Daily Digest 8/22 - Germany backs Draghi bond plan against Bundesbank, 11-Mile Stretch Of Mississippi Closed
Germany’s director at the European Central Bank has thrown his weight behind mass purchases of Spanish and Italian debt to prevent the disintegration of the euro, marking a crucial turning point in the eurozone debt crisis.....He signalled full backing for the bond rescue plan of ECB chief Mario Draghi, brushing aside warnings from the German Bundesbank that large-scale purchases would amount to debt monetisation and a back-door fiscal rescue of insolvent states in breach of EU treaty law.
IPSO President Marius Mager said that "the crisis mode has turned into the permanent one, that's the problem."
The new report estimated that 8,000 properties in New Orleans were repaired or rebuilt between September 2010 and March 2011, leaving around 21 percent of all properties blighted, compared with 27 percent in Flint and 24 percent in Detroit.
Those updates have come with a higher price tag, since whole grains and produce cost more. And now the jail is dealing with increases in price due to fuel costs and is concerned about the expected impact of this year's drought, Sheriff Doug Cox said. This year, the jail needed an additional $50,000, a 23 percent increase, to the $222,000 budgeted for food.
Retail gasoline in the U.S. rose to a record for this time of year after refinery upsets cut fuel supplies and crude traded near a three-month high.
The special monthly payment -- a lifeline for many in a nation with one in four workers jobless -- kicks in only when regular unemployment benefits run out. Introduced by the last Socialist government, it had been due to expire on August 15. But at the last moment conservative Prime Minister Mariano Rajoy announced it would be extended.
Dutch Damned By Homeowner Debt (Ivo M.)
In the low-lying Netherlands, that's evocative enough. The problem is also bigger than the economy. Collective Dutch mortgage debt rose from 140 billion euros in 1995 to 640 billion euros ($790 billion) last year - or from 46 percent to 105 percent of GDP.
11-mile stretch of Mississippi River closed (safewrite)
Just north of downtown Memphis on Friday, the dredge Hurley was cutting a 2,000-foot swath of river bottom to ensure that the channel is safe for vessels. The dredge is referred to as a dustpan, which means it uses a vacuum-like suction to suck up sand from the river bottom, said its captain, Frank Segree.
In hard times, “I buy gold” is Italy’s boom business (westcoastjan)
Meanwhile, the toll of the crisis is being felt by traditional retailers. In central Rome, Massimo Della Rocca, 57, who has run the men’s’ clothes shop EDEL since inheriting it from his grandfather 30 years ago, is planning to close up.
Ywe Jan Franken, an expert on biofuels for the FACT Foundation, a research group in the Netherlands, says this plant grows all over the tropics, including Indonesia, the Philippines, Cambodia, India and Latin America. (It originated in Central America, and Europeans spread it to their various colonies several centuries ago.)
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