The Greek government has agreed to a new round of fiscal austerity measures consisting of a sharp increase in taxes on income and property and further reductions in pension and other welfare-related expenditures. Based on our model of the Greek economy, policies aimed at reducing the government deficit will cause a recession, unless other components of
The tribulations of major European banks, starting with “venerable institutions” like the Monte dei Paschi di Siena (the world’s oldest bank) and Deutsche Bank (Germany’s largest), have raised the spectre of a repeat of the crash of 2008 — a “Lehman Brothers times five” in the words of one market analyst.
‘Any “bailout” that might occur … seems directed only at the Wall Street vultures who now control most of the debt,’ Déborah Berman-Santana tells MintPress News in a sprawling interview about the debt crisis in Puerto Rico.
Die zuletzt abgeflaute Debatte um griechische NS-Reparationsforderungen über 278,7 Milliarden Euro an Deutschland wird neu angefacht. Nach zweieinhalb Jahren Arbeit hat ein griechischer Parlamentsausschuss nun einen Bericht vorgelegt, der den Anspruch auf Milliardenzahlungen untermauert.
According to data released by the Bank of Spain, the Spanish public debt exceeded in the first quarter of 2016 100% of Gross Domestic Product (GDP), for the first time in more than a century. Between January and March, the government accumulated a debt of 1.095 billion euros.
Ten years of recession have made Puerto Rico’s government insolvent and made its economy collapse. The problems of Puerto Rico started before the global crisis emerged in Wall Street and now it contributes to making the crisis public but also, much more serious. Now, it is finally revealing the fiscal and economic failure of the colonial regime and it has caught the nation in a situation which appears impossible to solve.
Last Monday The Supreme Court ruled against Puerto Rico regarding its Debt, and determined that the island cannot turn to Act 71 – which enables some Commonwealth Public Corporation in financial distress to restructure their debt obligations – striking down Puerto Rico law.
The International Monetary Fund (IMF) has issued its clearest warning yet about the global implications of rising corporate debt in China. It came in the form of an address delivered by David Lipton, its first managing director, at a conference in Shenzhen at the weekend.