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The myth of the Greek 'bail-out' and the future of Western world

April 29th, 2015
Categories: Economic

Link: http://english.pravda.ru/world/europe/29-04-2015/130410-greek_bail_out_western_world-0/

loans supplied by eurozone and International Monetary Fund amount to €226.7bn (about 125 per cent of GDP), two-thirds of total public debt went not to benefiting Greeks but to avoiding writedown of bad loans to the Greek government and Greek banks. 11 per cent of the loans financed government activities. 16 per cent on interest payments. The rest on capital operations of various kinds. Germany has gained enormous amount from its position in the EU.

Citibank Buys $1Billion in Gold From Venezuela

April 29th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Citibank_Buys_%241Billion_in_Gold_From_Venezuela/43705/0/38/38/Y/M.html

Citibank recently announced that they were going to swap $1 billion for a portion of Venezuela’s gold. Nicolas Maduro’s cash-strapped regime is so desperate for revenue, that they’ve agreed to pawn 1.4 million ounces of gold, which amounts to $714 per ounce.

Greece €400 Million Short For Wage And Pension Payments, Rushes To Pass Troika-Friendly Laws

April 28th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-28/greece-%E2%82%AC400-million-short-wage-and-pension-payments-rushes-pass-troika-friendly-laws

Core problem for Greece, it is completely out of money, local municipalities have mutinied,told the government they would not hand over their cash to the central bank without their own conditions being met first. Greece does not have the €1 billion in cash to fund May payments to the IMF, but it is short €400 million for wage and pension payments.

Russian lower house speaker hails BRICS’ positive role in forming fair world order

April 28th, 2015
Categories: Economic

Link: http://tass.ru/en/russia/792275

The BRICS group of countries, namely Brazil, Russia, India, China and South Africa, is playing a positive role in "forming a fair world order," speaker of the Russian State Duma lower parliament house, Sergei Naryshkin.

Putin Accuses Russia's 'Quasi-Partners' of Counting on Russia's Collapse

April 27th, 2015
Categories: Economic

Link: http://www.themoscowtimes.com/business/article/putin-accuses-russias-quasi-partners-of-counting-on-russias-collapse/519832.html

Putin accused some of Russia's "quasi-partners" on Monday of counting on the country's collapse by cutting its banks off from the global financial system at a time when oil prices had plunged. Putin: "Apparently someone was counting on some sort of collapse," "No collapse happened. The Russian economy is easily overcoming these artificial barriers. The peak of [debt] payments has passed. If someone counted on causing some kind of collapse, nothing came of it."

Germany Prepares For "Plan B", Says Greece Would "Need Not Only A Third Bailout, But Fourth, Fifth Or Even More"

April 26th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/_Germany_Prepares_For_%22Plan_B%22%2C_Says_Greece_Would_%22Need_Not_Only_A_Third_Bailout%2C_But_Fourth%2C_Fifth_Or_Even_More%22/43641/0/38/38/Y/M.html

German Finance Minister Schaeuble hinted that Berlin was preparing for a possible Greek default. Greek euro exit would be good in the long term because European contracts would regain their validity and Greece could regain its competitiveness.

Greece’s Syriza government signals pension cuts

April 26th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/04/25/gree-a25.html

Greek Finance Minister Yanis Varoufakis made clear that his government was ready to impose extensive pension cuts and labour market “reforms” in order to reach an agreement with the troika (European Union, International Monetary Fund, European Central Bank.

Capital Controls Arrive: Greece Begins Confiscating Deposits Of "Small Debtors"

April 26th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-26/capital-controls-arrive-greece-begins-confiscating-deposits-small-debtors

Last week, the Greek government issued a decree which called for local governments to transfer excess cash to the central bank so that Athens would be able to pay pensions, salaries, and the IMF. The move is expected to raise as much as €2 billion to help keep the country afloat. Tax authorities have started seizing the deposits of small debtors.

Big Bank 'Crime of the Century' Results in Guess What? No Jail Time for Anyone: Despite severity of offenses, 'the government concluded that these crimes should be punished only through a financial penalty,' says Public Citizen

April 25th, 2015
Categories: Economic

Link: http://refreshingnews99.blogspot.in/2015/04/big-bank-crime-of-century-results-in.html

Record $2.5 billion settlement paid by Deutsche Bank to U.S. and U.K. authorities for its rate-rigging role in the massive LIBOR scandal, some noted that the fine—while large—suggests that some institutions are still considered "too big to jail."

China Allocates $40Bln for New Silk Road Fund - Entrepreneur

April 25th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150425/1021363019.html

China hopes that the new Silk Road will boost political ties from the Pacific to the Baltic Sea and cut barriers to trade and investment.

Russia and China to increase finance cooperation - minister

April 25th, 2015
Categories: Economic

Link: http://rt.com/business/252669-russia-china-investments-cooperation/

Russia is interested in developing Chinese investment and cooperation, according to Russian Finance Minister Anton Siluanov. Cooperation has been recently growing, as Western markets are now closed for Russia.

Profits crumbling, sales shrinking: McDonald’s to close at least 900 stores

April 23rd, 2015
Categories: Economic

Link: http://govtslaves.info/profits-crumbling-sales-shrinking-mcdonalds-to-close-at-least-900-stores/

McDonald’ Profits are crumbling, sales are shrinking around the world. to close at least 900 of its restaurants worldwide. Consumers are defecting for healthier options. First-quarter profits tumbled by nearly $400 million. Vows a turnaround plan.

Obama, Republicans push anti-China trade pact

April 23rd, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/04/23/trad-a23.html

US Senate and House of Representatives have begun action on legislation to grant President Obama Trade Promotion Authority, also known as “fast-track” authority, which would enable the US government to finalize the Trans-Pacific Partnership, a trade agreement with 11 other countries in Asia and the Americas.

Greek Bank Will Write Off Up To €20,000 In Debt For "Poverty-Stricken" Borrowers

April 23rd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-23/greek-bank-will-write-%E2%82%AC20000-debt-poverty-stricken-borrowers-greece-uses-russian-piv

Greek financial institutions, Piraeus Bank will write off credit cards and retail loans up to 20,000 euros ($21,484) for Greeks who qualify for help under a law the leftist government passed to provide relief to poverty-stricken borrowers.

Russia and Argentina seal energy package, $3bn in deals

April 23rd, 2015
Categories: Economic

Link: http://rt.com/business/252477-russia-argentina-energy-deals/

Russia plans to invest $2 billion in Argentinian nuclear power plants, and Russia's Gazprom has signed a deal to explore oil and gas fields in Argentina, a project worth another $1 billion. “Gazprom is preparing to develop the Argentine gas industry.

Food service contractor gets rich as Capitol cooks and janitors struggle to survive on poverty wages

April 23rd, 2015
Categories: Economic

Link: http://www.rawstory.com/2015/04/food-service-contractor-gets-rich-as-capitol-cooks-and-janitors-struggle-to-survive-on-poverty-wages/

Wednesday, hundreds of janitors, cooks, food service employees, and labor rights activists marched in the streets of Washington, D.C. demanding a wage of $15 an hour for thousands of people employed full time at the U.S. Capitol, who earn too little to pay for basic expenses like housing or food.

Elizabeth Warren: Obama is Lying About TPP Trade Deal

April 23rd, 2015
Categories: Economic

Link: http://sputniknews.com/us/20150424/1021304027.html

As President Obama continues to push the TPP trade deal, Massachusetts Senator Elizabeth Warren has accused the White House of lying about the proposal’s finer points, citing sources who said "if the American people saw what was in it, they would be opposed to it."

Pregnant fast food manager fired when she wouldn’t reimburse money stolen in armed robbery

April 22nd, 2015
Categories: Economic

Link: http://www.rawstory.com/2015/04/pregnant-fast-food-manager-fired-when-she-wouldnt-reimburse-money-stolen-in-armed-robbery/

Marissa Holcomb, who is five months pregnant, said a masked man waving a gun burst into Popeyes during her shift March 31 ,she was unable to open the safe but was able to give the gunman nearly $400 from the cash registers. Holcomb said one of her managers gave her a choice after the robbery: Repay the money she handed over to the gunman or lose her job.

McDonald’s Japan to close 131 stores

April 21st, 2015
Categories: Economic

Link: http://investmentwatchblog.com/mcdonalds-japan-to-close-131-stores/

McDonald’s Japan will axe 131 stores, revamp its menu and refurbish 500 stores this year as it tries to reduce a projected US $319 million loss. Company says in the year ahead it will implement a Business Revitalization Plan aimed to “bring new customer focused initiatives, speeding up restaurant revitalisation, localising its business structure and improving cost and resource effciency.

EU grants €250mn loan to Kiev, amid tensions in eastern Ukraine

April 21st, 2015
Categories: Economic

Link: http://www.presstv.com/Detail/2015/04/21/407406/EU-grants-250mn-to-Ukraine

The European Union has announced readiness to give Ukraine an extra €250 million (USD 267 million), raising the total amount of loans provided to the country to USD 1.72 billion, part of deal known as the Association Agreement signed last year between Brussels and Kiev, a deal which Russia strongly opposed.

Gazprom ready to build pipeline from Turkish Stream through Greece as part of consortium

April 21st, 2015
Categories: Economic

Link: http://tass.ru/en/economy/790842

Gazprom’s Chief Executive Officer Alexey Miller: Russian-European consortium will be able to raise the required funds to construct the gas pipeline, guarantees up to 47 bln cubic meters of natural gas will be supplied by transit over the territory of Greece after construction of the gas pipeline downstream of the Greek-Turkish border.

The Bankster War on Cash; JP Morgan Chase Begins to Prohibit the Storage of Cash in Its Safety Deposit Boxes

April 21st, 2015
Categories: Economic

Link: http://www.blacklistednews.com/The_Bankster_War_on_Cash%3B_JP_Morgan_Chase_Begins_to_Prohibit_the_Storage_of_Cash_in_Its_Safety_Deposit_Boxes/43549/0/38/38/Y/M.html

As of March, Chase began restricting the use of cash in selected markets, including Greater Cleveland. The new policy restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans, prohibits the storage of cash in its safe deposit boxes.

Embargo relief? Russia tests food from Greece, Hungary & India

April 20th, 2015
Categories: Economic

Link: http://rt.com/business/251233-russia-food-ban-greece/

Russia began quality control of fruits and vegetables from Hungary, Greece, and India in order to begin imports; Aleksey Alekseenko head of Russia’s food inspector Rosselkhoznadzor. Next week products from Cyprus will undergo similar tests.

Student Debt Accounts For Nearly Half Of US Government "Assets"

April 19th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Student_Debt_Accounts_For_Nearly_Half_Of_US_Government_%22Assets%22/43514/0/38/38/Y/M.html

Student debt comprises 45 percent of federally owned financial assets. doesn’t include assets owned by the Federal Reserve, and assets like land. revenue government earns from student-loan interest payments: 2013, $51 billion. Delinquency rates on student loans have soared.

Ukraine’s PM says Kiev ready to re-launch banking sector in Donetsk, Luhansk

April 19th, 2015
Categories: Economic

Link: http://tass.ru/en/world/790372

Ukrainian Prime Minister Arseniy Yatsenyuk: "We are ready to re-launch the banking sector in Donetsk and Lugansk, the goal of the government was to reach peace in Donbass, to "give people normal life, said talks with creditors were not proceeding smoothly.

Despite Urges And Threats, Greece Remains Defiant, Won't "Budge On Red Lines" Even As Russia Denies Gas Deal

April 19th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-19/despite-urges-and-threats-greece-remains-defiant-wont-budge-red-lines-even-russia-de

Greece, once again, said it would not "renege on election pledges to end austerity measures as creditors pressed for a compromise." The full court assault against Greece from all sides came fast and furious. Obama and ECB president Mario Draghi called on the Greek government to do more to resolve the standoff. France expressed increasing frustration with pace of negotiations, openly chided Greece.

Russia to Spend Over $2 Billion on Crimea Modernization

April 19th, 2015
Categories: Economic

Link: http://sputniknews.com/russia/20150419/1021083309.html

Russia plans to spend 113 billion rubles (about $2.2 billion) on the modernization of Crimea's infrastructure in 2015, and will create an analogue of Silicon Valley on the peninsula.

World Bank admits peak of Russia economic crisis over

April 19th, 2015
Categories: Economic

Link: http://rt.com/business/250889-world-bank-russian-economy/

The World Bank agrees with President Vladimir Putin that Russia has successfully managed to overcome the worst of its current economic difficulties due to the government’s fiscal and monetary policy. In the last two months, the level of confidence in the Russian economy has slightly strengthened and the ruble rallied due to fiscal and monetary policy.

WAL-MART suddenly closes 5 stores, lays off thousands of workers… Same stores that protested for higher pay!

April 18th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/wal-mart-suddenly-closes-5-stores-lays-off-thousands-of-workers-same-stores-that-protested-for-higher-pay/

Wal-Mart suddenly closed five stores in four states on Monday for alleged plumbing problems. The closures could last up to six months and affect roughly 2,200 workers
in Texas, California, Oklahoma, and Florida.

Merkel Says Free Trade Zone Between Germany, Russia Possible

April 18th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150418/1021055428.html

The German chancellor said Germany is interested in economic cooperation with Russia, despite the current political differences between the two countries, Political differences should be settled in a diplomatic way.

Russia denies striking gas deal to net Greece €5bn

April 18th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141070745

Russia has denied providing up to €5bn to Greece for a planned gas pipeline running through the country in a move that would significantly ease Athens' cash crisis. Der Spiegel quoting a senior Syriza party official, Moscow ready to provide advanced payment to Greece in assent for its "Turkish Stream" project.

Xi Jinping to unveil $46 billion economic corridor during Pakistan visit

April 17th, 2015
Categories: Economic

Link: http://economictimes.indiatimes.com/news/international/world-news/xi-jinping-to-unveil-46-billion-economic-corridor-during-pakistan-visit/articleshow/46959335.cms

Chinese President Xi Jinping will unveil $46 billion China-Pakistan Economic Corridor, the biggest overseas investment, linking Pakistan's strategic Gwadar port on the Arabian Sea with its Xinjiang province through PoK.

Greece Sends Global Markets South

April 17th, 2015
Categories: Economic

Link: https://hendersonlefthook.wordpress.com/2015/04/17/greece-sends-global-markets-south/

Greek finance minister Yanis Varoufakis meeting today with IMF officials in Washington sent global stock and bonds markets tumbling. The IMF is Greece’s key creditor. Poul Thomsen – director of the IMF’s European department in charge of the IMF’s loan programs to Greece and Portugal–admitted that IMF forecasts for growth in Greece were unrealistic.

Investments in Crimean economy over past days exceed those of past ten years — official

April 17th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/790231

Investments in Crimea in the past ten years barely reached $10 million whereas contracts for a sum twice as much have been inked in the past several days, chairman of Crimea’s State Council [legislature] Vladimir Konstantinov.

House Votes To Repeal Tax On Richest 0.2 Percent Of Americans

April 16th, 2015
Categories: Economic

Link: http://www.huffingtonpost.com/2015/04/16/estate-tax-house_n_7079744.html

The House of Representatives voted Thursday to give a tax break worth $269 billion to the richest estates in the country, and add that cost to the federal debt. The measure benefits the top .2 percent of the population because the other 99.8 percent of the country doesn't own enough wealth to ever pay the tax. Only estates worth more than $10.9 million for couples and $5.4 million for individuals fall under the tax.

Ukraine PM: Kiev never again to restore former trade relations with Russia

April 16th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/789910

Ukrainian Prime Minister Arseniy Yatsenyuk: "Objectively, the trade relations that we had with Russia 10 years ago, will never be restored," the premier said at a meeting of the social and economic council for the prospects of Ukraine’s development. "We need new markets," Ukraine should look for ways for entering European markets.

After Destroying His State’s Retirement System, Christie Sets His Sights On Social Security

April 16th, 2015
Categories: Economic

Link: http://thinkprogress.org/economy/2015/04/14/3647048/chris-christie-says-cut-social-security-lol-sure-bro/

Gov. Chris Christie (R-NJ) proposed cutting Social Security benefits in a speech in New Hampshire on Tuesday, proposing a similar approach to national retirement systems as the one currently failing in his home state.

Berlin to Tokyo: Merkel Presses Japan to Join China-Led AIIB

April 16th, 2015
Categories: Economic

Link: http://sputniknews.com/news/20150417/1020997718.html

German Chancellor Angela Merkel urged Japan to join the China-led planned Asian Infrastructure Bank (AIIB) which currently has 57 nations with founding member status, a number of which are key US allies. Obama administration, rallying allies and trade partners to forgo membership.

America, Meet Your Brand New Largest Foreign Creditor

April 16th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-15/america-meet-your-brand-new-largest-foreign-creditor

Japan is once again America's largest foreign creditor with total holdings of $1224.4 billion, surpassing China, with $1223.7 billion, for the first time since just around the time Lehman filed for bankruptcy.

China says 57 countries to be founding members of AIIB

April 15th, 2015
Categories: Economic

Link: http://www.dailymail.co.uk/wires/reuters/article-3039632/China-says-57-countries-founding-members-AIIB.html

"The AIIB has 57 countries as founding members, among those 37 are Asian countries, 20 are countries from outside the region," China's Vice Finance Minister Shi Yaobin

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