Beyond a default on Greece's national debt, any exit of Greece from the euro zone would lumber theEuropean Central Bank with a huge bill for lost credit. ECB President Mario Draghi recently said that Greek banks had tapped 118 billion euros of central bank liquidity. That includes 89 billion in what is known as Emergency Liquidity Assistance (ELA). That remains the responsibility of the country's central bank but only if Greece stays in the euro. Were it to leave, the bill would rebound on other euro countries, including Germany. … [Read more...] about Greece’s Debt Crisis: How Much Does It Really Owe?
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?
"Biden, throughout his career, has shown a tendency toward pragmatism," Kevin Chavous, president of academics, policy and schools for online learning company K12, said during a virtual investor day last week. "He has never really ventured too far to the left, and he's often gone out of his way to open doors to conversations with leadership in Congress on the right." … [Read more...] about Janet Yellen’s first battle is already taking shape
By Samuel Oyadongha, Yenagoa The Bayelsa State government has explained that the N17 billion facility it is processing is for the purpose of boosting the state’s economy through the development of its agricultural sector, create jobs and raise its internally generated revenue profile. … [Read more...] about N17bn loan will develop our agric sector, create jobs ― Bayelsa Govt
A rush to buy food supplies has resulted in Greeks queuing outside supermarkets and petrol stations, according to eyewitnesses, a problem that could worsen depending on the results of the weekend's referendum. Anti-austerity protests have also formed outside the Greek parliament. … [Read more...] about Don’t vote for suicide, ‘distressed’ Jean-Claude Juncker begs Greeks