Posts Tagged ‘ government debt ’

US Senate moves forward with GOP budget proposal

May 6, 2015
posted by

CNN Washington Post    

"The Senate has paved the way towards passage of a Republican-backed budget blueprint that boosts defense spending while cutting $5 trillion in spending, largely on social programs, to balance in a decade. Lawmakers moved to open debate on the bill with a party-line vote, 53-44, Tuesday morning, with a final vote expected later that afternoon. The House passed the measure last week. One Democrat, Virginia Sen. Tim Kaine, voted for it, along with Maine Sen. Angus King, an independent who caucuses with Democrats; one Republican -- 2016 presidential contender Sen. Rand Paul -- voted against it." [editor's note: Hey, here's an idea. How about balancing the budget now instead of promising to balance the budget ten years from now? - TLK] (05/05/15)

http://tinyurl.com/msvlfcd  

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Greece: Merkel, Tsipras agree to keep working debt deal

April 26, 2015
posted by

Reuters    

"Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel agreed in a phone conversation on Sunday to maintain contact during talks between Athens and its lenders to reach a debt deal, a Greek government official said. ... Shut out of international markets and locked in talks with its European Union and International Monetary Fund creditors over its proposed reform-for-cash deal, Greece risks running out of cash within weeks." (04/25/15)

http://tinyurl.com/p5euemx  

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Why Argentina is waging war on Citibank

April 16, 2015
posted by

The Canal The Canal
by Adam Dubove  

"The key date was January 1, 2015. This marked the expiry of the infamous RUFO clause which, according to the Argentinean government, preventing it from negotiating with creditors it had kept at arms length in the 2005 and 2010 processes of restructuring the biggest default in history, worth US $100 billion. Speculation abounded that the government of Cristina Kirchner would reach a deal with the so-called vulture funds in early 2014, bringing to an end a judicial conflict aired in New York and recovering access to the international capital market, and securing vital supplies of the much-needed greenback. But more than 90 days after D-Day, such a scenario continues to be a remote prospect. " (04/15/15)

http://tinyurl.com/pkojn7o  

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Alberta at a fiscal crossroads

April 9, 2015
posted by

Students For Liberty Students For Liberty
by Chance ME Davies  

"In 2004, Alberta finally managed to repay $23 billion of public debt. A remarkable Calgary man named Ralph Klein pulled us kicking and screaming through austerity measures to give us a fiscally-sound future. With the success of what he called the 'Alberta Advantage' and the boom of Alberta’s economy (namely the oil and gas industry), he declared that 'Never again will this government or the people of this province have to set aside another tax dollar on debt.' Yet here we are in 2015, on the edge of a fiscal crisis." (04/09/15)

http://tinyurl.com/kqmh8vz  

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Greece’s politicians meet IMF payment, but uncertainty reigns

April 9, 2015
posted by

The Sun Daily [Malaysia]    

"Greece['s politicians] on Thursday made a scheduled loan payment to the IMF but failed to dispel market concerns over its [politicians'] solvency as it[s politicians labor] to reach a loan deal with [their] international creditors. Athens['s politicians have] until the end of the month to reach an agreement, with an April 24 meeting of eurozone finance ministers seen as the last chance for a deal." ()4/09/15)

http://www.thesundaily.my/news/1380520  

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Russia: Tsipras begins Moscow talks with Putin

April 8, 2015
posted by

The Guardian The Guardian [UK]    

"The Greek prime minister, Alexis Tsipras, has begun talks with the Russian president, Vladimir Putin, in Moscow, as Athens insisted it would not seek financial aid from Russia. The meeting in the Kremlin comes a day before cash-strapped Greece is scheduled to make a €458m (£333m) payment to the International Monetary Fund. Tsipras arrived in Moscow on Tuesday. On Wednesday morning he laid flowers during a ceremony at a monument commemorating the second world war outside the Kremlin." (04/08/15)

http://tinyurl.com/ktksvom  

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Germany: Economy minister dismisses Greek demand for World War 2 reparations as “stupid”

April 7, 2015
posted by

Reuters    

"Germany's economy minister branded Greece's demand for 278.7 billion euros ($302 billion) in reparations from World War Two as 'stupid' on Tuesday, while the German opposition said Berlin should repay a forced loan dating from the Nazi occupation. Greek Deputy Finance Minister Dimitris Mardas made the demand on Monday, seizing on an emotional issue in a country where many blame Germany, their biggest creditor, for the tough austerity measures and record high unemployment connected with two international bailouts totaling 240 billion euros. ... Berlin is keen to draw a line under the reparations issue and officials have previously argued that Germany has honored its obligations, including a 115-million deutsche mark payment made to Greece in 1960." (04/07/15)

http://tinyurl.com/q53rjdh  

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Greece: Finance minister says regime will repay IMF loan this week

April 6, 2015
posted by

ABC Online [Australia]    

"Greek finance minister Yanis Varoufakis says Greece 'intends to meet all obligations to all its creditors, ad infinitum' following a meeting in Washington with International Monetary Fund (IMF) officials. He told reporters the government also plans to 'reform Greece deeply' and to try to improve the 'efficacy of negotiations' with its creditors." (04/06/15)

http://tinyurl.com/nq59qto  

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Europe’s real time-bomb

March 26, 2015
posted by

Acton Institute Acton Institute for the Study of Religion and Liberty
by Samuel Gregg  

"While Europe's governments and financial markets have been fixated in recent months by the ongoing fiscal and political disaster otherwise known as Greece, the challenges facing one of the EU's smallest members are, frankly, quite minor compared to what may well be Europe's biggest looming internal problem. The name of that challenge? In a word: France." (03/25/15)

http://tinyurl.com/qxmuf4l  

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Greece: Regime risks running out of cash by April 20

March 25, 2015
posted by

Reuters    

"Greece risks running out of cash by April 20 unless it secures fresh aid, a source familiar with the matter told Reuters on Tuesday, leaving it little time to convince skeptical creditors it is committed to economic reform. After talks with EU leaders including German Chancellor Angela Merkel in the past week, Athens said it will present a package of reforms to its euro zone partners by Monday in the hope of unlocking aid and avoiding a messy default. 'It will be done at the latest by Monday,' government spokesman Gabriel Sakellaridis told Mega TV." (03/24/15)

http://tinyurl.com/o9zs2t8  

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This one weird trick for balancing the US government’s budget

March 20, 2015
posted by

Thomas L. Knapp William Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"This year's proposal from House Republicans would theoretically balance the budget ... ten years from now. It would also theoretically reduce the debt from 74% of GDP to 18% ... over the course of 25 years. Many 'moderate' Republicans and most Democrats criticize the plan as unworkable and, to use the expression favored by fraidycat clingers to the status quo, 'unserious.' Why? Because they think ten years is unrealistically fast. I agree. The plan is unworkable and 'unserious.' But for the opposite reason. Ten years is far too long. Any plan relying on future politicians to stick to plans drawn up by today's politicians is doomed to failure." (03/19/15)

http://thegarrisoncenter.org/archives/618  

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Greece: Tsipras seeks joint Merkel-Hollande talks amid bailout impasse

March 18, 2015
posted by

Greenfield Daily Reporter    

"Greece has called for joint talks with leaders of Germany, France and the European Union executive to try and resolve the crisis surrounding the country's bailout negotiations. Prime Minister Alexis Tsipras proposed meeting German Chancellor Angela Merkel, French President Francois Hollande, European Central Bank President Mario Draghi and EU Commission President Jean-Claude Juncker, a senior Greek government official told The Associated Press Tuesday." (03/17/15)

http://tinyurl.com/p68dplk  

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Are Republicans insane enough to propose a balanced budget?

March 16, 2015
posted by

Our Future
by Bill Scher  

"For years, the Republican House mocked the Senate Democrats for failing to pass a budget. It was an overblown charge: the budget is merely a nonbinding resolution for guidance purposes, not the actual 'appropriations' laws that disperse taxpayer funds to government agencies. But Republicans made passing a budget a benchmark of governance; now they will have to oblige. That means getting the House and Senate to agree, and House Republicans have been obsessed with balancing the budget in 10 years. Which is insane." [editor's note: I agree, ten years is insane. One year should be the absolute maximum; this author, on the other hand, thinks that to "govern like adults" is to just continue spending more than they take in - TLK] (03/13/15)

http://tinyurl.com/q22hced  

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Greece: Tsipras promises to keep paying creditors

March 13, 2015
posted by

Killeen Daily Herald    

"Greek Prime Minister Alexis Tsipras insisted Thursday that his government will pay debts that are due soon, even if Athens doesn't get part of a rescue loan that will only get released if current bailout talks are successful. While in the French capital to drum up support for his government's reform plans, Tsipras said, 'It is certain that Greece will meet its obligations.'" (03/12/15)

http://tinyurl.com/mxdjtr8  

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US judge rules against Citibank, Argentina in bond dispute

March 12, 2015
posted by

Seattle Post-Intelligencer Seattle Post-Intelligencer    

"Citibank cannot let its branch in Argentina process payments by the South American country to bondholders unless U.S. bondholders are paid as well, a judge said Thursday. U.S. District Judge Thomas Griesa's written ruling came in the ongoing dispute stemming from Argentina's default in 2001 on $100 billion of debt. The judge has repeatedly ruled that U.S. hedge funds must be paid roughly $1.5 billion they are owed if Argentina pays interest to other bondholders who swapped their bonds for bonds worth less than a third of their original value. The swaps occurred in 2005 and 2010 after Argentina defaulted. Fewer than 10 percent of bondholders failed to swap their bonds." (03/12/15)

http://tinyurl.com/lkoetvb  

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Preparing for the next debt fight

March 10, 2015
posted by

Doug Bandow Cato Institute
by Doug Bandow  

"Some analysts still hope that electing the 'right people' will fix the system. But that is unlikely. Spending has continued ever upward under Republicans and Democrats, conservatives and liberals, saints and scoundrels. Without creating some institutional barriers to political plunder the system will continue to produce the same overall results, despite slight differences in exactly how much is spent on whom and when." (03/09/15)

http://www.cato.org/publications/commentary/preparing-next-debt-fight  

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Five steps to fixing Greece’s debt problem

March 5, 2015
posted by

LewRockwell.com
by Frank Hollenbeck  

"Greece should default on as much debt as possible. There is no benefit to meeting the EU halfway. The Greek government is currently running a primary surplus (or is very close to it) so it does not need EU funds to cover Greek government expenses. However, the Greek banks will not have sufficient funds to cover withdrawals (and thus prevent a bank run) once the European Central Bank (ECB) and the EU cut off funds." (03/05/15)

http://tinyurl.com/p2bm8tl  

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Germany: Parliament votes to extend Greek bailout

February 27, 2015
posted by

RTE News [Ireland]    

"The German parliament has voted to extend the Greek bailout for another four months. A total of 542 members of the Bundestag voted in favour of the proposal with 32 against and 13 abstentions. German Finance Minister Wolfgang Schaeuble earlier urged his country's politicians to approve the bailout extension, saying it was no easy decision but necessary." (02/27/15)

http://www.rte.ie/news/2015/0227/683169-greece/  

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Greece: Government faces dissension over bailout proposals

February 24, 2015
posted by

CBC [Canadian state media]    

"Greece will present a list of proposed reforms to debt inspectors on Monday to get final approval for an extension to its rescue loans. But already the government was facing dissent within its ruling party over claims it is backtracking on its promise to ease budget cuts for the recession-battered Greeks." (02/23/15)

http://tinyurl.com/pgvwyzr  

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Germany rejects Greek loan request

February 20, 2015
posted by

BBC News BBC News [UK]    

"Germany has rejected a Greek request for a six-month extension to its eurozone loan programme. The rejection came despite the European Commission calling the Greek request 'positive' only minutes earlier. Greece had sought a new six-month assistance package, rather than a renewal of the existing deal that comes with tough austerity conditions. However, a German finance ministry spokesman said the new plea was 'not a substantial proposal for a solution.'" (02/19/15)

http://www.bbc.com/news/business-31532755  

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Greece’s debt debacle: Austerity and prosperity

February 17, 2015
posted by

Students For Liberty Students For Liberty
by Jack Enright  

"Since the 2008 financial crisis, Greece has largely abdicated its fiscal policy to three intergovernmental organizations known as the 'troika': the European Union, the European Central Bank, and the International Monetary Fund. These three groups bailed out Greece to the tune of 240 billion Euros ($268b USD). The new coalition government wants to renegotiate the terms of the debt agreement to better manage, perhaps by paying less than what they borrowed. Many have been critical of the request, as it seems like giving over a quarter of a trillion dollars to a country with just over 10 million inhabitants would stimulate their economy significantly. But, despite what Keynesians would have you believe, providing this kind of capital did not solve the issue of high unemployment." (02/16/15)

http://tinyurl.com/q8fhfen  

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Billions over budget

February 17, 2015
posted by

Campaign For Liberty Campaign For Liberty
by Heather_D  

"States that have opted to expand their Medicaid programs under ObamaCare are millions of dollars -- and in some cases billions of dollars -- over budget. In fact, Ohio's program is 30% over budget already, with months to go before the end of the fiscal year. Here in Alaska, they're already calling the current budget deficit 'unprecedented.' Yet Governor Bill Walker is continuing his push for ObamaCare expansion, and I need your help to stop it." (02/17/15)

http://www.campaignforliberty.org/billions-budget  

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A way forward for Greece

February 16, 2015
posted by

Mises Canada
by Frank Hollenbeck  

"Despite rumors in the press, there are no European mechanisms to force Greece out of the Euro. Greece would have to be the one to decide to leave. Current wisdom is that a bank run would force Greece to return to the drachma. Although this is a possibility, it is not a foregone conclusion. Even if Greece defaulted, it would still probably have a large euro debt which probably could not be financed with a greatly devalued new drachma. Greece needs a plan to stay with the euro, at least short term, but it also needs significant debt relief. What should Greece do? Sometimes you have to consider the impossible to make the possible evident." (02/16/15)

http://mises.ca/posts/articles/a-way-forward-for-greece/  

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Ukraine denouement

February 16, 2015
posted by

CounterPunch CounterPunch
by Michael Hudson  

"The fate of Ukraine is now shifting from the military battlefield back to the arena that counts most: that of international finance. Kiev is broke, having depleted its foreign reserves on waging war that has destroyed its industrial export and coal mining capacity in the Donbass (especially vis-a-vis Russia, which normally has bought 38 percent of Ukraine's exports). Deeply in debt (with €3 billion falling due on December 20 to Russia), Ukraine faces insolvency if the IMF and Europe do not release new loans next month to pay for new imports as well as Russian and foreign bondholders." (02/16/15)

http://www.counterpunch.org/2015/02/16/ukraine-denouement/  

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The debt and the GOP

February 12, 2015
posted by

Michael D. Tanner Cato Institute
by Michael D Tanner  

"With our national debt now passing the $18 trillion mark, and rising at the rate of $40 to $50 billion per month, it is worth taking a look at where the putative Republican presidential candidates stand on the question. Do they see it as a major issue? Would they deal with it by cutting spending or raising taxes? Are they willing to take the political heat in order to reform the entitlements (Medicare, Medicaid, and Social Security) that are the real drivers of the debt? Or are they content to offer platitudes about cutting 'fraud, waste, and abuse?'" [editor's note: "Our" national debt? I never signed any of those promissory notes, nor have I ever given anyone else permission to name me as a guarantor! - TLK] (02/11/15)

http://www.cato.org/publications/commentary/debt-gop  

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