As we shall see Greece’s economic progress was built on rotten foundations – on EU loans that were secured through fraudulent accounts, a public treasury pillaged by bipartisan kleptocrats and public ‘investments’ in large-scale unproductive clientelistic activities with corrupt business ‘partners’. In a word, the ‘golden years’ of the grandfathers’ comfortable retirement was based on the illusion that a half-century of work and social advances would translate into a respectable dignified life.
Debt at the state's shadowy public authorities has reached $243 billion and was racked up with little public input, a report Tuesday from Comptroller Thomas DiNapoli found.
The state has a remarkable 1,169 authorities that oversee public services, such as the state's transit systems. Started in the 1920s, they operate outside of state government, accumulate debt without voter approval and their revenues are used to plug holes in the state's operating budget, DiNapoli said.
The European Central Bank, the Bank of England and the Bank of Japan are all expected to stick to ultra easy monetary policy at meetings this week, following on from reassurances by U.S. Federal Reserve officials that their stimulus program is also here to stay, for now.
Despite Sarkozy's reform, which means people must be 62 to get a full pension or 67 if they have not worked the statutory 41.5 years, the pot has been depleted by the economic crisis and a surge in unemployment to above 10 percent.
Even if jobs and pay recover, the COR pensions advisory council sees today's 14 billion euro ($18.18 billion) annual pension deficit hitting 20 billion by 2020 and swelling further through the 2030s as post-war baby boomer retirement peaks.
Central banks from New Zealand to Norway have indicated a readiness to intervene or cut interest rates to weaken their currencies if necessary, as the U.S. and Japan buy domestic assets to help revive their economies — moves that have held back the dollar and yen.
China is sitting on a huge real estate bubble that could lead its economy to melt down, a report by CBS 60 Minutes has claimed.
The report shows fresh footage of a virtually deserted city in Zhengzhou. Skyscrapers, condos, entire malls and multiple-lanes roads lie almost empty.
The most cited data is collected by the Trussell Trust food-banks network. As it opens more branches so it distributes more food parcels, with no sign of any let-up. This week, it announced it will feed 280,000 people in 2012-13, up from 129,000 in 2011-12.
Long lines at gas stations and electricity blackouts have become a part of everyday life for most Egyptians in the past two years, but indicators show that the country may soon be dealing with the most severe fuel shortage it’s seen yet, as the government's worsening finances leave little room for imports.
Diesel shortages are likely to grow more severe in March, an official source at the Egyptian General Petroleum Corporation (EGPC) told the Turkish news agency Anadolu on Monday.
New research has given a shocking insight into the struggle to afford food faced by thousands of people in Greater Manchester.
One in 10 people in the region now skip meals so family members can eat – with one in five cutting down on the amount of fruit and veg they buy, a report has found. Fifteen per cent of those surveyed also said they went without meals – because they simply didn't have any money to buy food for themselves.
The Coalition for the Homeless is set to release a new report this morning that says in 2013, the number of people sleeping in shelters nightly “surpassed 50,000 for the first time since modern homelessness emerged three decades ago.”
The report notes that these numbers do not include “the thousands of New Yorkers displaced by Hurricane Sandy, many of whom comprise extremely low-income households.”
The government has promised faster action on resettling the tens of thousands of people left homeless by the disaster, but the local economies were already in decline, doubling the challenge for reconstruction. Clearing of forests on higher ground due to be leveled to make space for relocating survivors has barely begun.
Vanguard Personal Investors released its college cost-estimator Monday. The calculator works by entering the number of years until your child is in college, then how many years your child will be in school, and the tuition cost at a certain college in today's dollars. The website puts in an inflation rate of 6 percent.
Wall Street banks have underwritten $89.6 billion of high-yield debt so far this year, up 36 percent from the same period in 2012, according to data compiled by Bloomberg.
Last year’s $433 billion of sales was an all-time high for the asset class and produced about $6 billion in fees, the data show.
In the wake of the Great Recession, millions of middle-class people are being pinched by stagnating incomes and the increased cost of living. America's median household income has dropped by more than $4,000 since 2000, after adjusting for inflation, and the typical trappings of middle-class life are slipping out of financial reach for many families.
Pacific Investment Management Co.’s Bill Gross, manager of the world’s biggest bond fund, said the yen is likely to weaken to 100 per U.S. dollar on concern stimulus measures by the Bank of Japan will debase the currency. “We’re going to see a lot of printing of yen,” Gross said during an interview on Bloomberg Television’s “Market Makers” with Erik Schatzker and Stephanie Ruhle.
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