The Guardian reports that Greece’s eurozone partners will have to find more funds to meet Athens’ short-term financing needs without the IMF’s involvement, raising questions about whether the outline €86bn (£60bn) bailout thrashed out earlier this month will prove workable.
“What they are delivering at the moment is not serious at all.” That’s Michael Fuchs, a senior lawmaker for German Chancellor Angela Merkel’s Christian Democratic bloc and it seems to accurately reflect the sentiments of Greece’s creditors with regard to the latest set of “proposals” submitted by Athens.
German utilities claim to be developing work-arounds that would provide Ukraine with gas in the event Russia cuts off supplies due to non-payment, or as part of an economic war against Ukraine. Now Germany’s major energy utility companies are developing strategies to help Ukraine fill the shortfall if Moscow decides to cut gas supplies. Companies […]View the full post at: Germany Vows to Supply Gas to Ukraine: Piecrust Promise?
Did you hear the news? Germany, the world’s second largest gold-holding nation, is recalling some of its gold. The Germans are bringing the physical metal – once on hold outside its borders – back in country.
This is a huge development in the world gold market. But more importantly may portend a life-changing trend that gold buyers like you and I can take to the bank.
Today let’s connect a few more dots, and talk gold…
Germany, Russia, Ronald Reagan, Clausewitz, this story has it all. Let’s start by covering a distant memory, the Cold War.
Cyprus is preparing for total financial collapse as the European Central Bank turns its back on the island after its parliament rejected a scheme to make Cypriot citizens pay a levy on savings deposits in return for a share in potential gas futures to fund a bailout. On Wednesday, the Greek-Cypriot government voted against asking its citizens to bank on the future of gas exports by paying a 3-15% levy on bank deposits in return for a stake in potential gas sales. The scheme would have partly funded a $13 billion EU bailout.
While corporate executives and the foundering economy remain prime targets in late-night talk-show monologues, the federal bailout is starting to take some lumps, too.
"President Obama is getting very tough now. He has imposed a $500,000 salary cap for executives getting Federal bailout money. And listen to this -- not only that, on weekends, they can only play miniature golf. No more 18 holes."
Bill Gross, Nouriel Roubini, Laurence Kotlikoff, Steve Keen, Michel Chossudovsky, the Wall Street Journal and many others say that our entire economy is a Ponzi scheme. Former Reagan budget director David Stockton just agreed:
ATHENS: Greece's creditors will head to Athens shortly to begin talks on a mammoth new bailout, the government said Thursday, as parliament approved a second batch of reforms needed for the negotiations to proceed. Greece's finance ministry said representatives from the European Union, European Central Bank and International Monetary Fund, from whom Athens is seeking a third bailout worth up to 86 billion euros ($93 billion) over three years, were likely to fly in on Friday.