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Europe Agrees to $40 Billion Greece Rescue Deal

Posted on Apr 12, 2010 in Economic News

Source: AFP

Europe could lend debt-stricken Greece up to 30 billion euros (40 billion dollars) under a contingency package agreed on Sunday in a bid to restore investor confidence in the continent’s economy.

The EU’s Economic and Monetary Affairs Commissioner Olli Rehn said the loans would have an interest rate of around five percent, significantly lower than the market rate which Greece has so far been forced to pay.

The Greek government welcomed the announcement but stressed that no request to activate the debt support had been made.

“The total amount put up by the eurozone member states for the first year will reach 30 billion euros,” Luxembourg Prime Minister Jean-Claude Juncker, head of the 16-nation eurozone’s group of finance ministers, told a joint press conference with Rehn. Related article: Greece ditching Euro ‘a joke’: PM

Juncker said the financing would be “completed and co-financed by the International Monetary Fund” but did not give further details.

The IMF’s role — which would be unprecedented for a eurozone member state — is due to be the focus of talks starting on Monday, Rehn said....

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Wall Street Journal Encourages You to Walk Away from Bad Debt, Mortgage (Must Read!)

Posted on Mar 02, 2010 in Economic News, Featured Articles, Federal Reserve & Bankers

Source: Wall Street Journal (via Cryptogon)

Hayden’s Note:  I fully agree with this article.  Do not feel bad or immoral for walking away from bad debt or a sinking house payment.  The Banks don’t care about you.   They would take your last dime if they could.  They receive $9 million dollar bonuses for lying, cheating and allowing their own companies to go bankrupt and cost the American taxpayer billions of dollars in a giant debt swapping scheme.  At the start of this debacle, I blamed many homeowners for allowing themselves to go under or accept high interest loans.  I blamed them for their lack of foresight and ability to pay.  But it continues to spiral downwards, despite the best efforts of many homeowners.  Job cuts, massive deficits, a country gone off track; I blame the banks. 

Millions of Americans are now deeply underwater on their mortgage. If you’re among them, you need to stop living in a dream world and give serious thought to walking away from the debt.

No, you shouldn’t feel bad about it, and you shouldn’t feel guilty....

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US Senator Warns of ‘Financial Meltdown’, Applauds China’s Move

Posted on Feb 26, 2010 in Economic News

Source: Financial Times

The US is heading for a debt-driven “financial meltdown” within five to seven years, according to Judd Gregg, the outgoing Republican senator for New Hampshire.

In a robust and at times testy video interview for the Financial Times’s View from DC series, Mr Gregg also complimented China for showing rising alarm about the US’s mounting levels of public debt.

“We have had China say that they are looking for other places to put their reserves and that is probably a smart decision on their part,” said Mr Gregg, who will not seek re-election in November. “So the warning signs are pretty clear and the path is unsustainable and, at this point, unless we take different actions, unavoidable.”

But the senator, who was the most high-profile Repub­lican invited by Barack Obama, the president, to join his administration last year, an offer Mr Gregg accepted and then turned down, said he doubted that the two parties would get together to tackle it.

Last month 16 Republicans and 37 Democrats voted to establish a fiscal commission – seven votes short of what was needed to prevent a filibuster....

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