Europe has offered Greece a new $96 billion bailout after its government agreed to enact deep economic reforms under close supervision by its creditors. The rescue — Greece’s third since 2010 – should secure its place in the euro, for now. The country’s potential exit from the currency union would have shaken Europe to its…
Greek Bailout: Europe Strikes Deal after Marathon TalksDetailsChina has been making it very clear that it wants more control over the global gold market, but it’ll have to go through New York and London first. “Given that China is the epicenter of the physical gold market, it does make sense that the Chinese government would want its physical Shanghai gold market to…
China Wants to Steal Gold-Market ‘Reins’ from New York, LondonDetailsChina’s securities regulator banned major shareholders, corporate executives and directors from selling stakes in listed companies for six months, its latest effort to stop the nation’s $3.5 trillion stock-market rout. Investors with stakes exceeding 5 percent must maintain their positions, the China Securities Regulatory Commission said in a statement. The rule is intended to guard…
China Bans Stock Sales by Major Shareholders for Six MonthsDetailsGreek Prime Minister Alexis Tsipras probably has 48 hours to resolve a standoff with creditors before civil unrest breaks out and ATMs run out of cash, hedge fund Balyasny Asset Management said. Fund managers are questioning how the International Monetary Fund and Europe’s leaders can seal a deal with Athens following the “no” vote in…
Greece ‘48 Hours Away From Unrest’DetailsBlackRock Inc. is seeking government clearance to set up an internal program in which mutual funds that get hit with client redemptions could temporarily borrow money from sister funds that are flush with cash. BlackRock, the world’s largest money manager, filed with the U.S. Securities and Exchange Commission on Friday to set up what’s known…
BlackRock Seeks SEC Clearance for Internal Fund LendingDetailsGreece is set to become the first developed nation to not pay its debts to the International Monetary Fund on time, as the country sinks deeper into a financial emergency that has forced it to put a nationwide lockdown on money withdrawals. Greece owes the IMF about $1.9 billion by the end of Tuesday but…
Greece to Miss IMF Debt Payment and Bailout to ExpireDetailsIt was more or less impossible for Greek banks to open on Monday, once the European Central Bank announced it was turning off emergency lending to them. Because in the absence of any increase in this so called Emergency Liquidity Assistance, the banks had no way to supply cash to Greek depositors who have been…
Greece's Bank Holiday from HellDetailsThe Organization for Economic Cooperation and Development warned on Wednesday that prolonged low interest rates fueled by central banks’ quantitative easing pose a serious threat to the solvency of pension funds and life insurers that could send ripples through the global financial system. As interest rates are expected to stay low for an extended period,…
Low Interest Rates Are Threat to Pension Funds, Life Insurers, Says OECDDetailsPresident Obama continues to hail the economic “breakthrough.” Yet in the seventh year of his presidency, few families are enjoying a breakthrough for them. Instead, most families continue to struggle through the worst economic recovery since the 1940s. We recently learned that the economy actually shrunk in the first quarter of this year, and a…
We Need Not Accept Economic StagnationDetailsRising federal debt threatens to choke economic growth within a decade, beginning a death spiral that will sap revenue from government programs even as demands grow, forcing the government to borrow even more, Congress‘ budget watchdog said in a frightening report Tuesday. Budget cuts or tax increases now would help avert that scary scenario, leaving…
Government Debt Threatens to Send U.S. Economy into Death Spiral, CBO WarnsDetailsThe U.S. economy was still running below trend in May, according to the Chicago Fed’s national activity index released Monday. The index, a weighted average of 85 different economic indicators, edged up to negative 0.17 from negative 0.19, and the three-month average edged up to negative 0.16 from negative 0.20. A zero reading shows the…
U.S. Economy Still Running Below Trend in May, Chicago Fed Indicator ShowsDetailsEuro zone leaders will hold an emergency summit on Monday to try to avert a Greek default after bank withdrawals accelerated and government revenue slumped as Athens and its international creditors remain deadlocked over a debt deal. Finance ministers of the 19-nation currency bloc failed to make any breakthrough on a cash-for-reforms agreement at talks…
Euro Zone Sets Emergency Summit on Greece as Money FleesDetails
