The European Commission has asked Italy for a further 2.5 billion euros-3 billion euros ($3.40 billion) in savings before approving the country’s 2019 budget, Corriere della Sera daily reported on Tuesday.
An increase in fixed-term and temporary contracts over the last 20 years has been particularly costly. According to the unemployment insurance accounts, outlays for temporary workers losing their jobs outstrip contributions by 9 billion euros ($10.2 billion) a year. The total debt burden has grown every year since 2009.
It’s been the most radical cash injection in history — a staggering $3.5 trillion, pumped into Japan’s economy over more than five years to slay deflation and kick growth into higher gear.
What’s adding to the cash strains is a bond maturity wall of 3.5 trillion yuan ($507 billion) faced by China’s non-financial companies in the coming year. The number will grow by 36 percent if put options are exercised, further putting pressure to companies’ cash flow. Chinese firms have defaulted on 108 billion yuan of local notes in 2018, more than triple the tally last year.
Japan’s budget for the fiscal year starting in April 2019 will top 100 trillion yen ($890 billion) for the first time, highlighting the government’s struggle to curb spending in the developed world’s most indebted nation.
An average household tackled an estimated $6,929 in balances from month to month, according to the study.
Plus, nine percent of Americans with credit card debt admitted they don’t think they will ever be completely debt free, according to the survey.
A group of investors is demanding the Venezuelan government pay off both the interest and principal of a defaulted $1.5 billion bond that won’t mature until 2034, escalating the battle between bondholders and President Nicolás Maduro’s administration.
China had $1.138 trillion in U.S. Treasuries in October, down from $1.151 trillion the previous month. The world’s second-largest economy has cut its Treasury positions for five straight months, but remains the largest holder of U.S. Treasuries outside the United States.
Still, the MTA — which controls the subways and buses along with commuter trains and some bridges and tunnels — faces a $991 million deficit looming in 2022
What’s Behind The Crash In Crude? (Michael S.)
It’s unclear if the angry pressure from President Trump on the Fed will have any effect, but Trump’s anxiety about interest rates is not entirely misplaced. With inflation low in the U.S., and heightened volatility and weak growth seen elsewhere, many economists question the wisdom of continuing to hike interest rates. “If monetary policy doesn’t change its direction, you will have a significant meltdown on this,” Steven Ricchiuto, chief U.S. economist with Mizuho Securities, told the New York Times. “So there’s a lot riding on it.”
As that warming continues — and much of it is guaranteed, based on the amount of carbon dioxide humans already have emitted — more of the precipitation falling on California’s vast Sierra Nevada range is coming in the form of rain, rather than snow. The warmer temperatures also will continue to melt the Sierra snow pack earlier in the winter season than in decades past.
Gold & Silver
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