Grants; almost all of them took courses at yeshivas and seminaries in Israel that they never completed.
Shares shed 30 per cent of value since mid-June, the more Beijing does the more it risks creating perception of desperation. View that policy makers are in a state of panic.” Government banned local media from using terms “equity disaster” and “rescue the market. Moves against short selling, bans on issuing initial public offerings, directive to state pension fund to buy not sell.
Shanghai down 8 percent; trading in 50 percent of all listed companies on China’s two principal exchanges suspended, freezing $2.6 trillion worth of equity. Emergency meetings between Chinese Premier Li Keqiang, banking officials and financial regulators, central bank given authority to provide unlimited liquidity to China Securities Finance, finance brokerage houses, uphold “market stability.”
Chicago homeowners could face 30 percent property taxe hike to pay for city’s financial problems; efforts on state and county levels to raise income and sales taxes, politicians running out of options to pay public worker pension debt.
The New York Stock Exchange halted trading in all symbols earlier on Wednesday, but has now resumed. Trading stopped around 11:30 a.m. ET (3:30 p.m. GMT) and began again at approximately 3:10 p.m. ET (7:10 p.m. GMT).
China Securities Regulatory Commission banned major shareholders, corporate executives and directors from selling stakes in listed companies for six months, its latest effort to stop the nation’s $3.5 trillion stock-market rout. Investors with stakes exceeding 5 percent must maintain their positions, intended to guard capital-market stability amid an “unreasonable plunge” in share prices.
Small businesses that reimburse employees for the cost of premiums for individual health insurance policies or pay their health costs directly will be fined up to $36,500 a year per employee under a new Internal Revenue Service regulation.
popular repudiation of European banks policy shocked ruling elites of Europe. Wall Street Journal: political contagion,”far greater threat to euro zone than Greek financial crisis or exit from the currency block.”What does this mouthpiece of Wall Street fear? Any concession to democratic will of the masses encourage workers in Europe, United States.
Deputy Finance Minister Sergey Storchak :Greece can easily receive financing from the New Development Bank established by BRICS; it will be enough for Greece to buy a couple of shares of the bank to be eligible for funding, added that this would require a political decision.
Federal Prison Industries, is a government-owned corporation that employs inmates for as little as 23 cents per hour, to provide a wide range of products and services under the guise of a “jobs training program.” Hard for any company to compete with companies that use dirt-cheap prison labor.
Supreme Court’s top justice, two associate justices repeatedly ruled in cases involving companies in which they owned stock. Chief Justice John Roberts, Associate Justices Stephen Breyer, Samuel Alito created conflicts of interest participating in decisions that potentially affected their stock portfolio.
Suniva maker of solar panels in the United States backed by Goldman Sachs using prison labor to keep production costs down. Several hundred inmates make solar panels at prisons in Sheridan, Oregon, Otisville, New York.
Incomes savaged, pensions shredded, unemployment skyrocketing. You can’t threaten a prisoner with loss of freedom, can’t threaten Greeks with things getting worse, now so bad that the threat has worn off. European leaders always asking for more undermined their case.
Both of China’s stock markets plummeted 30% of their previous value in June. fueled by two forces: investors taking on debt to invest in stocks, government manipulations. Country’s top stock brokerages decided to collectively buy $20 billion in stocks to stabilize the market, part of supplied by government. Strategy employed by financial firms in the US, after market crash of 1929.
The China-led Asian infrastructure and Investment Bank (AIIB) and BRICS New Development Bank (NDB) can coexist, Russian Minister of Economic Development Aleksey Ulyukayev told RT ahead of the key BRICS/SCO summits in Russia.“I think there is enough room for everybody.
As Germany is all over Greece, trying to make the Mediterranean nation repay its huge government debt by forcing country's top officials to come up with new measures, Berlin is forgetting the Germans have never repaid their own debts.
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, 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.”
European banks lost more than 50 billiion Euros ($56 billion US) as Greece shut its banks and imposed capital controls to attempt to prevent the collapse of its financial system Greece no longer qualifes for membership in the EU, widespread fears it will exit. A new bailout comes with conditions, which has been put to referendum to be voted by the Greek people.
Chinese Prime Minister Li Keqiang: Asian Infrastructure Investment Bank (AIIB) is a good recipe for solving the global economic recession and boosting growth and prosperity; the China-proposed initiative is an ambitious scheme to improve trade, infrastructure and cultural exchanges in parts of Asia, Africa and Europe.
Crisis in Greece spilling over into foreign stock and bond markets for a number of reasons. Investors backing away from bonds of other weak Eurozone countries like Portugal, Spain and Italy, pushing their yields up and bond prices down. Should Greece exit the Euro, permanency of the Euro is thrown into doubt.
"Several Italian banks failed to start trading Monday as fears over Greek debt default induced many investors to shed peripheral stocks, including Italian."Sales orders on Italian stocks, in particular financial stocks, piled up before market opening. Sales orders so numerous system couldn't manage to process them, often happens when specific news causes a sell-off on a stock.
Headlines today are declaring the stock exchange and all banks in Greece will now be shut down for the next six days. Some Greeks have already begun hoarding groceries and gasoline, tourists warned to take enough cash in case cash machines are emptied. Analysts estimating the country will likely default by Tuesday, government told its citizens not to worry.
Governor, Alejandro García Padilla “The debt is not payable,” the commonwealth cannot pay its $72 billion in debts, would probably seek significant concessions from all of the island’s creditors, could include deferring some debt payments for as long as five years or extending timetable for repayment. Island of 3.6 million people has more municipal bond debt per capita than any American state.
Greeks have begun to rush banks to withdraw euros while facing growing uncertainty about the future, largely from decision by European Central Bank to cap emergency relief that has been keeping Greek banks afloat at $89 billion. Billions have been withdrawn by the Greek people. In response, government has closed banks and limited money transfers.
European Central Bank (ECB) began discussions on Sunday to extend emergency financial support for Greece as the country moves forward with a referendum on a proposed bailout, at the same time as its current bailout speeds to a June 30 expiration.
Greek Finance Minister Yanis Varoufakis: If Europe is going to stop its bailout program for Greece in order to humiliate the country’s government, a question remains open whether Athens needs such a Europe, he stressed the Greek side has already placed all its ideas on the negotiating table and is not planning to submit any new offers.
Over one-third of the ATMs in the country, have been completely cleaned out. Between 500 and 600 million Euros were withdrawn from the machines on Saturday, which managed to deplete over 2000 ATMs.
Greek Prime Minister Tsipras calls July 5 referendum in Greece on whether to approve European Union austerity measures for extending loans to avert state bankruptcy, already agreed to billions of euros in social cuts. Greek officials refused new measures; deep pension cuts, demanded by EU, International Monetary Fund (IMF) European Central Bank (ECB). Greek Labor Minister Dimitris Stratoulis: EU’s demands “complete humiliation,”“enslavement and extermination” of the Greek people.
$500 million credit line for Venezuela to finance joint investments, expand financial, economic, industrial and technological cooperation, joint production of commodity goods, Iran’s sales of medical drugs and surgical equipment; develop a joint program in nanotechnology in which Iran is among the top seven countries. Iran agreed to transfer its expertise to Venezuela in combating an "economic war."
Russian President Vladimir Putin on Thursday submitted for ratification by the State Duma a treaty on Kyrgyzstan’s accession to the Treaty on the Eurasian Economic Union; which envisages free movement of goods, services, capital and labour, comprises Armenia, Belarus, Kazakhstan and Russia.
German Finance Minister Wolfgang Schauble: “None of my colleagues I talked to believes anything else can possibly be done now. What Plan B are we talking about? Greece has left the table and we have reached a point when the bailout program could be scrapped this coming Tuesday, because the negotiations are over.”
German Chancellor Angela Merkel implored Tsipras to accept what she calls a “generous” offer. German press reported Greece’s creditors presented PM Alexis Tsipras document outlining available funds that could be extension of the country’s second bailout or a third program.
People moving from high tax states such as Connecticut, New York, New Jersey and Illinois to lower tax states such as Texas, Tennessee, Colorado, and Arizona. California is runner-up to Connecticut has the highest tax rates of any state, highest poverty rate in the nation.
Gazprom is building a global alliance with energy major Royal Dutch Shell; include asset swaps,allow the Russian gas giant to penetrate new markets, agreed to build two new Nord Stream gas pipelines under the Baltic sea to Germany.
Because the city's investigation of Whole Foods is ongoing, penalties have not yet been assessed. Fines for falsely labeling a package can be as much as $950 for the first violation and up to $1,700 for subsequent violations. The department said Whole Foods had thousands of potential violations.
Last year, Whole Foods agreed to pay $800,000 in penalties and improve pricing accuracy after an investigation into alleged pricing irregularities in California. Whole Foods has a reputation for high prices, some call the store "Whole Paycheck.
It would “allow foreign companies to challenge U.S. laws — and potentially to pick up huge payouts from taxpayers — without ever stepping foot in a U.S. court.”“could lead to gigantic fines, but it wouldn’t employ independent judges. Instead, highly paid corporate lawyers would go back and forth between representing corporations one day and sitting in judgment the next.”
China creating institutions it needs to finance its own development (AIIB and New BRICS Bank), building infrastructure to connect the continents with state-of-the-art high-speed rail (New Silk Road), attracting allies, trading partners who want to participate in its plan for growth and prosperity.
Russian Government extended counter-sanctions against EU countries, the US, Canada, Australia and Norway through August 5, 2016, includes beef, chicken, pork, dairy products, live, chilled and frozen fish and shellfish, nuts, fruits and vegetables.
Major packaged-food companies lost $4 billion in market share alone last year, as shoppers swerved to fresh and organic alternatives, analysis by Moskow found that the top 25 U.S. food and beverage companies have lost an equivalent of $18 billion in market share since 2009. “I would think of them like melting icebergs,” he says. “Every year they become a little less relevant.”
UN World Investment Report says Gaza op to blame for sharp decrease in foreign direct investment, a decline of about 46%. increase in investment in data and communications security, Israel has a comparative advantage in this area and is considered to be a cyber superpower.
Japan, Vietnam, Malaysia, Singapore, Brunei, Australia, New Zealand are parties to TPP, along with the US, Canada, Mexico, Peru, Chile. These countries would be pushed by new trade rules to reorient their economies along lines dictated by Washington and Tokyo, not Beijing.
Record-high number of cost burdened households those paying more than 30 percent of income for housing. In the United States, 20.7 million renter households (49.0 percent) were cost burdened in 2013. 11.2 million, more than a quarter of all renter households, had "severe cost burdens, paying more than half of income for housing."
Secretary of the Russian Public Chamber Alexander Brechalov: Western sanctions having favourable effects on Russian economy and businesses operating the import substitution market; businessmen have felt chances and possibilities."
At an emergency European Union summit in Brussels yesterday, EU government heads endorsed a new raft of social cuts proposed by Syriza-led Greek government, indicated more austerity measures would be needed before a deal could be reached on Greece’s €300 billion debt. Similar emergency talks broke down a week ago. EU officials insisted Syriza’s cuts not sufficiently deep to justify releasing €7.2 billion Greece needs to pay off its creditors later this month.
EU, ECB and IMF, provoking a bank run and endangering Europe’s system to force Greece to its knees. … The guardian of financial stability is consciously accelerating a financial crisis in an EMU [European Monetary Union] member state—with possible risks of broader global contagion—as a negotiating tactic to force Greece to the table.”
The heads of state and governments of the eurozone’s 19 member states discussing ways of preventing Greece’s default. Despite a partial debt write-off in 2012, Greece’s sovereign debt currently exceeds €315 billion or 175% of its GDP. Greece is scheduled to repay a €1.6 billion loan to the IMF on June 30, which is just interest payment at a reduced rate. Athens has no money to repay the loan.
EU Council's press officer for foreign affairs, Susanne Kiefer: The European Union has extended economic sanctions against Russian for a further six months. This follows the EU’s decision Friday to extend sanctions against Crimea for another year.
European Central Bank’s second intervention in three days, Greek banking officials insist they had ‘no financing problems’ despite £1bn withdrawals yesterday. Greek Prime Minister Tsipras warns his country's exit from eurozone would be an irreversible step. Emergency meeting of EU leaders called for Monday after crisis talks to stop Greece leaving single currency failed. Russia says it is willing to consider giving financial help to Athens to protect its 'investment projects and trade.'Tsipras called Russia one of Greece's most important partners.' EU president Donald Tusk delivered ultimatum to Greece yesterday: 'Accept an offer or default'
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