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    Daily Digest 4/3 – Cypriots Cast Blame, Euro Unemployment At 12%

    by saxplayer00o1

    Wednesday, April 3, 2013, 2:49 PM

Economy

Greek recapitalisation delay predicted

GREECE'S central banker is forecasting that an eagerly-awaited recapitalisation of the country's crisis-hit leading banks could be delayed by a few weeks to May.

IMF Urges Denmark to Drop Risky Mortgages as Losses Loom

Though the model helped keep mortgages affordable during recessions, failure to amortize has underpinned growth in private debt to a world-beating 322 percent of disposable incomes, S&P estimates.

US Army accumulates $900 million in useless, obsolete parts

According to Washington State's Tacoma News Tribune, nearly $900 million worth of parts accumulated at an Auburn, Washington warehouse, essentially collecting dust as they were never installed on General Dynamic’s Strykers deployed overseas – if they were ever needed in the first place.

Cypriots Cast Blame as Meltdown Probe Begins

Newly elected President Nicos Anastasiades pledged on Monday to investigate his own family after allegations in Cypriot and Greek media that a company partly owned by an in-law had yanked millions of euros out of the country days before the crisis began.

Euro area unemployment at record 12%

The eurozone economy has passed another bleak milestone.

Official figures Tuesday showed that unemployment across the 17 European Union countries that use the euro has reached 12% for the first time since the currency was launched in 1999.

States Propose Crackdowns On Copper Theft

With thousands of dollars at stake, Rubino says, thieves are taking risks. One of the targets, for example, was a power substation at the end of a remote road.

"Even though it says 'High voltage, may cause injury or death,' obviously they were not concerned with that," Rubino says.

Some want global cop to stop currency meddling

Governments face the temptation to use their exchange rate to gain a competitive advantage, cheapening exports by devaluing their currency. Although it gives their economies a boost, it can come at the expense of their trade partners. That's one of the reasons countries aren't likely to give up their ability to influence their exchange rates by backing an international currency enforcer, especially amid a fragile global recovery.

Bank of Japan governor says all available means will be used to beat deflation

Bank of Japan governor Haruhiko Kuroda said the central bank will use all options available to achieve its 2 per cent inflation target, reinforcing expectations of bold monetary stimulus ahead of his first policy-setting meeting on Thursday.

Detroit taxes high, but spending is higher -study

Buss said that Detroit has seen a significant expansion in deficit spending over the last two years, reaching an accumulated $326.6 million at the end of fiscal 2012 from an accumulated deficit of $196.6 million in fiscal 2011. The city has had a budget deficit every year since 2003.

Greece Jobless Figure: Youth Employment At 58%

Youth unemployment has nearly hit 60% in Greece, new figures on EU unemployment have revealed. According to statistical agency Eurostat's latest available figures, the jobless rate for young Greeks hit 58.4% in December.

The figure is expected to worsen before the start of the traditional summer tourist season. Meanwhile, Eurostat said February unemployment for the under-25s topped 55.7% in Spain, 38.2% in Portugal and 37.8% in Italy.

Traffic Cameras Draw More Scrutiny by States

Many contend that local governments — as well as the companies that manufacture and maintain the equipment, some in exchange for a percentage of the revenue rather than a flat fee — are more interested in money than in safety, pointing to studies indicating that the cameras may actually cause accidents.

Resentment has been building in Washington since 2010, when the mayor at the time, Adrian M. Fenty, raised traffic fines as part of his efforts to balance the budget. The fine for driving 11 to 15 miles per hour over the speed limit went up to $125 from $50, for instance.

Gold & Silver

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Provided daily by the Peak Prosperity Gold & Silver Group

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