Below you'll find a list of all posts that have been tagged as “Bailout”
Dr. Rasmus begins a four part series examining the role and function of central banks in the global capitalist system, and how that role evolved through the 20th century and is changing again in the 21st. In Part 1 of a proposed four part presentation, Rasmus explains how central banks have been the primary source of runaway money and liquidity …
The Credit Market Is Manipulated Giant American banks said they had to be bailed out or else the American economy would crash. It wasn’t just the $700 billion “Tarp” bailout in 2008. In reality, a large portion of the big banks’ profitscome from taxpayer bailouts and subsidies (see this, this and this). At the same time, the big banks have sat on the money the government threw at them – with …
“I went to Wall Street when I was a United States senator. I told them they were wrecking the economy. I asked for a moratorium on foreclosures. I asked that we do more to try to prevent what I worried was going to happen. I also called for closing loopholes including the carried interest loophole. I also called for changes …
In the heady and panicked months following the financial crash of 2008, the US government bailed out a handful of the United States’ biggest financial institutions. Among those were the investment banks Goldman Sachs and Morgan Stanley, which together received bailouts and loans totaling over $100 billion. Among the terms of the bailout was that they both become bank holding companies, which meant …
Germany’s approval of Greece’s third bailout of €86 billion on Wednesday marked what critics of austerity warn is a new phase in the ongoing economic crisis: the privatization of the country’s most valuable assets. Under the terms of this latest agreement, Greece’s Syriza government—backtracking on some of its key campaign promises—agreed to sell-off €50 billion in state property. In a …
Earlier in August, Ukraine managed to avoid a technical default by paying off its $120 million eurobond coupon. The next payment, $500 million, is due to be made in September. “Creditors are always in a bad situation under these conditions – there’s no money to be had, but they still want their money. But I actually think there’s no chance that Ukraine’s going to be able to pay what they owe, and …
In a development spurring calls for a new “anti-bailout movement,” the Greek Parliament early Friday approved a controversial €85 billion financial rescue package—the country’s third such bailout from foreign creditors in five years, and one that will require the Greek people to endure further cuts and austerity. “After more than seven hours of often passionate, bad-tempered debate, all through the …
Today on “This Can’t Be Happening!” journalist Alfredo Lopez talks with colleague and host Dave Lindorff about two stories that intimately concern him. The first is a fierce attack by anti-abortion forces, most likely by hired experts located in Russia or China, on a progressive web-hosting service Lopez helped found, MayFirst.org. Lopez then talks about the debt crisis in Puerto Rico, arguably as bad or worse than the crisis in Greece, but far harder to combat because of the island’s colonial status under US domination.
Debt: The Creation of A Global Crisis
The forced, politically engineered bankruptcy of the City of Detroit has been an ongoing discussion on Leid Stories for almost two years. Its historic bankruptcy court filing, to discharge $18 billion in debts, still wreaks havoc with Detroiters, who now must live under the yoke of blistering austerity.
Detroit, however, was a template for almost 60 U.S. cities said to be on the brink of bankruptcy because of debt, as Puerto Rico, a U.S. territory, grapples with an onerous debt of $73 billion.
But debt is a geopolitical contrivance, says Yanis Varoufakis, who on July 6 quit as finance minister in Prime Minister Alexis Tsipras’s government of Greece, opposing European Union, International Monetary Fund and bankers’ demands for drastic cutbacks to service the country’s debt obligations.
In a wide-ranging talk in Seattle three years ago, when he was an economics professor, Varoufakis deconstructs the myth of a global debt crisis.
What do you call a country that has grown 4.6 per cent – in total – since it joined the euro 16 years ago? Well, probably the one most likely to leave the common currency. Or Italy, for short. It’s hard to say what went wrong with Italy, because nothing ever went right. It grew 4 per cent its first year …
