When Nancy Surdoval, a retired lawyer, needed a knee X-ray last year, Boulder Community Hospital in Colorado said it would cost her $600, out of pocket, using her high-deductible insurance, or just $70 if she paid cash upfront. When she needed an MRI to investigate further, she was offered a similar choice—she could pay $1,100, out of pocket, using her insurance, or $600 if she self-paid in cash.
Venezuela is rapidly heading for a showdown between its socialist government and the centre-right opposition that is likely to end up with the crisis-ridden country defaulting on its debt.
BACKDROP: Gov. Bruce Rauner delivers his 2016 Budget Address on Feb. 17. He’s in an awkward situation: The Budget Address is intended as a preview of the Illinois state budget for fiscal year 2017, which starts July 1. State government has yet to adopt a budget for FY 2016, which started last July 1.
Legislative Auditor Daryl Purpera’s office says the debt payment maneuvers used since the 2010-11 budget year helped get quick cash for the state budget but came with a price tag for Louisiana. The long-term cost to the state for the maneuvers could reach as high as $231 million, auditors estimate.
The roughly 175 companies at risk of bankruptcy have more than $150 billion in debt, with the slipping value of secondary stock offerings and asset sales further hindering their ability to generate cash, Deloitte said in the report, released Tuesday.
The numbers tell the story. The teachers’ retirement fund is short about $9.6 billion. The school system owes more than $6 billion to its bondholders. On Wall Street, Chicago schools have the makings of following the same path as Puerto Rico, which is struggling with a $70 billion debt crisis.
Eight years after the financial crisis, the world is coming to grips with an unpleasant realization: serious weaknesses still plague the global economy, and emergency help may not be on the way.
The highest level of soured loans in a decade has hurt bank profits and cut their bad-loan coverage ratios close to the regulatory minimum. That’s prompted lenders including Industrial & Commercial Bank of China Ltd. to urge regulators to ease the requirement, which would give banks more scope to lend and bolster an economy that grew last year at the slowest pace in a quarter century.
The economy will probably expand 6.8 percent to 7.8 percent this year, compared with a previous goal of as much as 8 percent, the inter-agency Development Budget Coordination Committee said late Monday. Growth is seen at 6.6 percent to 7.6 percent in 2017, committee members said in a briefing in Manila.
As of Tuesday, a rate of minus 0.1 percent will be applied on about 10 trillion yen of financial institutions’ reserves held at the BOJ.
China’s debt-to-gross-domestic-product ratio climbed to 232 percent at the end of 2014, the highest since Bloomberg started compiling the data in 2004.
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