America’s ticking debt bomb has been reset. Washington has suspended the debt ceiling, setting a date, and not a concrete dollar sum as a deadline, an unprecedented first in US history.
WT news feed
Treasury Secretary Jack Lew on Friday urged congressional leaders to raise the debt limit and insisted that the White House is not going to negotiate over the increase because lawmakers have “no choice.”
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A commentary in Germany’s influential newspaper Die Welt broaching the issue of Greece’s renewed calls for Berlin to pay reparations to Greece for World War II has suggested that German authorities may have to consider waiving part of Greece’s huge debt burden.
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Shell has reportedly consulted London on the possibility of paying British pharmaceuticals maker GSK to provide medicine to Iran in exchange for the debt but the proposal has been rejected.
bertb news feed
The Australian central bank plans to invest about 5 per cent of its foreign reserves in Chinese government bonds, in the latest move to build closer economic ties between the two countries.
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Their “main result is that…median growth rates for countries with public debt over 90 percent of GDP are roughly one percent lower than otherwise; average (mean) growth rates are several percent lower.” Countries with debt-to-GDP ratios above 90 percent have a slightly negative average growth rate, in fact. This has been one of the most cited stats in the public debate during the Great Recession.
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Italy’s caretaker cabinet said on Saturday it would pay 40 billion euros ( billion) of the state’s debts to private companies over the next 12 months, while vowing to stick within the European Union’s deficit limit. (I doubt that Berlusconi’s companies will be among these)
bertb news feed
Argentina will use .3 billion of central bank reserves this year to meet payments to international financing organizations and on its official bilateral debt, according to the official gazette.
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Greece’s central bank had billions of euros of banknotes shipped in from other central banks to avert a bank run during the country’s debt crisis as depositors withdrew their money, newspaper To Vima reported on Sunday.
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Gary Johnson’s presidential campaign slogan was “Live Free” but a Utah-based firm owned by the Libertarian candidate’s campaign manager didn’t “Work Free.”
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