Daily Digest

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Daily Digest 12/18 - Spain Can’t Endure Budget Cuts, Congress Targets Pensions

Wednesday, December 18, 2013, 12:31 PM

Economy

Spain’s Regions Can’t Endure More Budget Cuts, Andalusia Says

Spanish regions can’t endure more spending cuts, Andalusia’s budget chief said, as she defended levying a tax on bank deposits.

Maria Jesus Montero Cuadrado, budget chief of Spain’s most populous region, is resisting central government demands for more cuts through 2015. Undermining health or education is a “red line” for Andalusia, which has a 36 percent jobless rate, she said in an interview in Seville yesterday.

Detroit Seeks to Pay UBS, BofA $230 Million to End Swaps

A three-day trial began today before U.S. Bankruptcy Judge Steven Rhodes in Detroit on the city’s request to make the payment as part of a deal to cancel interest-rate swap contracts that have cost it about $4 million a month since July 2009. To pay for the settlement, the city wants Rhodes to let it borrow $350 million.

China's Sprawling Cities Bet Their Future on Getting Even Bigger

Authorities here worried a few years ago that the local economy was headed for ruin because there was no more space in this remote city, nestled among towering hills, for industry to grow. The solution? Level the hills.

India’s Central Bank Suggests Tighter Rules to Curb Soured Debt

Asset quality at Indian banks is deteriorating as a surge in funding costs hurts the repayment ability of businesses already bearing the brunt of the slowing economic growth. Stressed assets, which include bad and restructured loans, rose to 10.02 percent of total debt, the highest in a decade, as of June 30, central bank data show.

10 Colleges Where Grads Have the Most Student Loan Debt

Wheelock College in Massachusetts is on the other end of the student-debt spectrum. Eighty-two percent of the class of 2012 took out loans. Those who borrowed carried an average debt burden of nearly $49,500, according to school-reported data. Graduates from Anna Maria College, also in Massachusetts, were not far behind, borrowing close to $49,200, on average.

Republicans Promise New Fight Over Debt Limit

Meanwhile, the budget deal that passed the House last week, and which is scheduled to come before the Senate on Tuesday,would allow spending to rise by $62 billion combined in fiscal years 2014 and 2015, easing across-the-board spending cuts known as sequestration. It includes offsetting revenue and long-term spending cuts, so that the bill overall would reduce the deficit by $23 billion over 10 years.

Japan takes defence policy into uncharted waters

Japan’s current thinking is that the danger no longer comes from the USSR and the north with the end of the Cold War; now it is China and a nuclear North Korea that preoccupies Tokyo.

Last March China decided to boost its annual defence spend by 10 percent or 86 billion euros. That increase alone is more than double Japan’s 35 billion euro annual defence budget

Italy's Bad Loans Reach 14-Year Peak in October

The total amount of bad loans held by Italian banks continued to rise in October, data published Tuesday by the country's banking association showed, and has been at a 14-year high for three consecutive months.

Gross bad loans grew by 22.9% on the year to 147.3 billion euros ($202.8 billion), ABI said, with bad loans net of impairment rising by 28% to EUR77.4 billion.

Congress Targets Fed Workers' Pensions for Savings

While 38 percent of private industry workers received pensions in 1979, just 14 percent did in 2011, the most recent figures from the Employee Benefit Research Institute, which advocates for employee benefit programs.

UK data revamp could add 112 billion pounds to public debt

The ONS said that the change - if implemented already - would add 112 billion pounds to Britain's public sector net debt for the 2012/13 fiscal year, when it already stood at 1.182 trillion pounds or 74 percent of gross domestic product.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/17/13

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6 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2685
Bankers Slave's picture
Bankers Slave
Status: Silver Member (Offline)
Joined: Jul 26 2012
Posts: 202
BBC propaganda as usual. The truth will not go away.

http://www.bbc.co.uk/news/magazine-25370076

Time2help's picture
Time2help
Status: Gold Member (Offline)
Joined: Jun 9 2011
Posts: 484
Taper

And with this latest announcement I'm off to have a beer.  We are fast approaching "full retard".

Fed "Tightens" - Tapers $10 Billion

Time2help's picture
Time2help
Status: Gold Member (Offline)
Joined: Jun 9 2011
Posts: 484
thc0655's picture
thc0655
Status: Platinum Member (Online)
Joined: Apr 27 2010
Posts: 584
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2685
National debt clock passes $150,000 per taxpayer

http://www.usdebtclock.org/

Treasury Direct shows an even higher amount of debt.

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