The world is now suffering the "attack of the debt tsunami", according to the International Institute of Finance (IIF). Globally, it expects global debt to hit $277 trillion by the end of 2020, working out as 365 percent of global GDP. That's just over four times the value that worried policymakers a decade ago. There have been enough "unprecedented" events already in 2020 but this is another one, with debt never having been higher as a total number and not higher as a percentage since the aftermath of World War II. … [Read more...] about The World Is $277 Trillion in Debt So Why Aren’t Economists More Worried?
The market decline comes amid investor fears of Greece leaving the eurozone, sparking further contagion across the financial markets. Greece has closed its banks and the Athens Stock Exchange, initiating capital controls on Monday. Greeks are only permitted to withdraw $67.50 a day from ATMs across the country this week. … [Read more...] about Greece Will Miss $1.8 Billion Loan Repayment, Government Confirms
However, Juncker went even further, saying at the EU commission headquarters in Brussels this morning that he was "deeply distressed and saddened" by the breakdown of talks over the weekend. He accused the Greek government of having lied about the debt negotiations and issued a strongly-worded plea for Greece to vote to stay in the euro. … [Read more...] about Don’t vote for suicide, ‘distressed’ Jean-Claude Juncker begs Greeks