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Greek Banks Will "Open" Monday BUT Depositors Won't Be Able to Take Their Money Out

July 20th, 2015
Categories: Economic

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.

Gold Hits Five-Year Low as US Dollar Soars on Policy Outlook

July 20th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150720/1024841768.html

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.

Greece makes due payments, no longer in arrears - IMF

July 20th, 2015
Categories: Economic

Link: http://www.rt.com/business/310274-greece-imf-payment-default/

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.

No debt write-off for Greece, Berlin open to other relief forms: Merkel

July 19th, 2015
Categories: Economic

Link: http://www.presstv.ir/Detail/2015/07/20/421007/Greece-Merkel-Germany-ARD-eurozone-YouGov

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.”

The fund they want Greek assets transferred to is managed by … Schäuble

July 19th, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/the-fund-they-want-greek-assets-transferred-to-is-managed-by-schauble/

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.

Whole Foods Controversy: Employing Colorado Inmates at 60 Cents A Da

July 19th, 2015
Categories: Economic

Link: http://sputniknews.com/us/20150719/1024814926.html

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.

German Construction Company Avoided Paying Tax in Greece

July 17th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150716/1024718434.html

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".

We Can All Get by Quite Well Without Banks – Ireland Managed to Survive Without Them

July 17th, 2015
Categories: Economic

Link: http://rinf.com/alt-news/latest-news/can-get-quite-well-without-banks-ireland-managed-survive-without/

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”.

Greece: Follow the Logic of Your Argument and Dump the Euro

July 17th, 2015
Categories: Economic

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 stocks uneven as Europe rally on Greece fades

July 17th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141148885

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.

Almost 25% Of US Shopping Malls Have Closed In The Last Two Years

July 16th, 2015
Categories: Economic

Link: http://govtslaves.info/almost-25-of-us-shopping-malls-have-closed-in-the-last-two-years/

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.

“Bank Lives Matter” – Obama Administration Makes Another Move to Protect Profits of Criminal Mega Banks

July 16th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/%E2%80%9CBank_Lives_Matter%E2%80%9D_%E2%80%93_Obama_Administration_Makes_Another_Move_to_Protect_Profits_of_Criminal_Mega_Banks/45081/0/38/38/Y/M.html

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.

Steel 'cheaper per tonne than cabbage' in China as iron ore hits six-year low

July 16th, 2015
Categories: Economic

Link: http://www.theguardian.com/business/2015/jul/09/steel-cheaper-per-tonne-than-cabbage-in-china-as-iron-ore-hits-six-year-low

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 reaches agreement in principle to provide 3 years' assistance program to Greece

July 16th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/809097

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.

Presenting The "Greek Terms Of Surrender" As Annotated By Yanis Varoufakis

July 16th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-07-15/presenting-greek-terms-surrender-annotated-yanis-varoufakis

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.

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