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.
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.
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