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IMF report says Greece will need much more debt relief than bailout offers

July 14th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141146009

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.

LA County Supervisor Hires Corporate-Backed "Research" Firm to Kill the Minimum Wage Plan

July 13th, 2015
Categories: Economic

Link: http://www.truth-out.org/news/item/31832-la-county-supervisor-hires-corporate-backed-research-firm-to-kill-the-minimum-wage-plan

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.

Tensions erupt in Europe as Berlin threatens to expel Greece from the euro

July 13th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/07/13/euro-j13.html

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.

Greek crisis endgame: EU agrees to allocate €80bn+ over 3 years

July 13th, 2015
Categories: Economic

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.

The problem of Greece is not only a tragedy. It is a lie

July 13th, 2015
Categories: News, World, Economic

Link: http://johnpilger.com/articles/the-problem-of-greece-is-not-only-a-tragedy-it-is-a-lie

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.

Pew report: 84 percent of world population subsists on under $20 per day

July 12th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/07/11/poor-j11.html

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.

Greek 'time-out' from euro is an option: eurozone document

July 12th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141144121

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.

Tsipras Responds To Eurogroup Proposal, Demands Changes

July 12th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-07-12/eu-leaders-deeply-divided-draghi-debates-bank-lifeline-tsipras-faces-party-rebellion

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 PM: Debt deal depends on involved parties

July 12th, 2015
Categories: Economic

Link: http://www.presstv.ir/Detail/2015/07/12/419968/Greece-Prime-Minister-Alexis-Tsipras-debt-deal-eurozone

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.

It Will Take 29 Years For College Grads To Save 20% Down On SF Home, Study Shows

July 12th, 2015
Categories: Economic

Link: http://govtslaves.info/it-will-take-29-years-for-college-grads-to-save-20-down-on-sf-home-study-shows/

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 Dollar and Bretton Woods are Finished: The BRICS/SCO Summits in Ufa Mark the Start of a “Silk World Order”

July 12th, 2015
Categories: Economic

Link: http://www.globalresearch.ca/the-us-dollar-and-bretton-woods-are-finished-the-bricssco-summits-in-ufa-marks-the-start-of-a-silk-world-order/5461828

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.

Russia should move to the national payment card this year - Putin

July 11th, 2015
Categories: Economic

Link: http://rt.com/business/272974-putin-russia-payment-card/

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.

IMF report: Global growth lowest since 2009

July 10th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/07/10/pers-j10.html

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.

Greek parliament approves government's proposed bailout reforms

July 10th, 2015
Categories: Economic

Link: http://www.presstv.ir/Detail/2015/07/11/419695/Greece-Tsipras-eurozone-vote-bailout-

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.

Banks Are Too Big to Prosecute, That’s Why Eric Holder Is Headed Back to Work for Them

July 10th, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/eric-holder-banks-are-too-big-to-prosecute-thats-why-hes-headed-back-to-work-for-them_072015

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.

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