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Keyword: default

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  • Tea Party Revolts Against Obama’s Budget as Debt Exceeds $19 Trillion

    02/06/2016 7:08:26 PM PST · by Lorianne · 14 replies
    Fiscal Times ^ | 04 February 2016 | Eric Pianin
    n what appears to be an extraordinary snub of White House budget director Shaun Donovan, the Republican chairs of the House and Senate Budget Committees announced on Thursday they would not host Donovan’s testimony on President Obama’s final budget submission next week. Obama will unveil his fiscal 2017 budget request next Tuesday, just barely meeting the statutory deadline for submitting a new budget to Congress. But Senate Budget Committee Chair Mike Enzi (R-WY) and House Budget Committee chief Tom Price (R-GA) issued a joint statement tonight saying Donovan wasn’t welcome to testify because the administration wasn’t serious about addressing the...
  • EXCLUSIVE: Secret Fed Docs Show Obama Misled Congress, Public During Debt Limit Crises

    01/31/2016 10:11:50 PM PST · by Nachum · 22 replies
    Daily Caller ^ | 1/31/16 | Richard Pollack
    Federal Reserve Bank of New York officials secretly conducted real-time exercises during the 2011 and 2013 debt-limit crisis that demonstrated the federal government could function during a temporary shutdown by prioritizing spending, even as Treasury Secretary Jack Lew publicly claimed many times that such efforts were “unworkable,” according to a new report by the House Financial Services Committee obtained by The Daily Caller News Foundation. The staff report, to be released Tuesday, charges that Lew and other Obama administration officials deliberately misled Congress and the public during the federal budget and debt limit showdowns in both years. The committee will...
  • Survey Reveals Bankers in China Fearing High Credit Risk

    01/25/2016 5:00:14 PM PST · by TigerLikesRooster · 3 replies
    CBN ^ | January 25, 2016 | Faraz Haleem
    Survey Reveals Bankers in China Fearing High Credit Risk By: Faraz Haleem Published: January 25, 2016 at 06:56 am EST The recent slowdown in the world's second largest economy has created several economic challenges, such as industries overcapacity and decline in manufacturing activities. The situation has mounted pressure on banking sector, owing to the rise in credit and default risks. China Banking Association (CBA) and PwC jointly released a survey; showing that 82% bankers believed that credit risk is high in industries with excess capacity. The industries include steel, iron, shipping, and cement, according to "China bankers' survey report (2015)",...
  • Saudis 'will not destroy the US shale industry'

    01/24/2016 11:17:44 PM PST · by Cincinatus' Wife · 34 replies
    The Telegraph ^ | January 24, 2016 | Ambrose Evans-Pritchard, International Business Editor, Davos
    "...Daniel Yergin, founder of IHS Cambridge Energy Research Associates, said it is impossible for OPEC to knock out the US shale industry though a war of attrition even if large numbers of frackers fall by the wayside over coming months. Mr Yergin said groups with deep pockets such as Blackstone and Carlyle will take over the infrastructure when the distressed assets are cheap enough, and bide their time until the oil cycle turns. "The management may change and the companies may change but the resources will still be there," he told the Daily Telegraph. "It takes $10bn and five to...
  • 'Worse than 2007': Top banker warns of looming wave of worldwide bankruptcies

    01/20/2016 11:44:23 AM PST · by Roman_War_Criminal · 27 replies
    Business Insider ^ | 1/20/2016 | David Scutt
    The world's financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, according to a leading global banker. William White, chairman of the OECD's review committee and former chief economist of the Bank for International Settlements, suggests the stresses in the financial system are "worse than it was in 2007." Speaking with the UK Telegraph's Ambrose Evans-Pritchard before the start of the World Economic Forum in Davos, Switzerland, White warned that macroeconomic ammunition to fight further economic downturns was essentially "all used up."
  • World faces wave of epic debt defaults, fears central bank veteran [Situation worse than 2007]

    01/20/2016 7:06:17 AM PST · by SeekAndFind · 21 replies
    The Telegraph ^ | 01/20/2016 | By Ambrose Evans-Pritchard, in Davos
    The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned. "The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS). "Debts have continued to build up over the last eight years and they have reached such levels in every part of the world that they have become a potent cause for...
  • Saudi Devaluation Odds Highest In 20 Years, Kingdom Now More Likely To Default Than Portugal

    01/07/2016 9:23:58 AM PST · by SeekAndFind · 12 replies
    Zero Hedge ^ | 01/07/2016
    On Monday, we brought you "Saudi Default, Devaluation Odds Spike As Mid-East Careens Into Chaos," in which we outlined the jump in riyal forwards and widening of CDS spreads that Riyadh witnessed in the aftermath of the kingdom's move to cut diplomatic ties with Iran.In short: the market is getting worried that Riyadh is about to careen into crisis. In the face of slumping crude, the Saudis are staring down double digit budget deficits and the prospect of having to once again tap debt markets in order to offset the SAMA burn and keep the kingdom from having to...
  • Puerto Rico Is Greece, and These 5 States Are Next To Go

    01/03/2016 6:22:48 PM PST · by SeekAndFind · 31 replies
    Zero Hedge ^ | 01/03/2016 | Tyler Durden
    <p>As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.</p>
  • Puerto Rican Gov. pushes Congress to change its mind on debt

    12/17/2015 1:14:41 PM PST · by Olog-hai · 12 replies
    Associated Press ^ | Dec. 17, 2015 4:03 PM EST | Mary Clare Jalonick
    Puerto Rico's governor pressured Congress on Thursday in a last-ditch effort to win debt relief for his territory before the end of the year, warning that the island is headed toward a "humanitarian crisis under the United States flag." Gov. Alejandro Garcia Padilla lobbied lawmakers to oppose a massive year-end spending bill that fails to include the debt restructuring that Puerto Rico is seeking. In an interview with The Associated Press, he said Congress must act soon and he was hoping negotiators would change the bill, a step Republican leadership has ruled out. ...
  • Boehner On Debt Ceiling Deal: Process "Stinks" But Alternative Was Default

    10/27/2015 8:54:34 AM PDT · by SeekAndFind · 44 replies
    Zero Hedge ^ | 10/27/2015 | Tyler Durden
    When we presented America's new debt ceiling of $19.6 trillion lasting through March 2017 last week... ... some took offense saying a debt ceiling deal is nowhere near done, and that the conservatives would at least put up a token fight. A few days later, the deal is virtually complete, the Freedom Caucus has been isolated, Paul Ryan never even got his hands dirty, and Boehner has caved one last time corporate/democratic prerogatives, precisely as we said would happen. Yes, the republicans will pretend to demand concessions, such as a balanced budet and other "sound money" conditions but they...
  • Once-thriving Puerto Rico mountain town finds itself at economic abyss amid population flight

    09/21/2015 8:04:37 AM PDT · by george76 · 44 replies
    ap ^ | September 18, 2015
    LARES, Puerto Rico Ismael Rodriguez looked out on a nearly empty plaza from the clothing store he opened in 1960, now hemmed in by padlocked businesses in this mountain town in northwestern Puerto Rico... experiencing the deepest malaise of just about any community on this island in the depths of an economic crisis. "I have seen the destruction of a town," Rodriguez, 67, said as he gestured toward the plaza. "Look at all the shuttered stores." Lares has become emblematic of the economic stagnation that is overwhelming Puerto Rico, and those who live here believe it is a warning...
  • Puerto Rico's 'death spiral' can be traced back to one mistake

    08/07/2015 9:27:38 AM PDT · by SeekAndFind · 6 replies
    Business Insider ^ | 08/07/2015 | Linette Lopez
    Puerto Rico is $72 billion in debt, and it will take a painful process to bring the island's finances back from the brink. It's a massive debt load for such a small territory, and the problem can really be traced to one issue bad tax policy. After Puerto Rico let one tax break for manufacturers expire almost a decade ago, manufacturers started shutting down operations on the island. That caused a spike in unemployment. On top of that, business-friendly tax policies for some of the companies that remained allowed multinational giants to pay tax rates of little more than...
  • Puerto Rico just defaulted for the first time

    08/03/2015 5:27:56 PM PDT · by Enlightened1 · 23 replies
    CNN ^ | 08/03/15
    Puerto Rico just went into default for the first time in its history. The commonwealth paid a mere $628,000 toward a $58 million debt bill due Monday to creditors of its Public Finance Corporation. This will hurt the island's residents, not Wall Street. The debt is mostly owned by ordinary Puerto Ricans through credit unions. "This was a decision that reflects the serious concerns about the Commonwealth's liquidity in combination with the balance of obligations to our creditors and the equally important obligations to the people of Puerto Rico," Puerto Rico's Government Development Bank president Melba Acosta Febo said in...
  • Puerto Rico defaults on debt repayment in first for a US commonwealth

    08/03/2015 2:47:20 PM PDT · by SeekAndFind · 12 replies
    The Guardian ^ | 08/03/2015
    Puerto Rico missed its first debt repayment on Monday, the first time the troubled US commonwealth has failed to pay its bills. The island paid just $628,000 toward a $58m debt due to creditors of its Public Finance Corporation. While the default was expected, it is likely to worsen the financial situation for the island as it struggles with debts estimated at $72bn.
  • Puerto Rico defaults on $58M debt payment

    08/03/2015 2:41:51 PM PDT · by tcrlaf · 25 replies
    UPI ^ | 8-4-2015 | Danielle Haes
    Puerto Rico paid only $628,000 on a $58 million debt bill due Monday, putting the country into default for the first time. The country's Government Development Bank was supposed to make the full payment on its Public Finance Corporation debt service, but failed to do so. Moody's said it considers the lack of payment a default, CNBC reported. "Due to the lack of appropriated funds for this fiscal year the entirety of the PFC payment was not made today (the first business day after the Saturday deadline)," GDB President Melba Acosta-Febo said in a statement.
  • Greek Debt Crisis Adds to a Spike in Burglaries and Robberies

    07/31/2015 6:39:30 PM PDT · by familyop · 3 replies
    The New York Times ^ | JULY 31, 2015 | ANEMONA HARTOCOLLIS
    One evening three weeks ago in Kifissia, an affluent garden suburb of Athens, a retired financial adviser and his wife decided to take in one of the delights of summer here, an outdoor movie. They pulled tight the shutters, set the alarm, locked the house and strolled off. Halfway through the movie the alarm company called, and they rushed home to find the alarm immersed in a bucket of water, the shutters jimmied and a safe emptied of jewelry. The speed and sophistication of the crime were astonishing, the financial advisers wife said, still feeling vulnerable and not willing to...
  • UBS backs away from its Puerto Rico funds after downgrades

    07/28/2015 4:13:10 PM PDT · by jimbo123 · 10 replies
    Reuters ^ | 7/23/15 | SUZANNE BARLYN
    UBS AG is backing away from its own Puerto Rico bond funds, warning clients that they can no longer use them as collateral for certain loans after the island's financial troubles resulted in downgrades by major credit rating agencies. In a July 13 letter to clients, reviewed by Reuters, UBS Puerto Rico arm said it would contact investors to discuss alternatives. The firm will also reduce to zero the collateral value assigned to all Puerto Rico closed-end funds shares, UBS wrote to investors. Puerto Ricos Governor Alejandro Garcia Padilla dropped a bombshell on holders of its $72 billion debt in...
  • Puerto Rico bond default deadline is Saturday

    07/28/2015 3:56:18 PM PDT · by jimbo123 · 6 replies
    CNBC ^ | 7/28/15 | Dawn Giel
    As yet another key debt payment date closes in on Puerto Rico, here's a primer on what you should know, and who it will affect the most ahead of the deadline. Q: If the Puerto Rico Public Finance Corporation (PFC) doesn't pay bondholders on Aug. 1, will it be considered a default? A: Yes. According to Moody's vice president and senior credit officer, Ted Hampton, if there is no payment made on Friday, it will be the first default of a U.S. state, or state-like entity, since Arkansas couldn't make its bond payments during the Great Depression in 1933. Q:...
  • Bankruptcy is the only way Greece can fashion a new beginning

    07/06/2015 11:52:23 AM PDT · by Tolerance Sucks Rocks · 32 replies
    The Washington Times ^ | July 5, 2015 | Stephen Moore
    Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What Im suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less maybe a lot less. Its...
  • The Greeks should vote no!

    07/04/2015 10:27:15 AM PDT · by Tolerance Sucks Rocks · 61 replies
    The Washington Times ^ | July 2, 2015 | Peter Morici
    Sunday, Greeks should vote “no”!Hellenic voters are being asked whether they accept the terms offered by the European Union, European Central Bank and International Monetary Fund to extend the bailout for Athens‘ troubled finances or give Prime Minister Tsipras a mandate to insist on a better deal.Those conditions include more cuts in government supported pensions, higher taxes and labor market reforms other European governments’ are often not inclined to accept in the conduct of their own affairs.Urging a Yes vote, European leaders and their supporters in private institutions claim more austerity would reinvigorate the Greek economy and permit Greeks to...
  • How will the National Socialist Lefts excuse the failure of socialism in Greece?

    07/01/2015 2:37:24 PM PDT · by Voice of Reason1 · 38 replies
    Its axiomatic that when a socialist regime hits the skids, the left will generally try to claim that such regime is right wing somehow. Such claims can and will be completely irrational on their face, but for the national socialist Left its all about talking points and a simplistic ( but superior) mentality that favors headlines and shallow thought on the subject And before you complain that I dare use the word national next to the word socialist I would ask that you please explain in detail (with documentation) Just how in Hades the word national modifies the meaning of...
  • U.S. debt headed toward Greek levels [Psalms 9:17]

    07/01/2015 9:11:48 AM PDT · by Jan_Sobieski · 10 replies
    Washington Examiner ^ | 6/30/2015 | Jason Russell
    United States' projected debt over the next 25 years looks a lot like Greece's over the past 25. With all the chaos unravelling in Greece, Congress would be wise to do what it takes to avoid reaching Greek debt levels. But it's not a matter of sticking to the status quo and avoiding bad decisions that would put the budget on a Greek-like path, because the budget is on that path already. A quarter-century ago, Greek debt levels were roughly 75 percent of Greece's economy about equal to what the U.S. has now. As of 2014, Greek debt...
  • Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt

    07/01/2015 7:45:42 AM PDT · by SeekAndFind · 8 replies
    Der Spiegel ^ | 02/08/2010 | By Beat Balzli
    Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit. Greeks aren't very welcome in the Rue Alphones Weicker in Luxembourg. It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens. Investigative reports state that important data "cannot be confirmed" or has been requested but "not received." Creative accounting took priority when it came to totting...
  • Puerto Rico's Financial Crisis Is U.S.' Crisis, Too

    07/01/2015 6:33:34 AM PDT · by SeekAndFind · 14 replies
    IBD ^ | 07/01/2015
    With the financial world transfixed by Greece's debt-driven meltdown, Puerto Rico announces it can't pay its $73 billion in debt. Once again, we're learning that welfare statism is no replacement for fiscal responsibility. Compared to Greece's $353 billion in debt, Puerto Rico's $73 billion doesn't sound so big. On a per capita basis, it's about a third less. But appearances deceive. Puerto Rico is in deep, owing actually much more than that amount. We learned this after a report on Monday, co-authored by former International Monetary Fund No. 2 Anne Krueger, revealed the island's finances are a shambles. The devastating...
  • Steve Forbes Pens Open Letter to Greek Leaders; Greece Can Teach The World A Needed Lesson

    07/01/2015 6:29:09 AM PDT · by SeekAndFind · 14 replies
    The Pappas Post ^ | 03/05/2015 | BY GREGORY PAPPAS
    Former US Presidential candidate and publisher of Forbes Magazine, Steve Forbes, used the platform of his magazine to pen an open letter to the prime minister and finance minister of Greece, Alexis Tsipras and Yanis Varoufakis. The full text of his letter appears below. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Dear Prime Minister Tsipras and Finance Minister Varoufakis: You may have won a four-month reprieve of sorts from your creditors, but your situation is desperate, and everyone knows it, most particularly Europes paymasters, the Germans. As you just painfully learned, your ability to blackmail your creditors is a fraction of what it once was. Businesses,...
  • It's Official: Greece defaults on IMF payment

    06/30/2015 7:24:07 PM PDT · by SeekAndFind · 55 replies
    The Star ^ | 06/30/2015 | Tanya Talaga
    Greece joins Somalia, Sudan and Zimbabwe on the latest to be in debt to the International Monetary Fund. As Athenians rallied underneath thunderclouds to show their support for keeping Greece in the eurozone of single currency nations, their broke government defaulted on a $2.2-billion payment to the International Monetary Fund. At midnight on Tuesday, Greece joined Sudan, Somalia and Zimbabwe as countries in arrears to the IMF. Also at midnight, the bailout assistance package that began in February 2012 formally expired, leaving Greece without access to any emergency finances. In Washington, the IMF acknowledged that Greece had failed to meet...
  • The sooner Greece defaults and dumps the Euro the better

    06/28/2015 6:46:15 PM PDT · by Tolerance Sucks Rocks · 17 replies
    The Washington Times ^ | June 26, 2015 | Peter Morici
    <p>Greece and its principal creditorsthe European Union, European Central Bank and International Monetary Fundshould acknowledge that Athens will never be able to repay the 131 billion it owes, write down its debt and let the Aegean nation exit the euro gracefully.</p>
  • Greek banks 'to stay shut on Monday'

    06/28/2015 10:10:25 AM PDT · by tcrlaf · 144 replies
    BBC News ^ | 6-28-2015 | BBC News
    Greece banks to stay closed on Monday, Piraeus Bank chief says, after emergency meeting in Athens This breaking news story is being updated and more details will be published shortly
  • Puerto Rico is Americas Greece

    06/23/2015 4:41:20 AM PDT · by SeekAndFind · 9 replies
    Washington Times ^ | 06/23/2015 | By Richard W. Rahn
    Like Greece, the Puerto Rican government has more debt than it can service, and some are calling for a bailout by U.S. taxpayers. The major Puerto Rican state-owned or controlled enterprises are all losing money, including the power authority which is insolvent. Puerto Rico is an American territory that was acquired from Spain in 1898 during the Spanish-American War. The island has a population of about 3.6 million, which is declining as many Puerto Ricans emigrate to the U.S. mainland or elsewhere because of the continuing economic stagnation. Puerto Ricans are American citizens, but their per capita income is about...
  • Dear Lee Siegel: Why I Defaulted on Your Paycheck, Sincerely, The Boss

    06/09/2015 4:04:36 AM PDT · by lifeofgrace · 12 replies
    sgberman.com ^ | 6/8/15 | Steve Berman
    Humorist Lee Siegel wrote in The New York Times that he unashamedly and without remorse defaulted on his student loans. Am I a deadbeat? In the eyes of the law I am. Indifferent to the claim that repaying student loans is the road to character? Yes. Blind to the reality of countless numbers of people struggling to repay their debts, no matter their circumstances, many worse than mine? My heart goes out to them. To my mind, they have learned to live with a social arrangement that is legal, but not moral. Congratulations, Mr. Siegel. You have figured out liberty....
  • Overeducated Writer Explains Why He Defaulted On His Student Loans, Asks "Am I a Deadbeat?"

    06/07/2015 2:33:27 PM PDT · by SeekAndFind · 63 replies
    Zero Hedge ^ | 06/07/2015 | Tyler Durden
    There are some valid points raised in Lee Siegel's 1100 word rant against college loans (if not so much against college education). There are some bad ones. But two things are clear: the words "personal" and/or "responsibility" were used precisely zero times, and the op-ed writer, who described himself as "the author of five books who is writing a memoir about money", is hardly a glowing advertisement for an education attained (funded with either debt or equity) at one of the Ivy League's "best", Columbia University.That, or the return on money after spending nearly a decade in university and...
  • Poroshenko Signs Moratorium on Foreign Debt Repayment (Ukraine)

    05/28/2015 9:21:20 AM PDT · by tcrlaf · 1 replies
    Sputnik ^ | 5-28-2015 | Sputnik
    Ukrainian President Petro Poroshenko has signed a law allowing Ukraine to impose a moratorium on repayment of its foreign debt until at least July 2016, a press release on Poroshenko's official website said Thursday. The Ukrainian parliament approved the bill, which could affect repayment of the country's $3-billion debt to Russia on May 19. Russian President Vladimir Putin said earlier the bill de facto was an announcement of a default, casting a negative light on the professionalism of Ukraine's leadership. Moreover, Russian Finance Minister Anton Siluanov said that Moscow would turn to an international court if the Ukrainian president signed...
  • Greece says it will default in June without aid from lenders

    05/24/2015 3:55:41 PM PDT · by SeekAndFind · 51 replies
    Ekathimerini ^ | 05/24/2015 | Renee Maltezou & Angeliki Koutantou
    Greece cannot make an upcoming payment to the International Monetary Fund on June 5 unless foreign lenders disburse more aid, a senior ruling party lawmaker said on Wednesday, the latest warning from Athens it is on the verge of default. Prime Minister Alexis Tsipras's leftist government says it hopes to reach a cash-for-reforms deal in days, although European Union and IMF lenders are more pessimistic and say talks are moving too slowly for that. Greek officials now point to a race against the clock to clinch a deal before payments totaling about 1.5 billion euros ($1.7 billion) to the IMF...
  • Greece Says That It Will Default On June 5th, And Moodys Warns Of A Deposit Freeze

    05/21/2015 7:08:19 AM PDT · by Enlightened1 · 17 replies
    The Economic Collapse ^ | 05/20/15 | Michael Snyder
    The Greek government says that a moment of truth is coming on June 5th. Either their lenders agree to give them more money by that date, or Greece will default on a 300 million euro loan payment to the IMF. Of course it wont technically be a default according to IMF rules for another 30 days after that, but without a doubt news that Greece cannot pay will send shockwaves throughout the financial world. At that point, those holding Greek bonds will start to panic as they realize that they might not get paid as well. All over Europe, there...
  • Greece prepares for debt default if talks with creditors fail

    04/14/2015 6:22:37 AM PDT · by mykroar · 7 replies
    Financial Times ^ | 4/13/15 | Kerin Hope and Tony Barber
    Greece is preparing to take the dramatic step of declaring a debt default unless it can reach a deal with its international creditors by the end of April, according to people briefed on the radical leftist government’s thinking. The government, which is rapidly running out of funds to pay public sector salaries and state pensions, has decided to withhold €2.5bn of payments due to the International Monetary Fund in May and June if no agreement is struck, they said. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste...
  • SBA loans support luxurious lifestyles, burden taxpayers

    03/16/2015 6:06:22 AM PDT · by huldah1776 · 20 replies
    Vermont Watchdog ^ | March 16, 2015 | Bruce Parker
    snip...According to a 2014 federal oversight report from public research group American Transparency, taxpayer-backed SBA loans are popular with businesses serving wealthy lifestyles. The report, which analyzed SBA loans between 2007 and 2013, found that billions of dollars flowed to businesses that, in many cases, could obtain standard loans with standard interest rates. SBA loans offer advantageous low rates. snip Many of the loans, which ranged from $1 million to $5 million, went to luxury goods retailers, exclusive clubs, Fortune 100 companies, plastic surgery clinics and even private equity firms. Found among the list of borrowers were Rolex and Lamborghini...
  • Varoufakis unsettles Germans with admission Greece won't repay debts

    03/10/2015 8:42:13 AM PDT · by tcrlaf · 19 replies
    Reuters UK ^ | 3-10-2015 | Madeline Chambers
    Greek Finance Minister Yanis Varoufakis has described his country as the most bankrupt in the world and said European leaders knew all along that Athens would never repay its debts, in blunt comments that sparked a backlash in the German media on Tuesday. A documentary about the Greek debt crisis on German public broadcaster ARD was aired on the same day euro zone finance ministers met in Brussels to discuss whether to provide Athens with further funding in exchange for delivering reforms. "Clever people in Brussels, in Frankfurt and in Berlin knew back in May 2010 that Greece would never...
  • Ukraine Enters The Endgame

    02/25/2015 6:06:04 PM PST · by tcrlaf · 49 replies
    Zerohedge ^ | 2-25-2015 | Durden
    Back in March 2014 we forecast that it in the aftermath of the US State Department-sponsored coup in Kiev, it was only a matter of time before Ukraine (all of its sovereign gold having since "vaporized") succumbed to full blown hyperinflation and economic implosion. Less than a year later, precisely this outcome has finally played out, and as a result, the entire nation has finally entered its economic endgame, which has two conclusions: either it joins Greece in becoming a ward of Europe and the IMF (thank you Joe Q taxpayer), or it quietly fades away into insolvent "failed state"...
  • Switzerland and Syriza

    01/27/2015 11:45:59 AM PST · by JSDude1 · 5 replies
    Restate ^ | January 27 2015 | Repair_Man_Jack
    credit the worlds various political leftists for being brilliant at one thing. They have managed to assemble a coalition of interest groups whose vested interests should probably cause them to chase each other around in the street armed with shotguns. Nowhere is that awesome class divide among the left on greater display than in Europe where the Parlor Pinks infest Davos and the Street Marxians have taken electoral power in Greece. If you were to ask both Jeffrey Greene and newly-minted Greek Prime Minister Alexis Tsipras whether they felt society should be unfettered by larger government or directed for its...
  • Russia downgraded to junk status for first time in decade

    01/26/2015 1:39:51 PM PST · by Berlin_Freeper · 17 replies
    theguardian.com ^ | 26 January 2015 | Jill Treanor
    Russia has been downgraded to junk status for the first time in a decade due to the collapsing oil price, the tumbling value of the rouble and sanctions imposed because of its intervention in Ukraine. Ratings agency Standard & Poors said the downgrade was caused by the countrys reduced flexibility to cut interest rates and a weakening of the financial system. The ratings agency said the Central Bank of Russia faces increasingly difficult monetary policy decisions while also trying to support sustainable GDP growth. These challenges result from the inflationary effects of exchange-rate depreciation and sanctions from the west as...
  • How the Swaps Market is Preparing for a Venezuelan Default

    12/10/2014 9:58:43 AM PST · by george76 · 4 replies
    wsj ^ | Dec 4, 2014 | Christopher Whittall
    Venezuela is really feeling the pinch from sliding oil prices. Now its bonds are in such bad shape that some investors are treating the countrys default as a near certainty. And they are taking action. How? Well certain banks have started to offer swap contracts that allow investors to fix the amount they can recover on insurance bought against a restructuring of the countrys debt, according to investors. If CDS contracts are triggered, the cheapest Venezuelan bonds trading in the market at that time will be used to determine payouts to protection holders. Those not wanting to take any chances...
  • Mitch McConnell : No Government Shutdowns and No Defaults on the National Debt

    11/06/2014 9:16:08 AM PST · by SeekAndFind · 74 replies
    Pajamas Media ^ | 11/6/2014 | Bill Straub
    WASHINGTON Sen. Mitch McConnell appears on the verge of achieving his lifelong goal to serve as majority leader in the upper chamber after easily dispatching Democratic Secretary of State Alison Lundergan Grimes in Kentucky Tuesday night, winning an unprecedented sixth six-year term in the process. The race was expected to be close according to the late polls but, as was experienced throughout Election Day, the surveys seemed to undercount Republican strength to a substantial degree. With all of the commonwealths precincts reporting, McConnell ended up with 806,689 votes, good for 56 percent of the total while Grimes garnered 584,625,...
  • Oregon gov's fiance reportedly helped buy land to grow marijuana in 1997

    10/14/2014 9:21:05 AM PDT · by afraidfortherepublic · 18 replies
    Fox News ^ | 10-14-14 | KOIN-TV
    First she admitted being part of a fraudulent green-card marriage -- now, a new report says Cylvia Hayes, fiance of Oregon Gov. John Kitzhaber, partnered to buy land intended for an illegal marijuana growing operation in 1997. KOIN-TV reported late Monday that Hayes partnered with a man to buy the $245,000 property in Washington state using a $15,000 down payment in November of that year. The man who sold the couple the land told the station that Hayes and her partner soon stopped making payments, and records showed that Hayes gave up her interest in the property in April 1998....
  • Argentina Slides Into Default as Debt Talks Fail

    07/31/2014 6:42:40 AM PDT · by Enlightened1 · 13 replies
    AP via ABC NEWS ^ | 07/31/14 | CLAUDIA TORRENS
    he collapse of talks with U.S. creditors sent Argentina into its second debt default in 13 years and raised questions about what comes next for financial markets and the South American nation's staggering economy.
  • Argentina to hold last-gasp debt talks with mediator Tuesday (Default Looms Wed.)

    07/28/2014 1:13:48 PM PDT · by tcrlaf · 5 replies
    Yahoo News ^ | 7-28-2014 | By Richard Lough and Daniel Bases
    Argentina on Tuesday will meet the U.S. mediator in its battle with 'holdout' debt investors suing the country for last-minute talks to avert its second default this century. Mediator Daniel Pollack said in a statement on Monday he received a telephone call from the Argentine government advising him a delegation of technical, financial and legal representatives will meet him at 11 a.m. EDT (11.00 a.m. EDT) on Tuesday in his office. "I again urged direct, face-to-face conversations with the Bondholders, but that will not happen tomorrow," Pollack said, referring to the holdout creditors. Argentine dollar-denominated bonds fell more than 3...
  • Argentina Is Getting Exactly What It Deserves

    07/03/2014 9:41:28 AM PDT · by blam · 20 replies
    Bi ^ | 7-3-2014 | Linette Lopez
    Linette LopezJuly 3, 2014Argentina has its back against a wall. On July 30 it may default on a sovereign-debt payment that could send its economy into a tailspin of rising interest rates, money printing, and inflation. It could be the worst economic tragedy the republic has seen since 2001. And the tragedy will be well deserved, because this is a drama of Argentina's own making, a figment of political imagination tied closely with its history and culture. In Argentina, debt is identity, and this specific over-$1.3 billion debt in question, purchased by a group of hedge fund managers back in...
  • Moody's pushes Puerto Rico debt deep into junk status

    07/01/2014 2:58:11 PM PDT · by george76 · 13 replies
    AFP ^ | 01 July 2014
    Ratings company Moody's on Tuesday slashed Puerto Rico's debt rating by three notches into even deeper junk status after the US territory passed a debt-restructuring law. Moody's Investors Service cut the rating to "B2" from "Ba2" and said the outlook was negative, indicating further downgrades were possible. Now dubbed the "Greece of the Caribbean," the archipelago is, like Greece, reeling under massive debt. Over the past decade, the commonwealth's debt has doubled to nearly $70 billion and investors are growing increasingly worried the government is running out of cash. In a bid for debt relief, the Puerto Rican authorities recently...
  • Argentine Default Looms; Refuses To Negotiate; Admits Next Bond Payment "Impossible"

    06/19/2014 8:12:51 AM PDT · by SeekAndFind · 15 replies
    Zero Hedge ^ | 06/19/2014 | Tyler Durden
    Argentina's attempt to work around SCOTUS decision in favor of the 'holdouts' was rejected (under anti-evasion orders) last night leaving Argentina no alternative but to threaten to default on its debt. The government called it "impossible" to pay bond service due on June 30, because payment to holders of restructured bonds could not be made unless the 'holdouts' were paid $1.33 billion at the same time (and Argentina's economy minister argues could be up to $15 bn) which the distressed country clearly does not have. For the first time in 12 years, Argentina has agreed to negotiate with the...
  • Havent paid a credit card for 6 months? [troll aka foolynyah zotted]

    06/15/2014 12:50:54 AM PDT · by pansgold · 259 replies
    VI / XV / MMXIV | pansgold
    This advice is worth what you paid for it. You see, after 90 days of not paying on a credit card, the bank charges it off and sells the debt along with hundreds or thousands of others to a collection agency for 1/100th of the value of the original debt. The debt buyer then tries to collect from the debtor and they keep all the money they can collect. They will take you to court and try and garnish your wages for 6 to 8 or 12 years. Thats when you ask the court to force the new debt holder...
  • 20 Signs That The Global Economic Crisis Is Starting To Catch Fire

    02/14/2014 7:46:25 PM PST · by Tolerance Sucks Rocks · 49 replies
    Freedom Outpost ^ | February 14, 2014 | Michael Snyder
    If you have been waiting for the "global economic crisis" to begin, just open up your eyes and look around. I know that most Americans tend to ignore what happens in the rest of the world because they consider it to be "irrelevant" to their daily lives, but the truth is that the massive economic problems that are currently sweeping across Europe, Asia and South America are going to be affecting all of us here in the U.S. very soon. Sadly, most of the big news organizations in this country seem to be more concerned about the fate of Justin...