Small fraction of €240bn (£170bn) total bailout money Greece received in 2010 and 2012 to soften the blow of the 2008 financial crash and fund reform programmes. Most of the money went to banks that lent Greece funds before the crash. Unlike most of Europe, which ran up large budget deficits to protect pensioners Athens was forced to reduce its deficit by squeezing pensions and cutting the minimum wage.
Greece defaulted on a loan payment to International Monetary Fund (IMF) on Wednesday, just hours after eurozone finance ministers rejected a last-minute Greek appeal for an extension of its current bailout program. IMF representative confirmed it had not received the funds said Athens requested an extension on repayment, which IMF executive board would consider in "due course."
French economic situation was "worse than anyone [could] imagine and drastic measures [would] have to be taken in the next two years, situation is dire” voters turning to the rightwing National Front.
Puerto Rican governor Alejandro Garcia Padilla called for a moratorium that would postpone debt payments for years, allowing the country to catch up on payments while also investing in key areas like job creation, called for the U.S. to allow the country to file for bankruptcy to enable debt restructuring. Puerto Rico is a U.S. territory, not eligible to file for bankruptcy, an option only open to U.S. municipalities.
Brazilian Ambassador to Russia Jose Vallim Guerreiro: setting a single currency for the BRICS member states is positive but the technical side of the issue needs to be ironed out first, would allow for the use of a single currency without any dependence on the currency market fluctuations.
Athens’ stock market closed to avoid a panic, bank holiday imposed to keep capital flight from Greece’s cash-starved banks triggering a complete collapse of the financial sector. Personal withdrawals limited to €60 per day, many retirees were blocked from receiving scheduled pension payments. Syriza-led government has imposed billions in additional cuts on the Greek working class while allowing the oligarchs to pull their money out of Greek banks and park it in offshore safe havens.
The Greek government has asked for a new bailout program from the European Stability Mechanism (ESM), that’ll cover all the country’s financial needs for the next two years, according to the government statement. The request also includes a restructuring plan for Greek debt to the European Financial Stability Facility that accounts for about 63 percent of the Greece's total debt.
Russia's home ownership rate is among the highest in the world, when communism collapsed, the governmentsimply gifted everyone the apartment where they were registered at the time, probably biggest transfer of wealth in history. Russia’s residential real estate business is surprisingly robust, demand remains “huge.”
A lot of Americans don’t have any money saved up for emergencies at all, wouldn’t have any reason to line up at ATMs. 29 percent of all Americans do not have a single penny in emergency savings, highest level ever recorded. 53 percent of Americans do not have three-day supply of food and water at home. If they were not able to resupply themselves at the stores, more than half the country would run out of food and water within days.
President Obama signed a bill giving him "fast-track" powers to conduct and conclude trade legislation. Bill was approved by Congress last week after months of contentious debate. In addition to the Trade Promotion Authority (TPA), the president signed Trade Adjustment Assistance (TAA) act, extending aid to US workers who might lose their jobs as a consequence of free-trade deals.
IMF made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay IMF in full this will rise to €4.3 billion by 2024. IMF has been charging interest rate of 3.6% on its loans to Greece. IMF lending to all countries in debt crisis between 2010 and 2014 made a total profit of €8.4 billion, over a quarter of is from Greece.
Proposed creditor reforms have included extending the maximum length of the work week to six days and “[decompressing] the wage distribution” for public sector workers, paying lower-paid workers less so higher-paid workers can earn even more. Greek government proposed increasing corporate taxes to reduce debt, troika seeking higher value-added tax (VAT); more of the tax revenue would come from consumers instead of corporations.
European markets bracefor a wave of contagion from Greece on Monday, heavy losses for southern European government bonds and regional stock markets expected as investors scramble, safe-havens outside the euro zone, as a result, may get a boost, include Swiss franc and U.S. Treasuries.
Cable and telecommunications industry lobbied against city-run broadband, argue taxpayer money should not fund potential competitors to private companies. 20 states have restrictions against municipal broadband, attorneys general in North Carolina and Tennessee have filed lawsuits in an attempt to overrule the FCC and block towns in these states from expanding publicly funded Internet service.
“Those that were already on the margins have been pushed right to the veryedge, and those who were in the middle have been pushed to the margins, not be able to pay their electricity bill, or feed their children properly.”
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."
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