The city, facing a $400 million budget deficit and the loss of a large part of its tax base, has been placed under a state fiscal monitor and forced to lay off employees, including 80% of its parks and recreation department.
Chicago has already passed the 1,000 mark for shooting victims this year, the Chicago Tribune reported, and the number of homicides so far this year is 18 percent higher than in the same period last year — a level of violence that rivals 2012, when gun violence in the city attracted international attention.
Traffic courts in some counties — including Del Norte, Fresno, Mendocino, Tuolumne, Mariposa, Tulare, Madera, and Shasta — have required drivers who receive traffic tickets to pay fines before they can appear in court to contest the tickets. Civil rights groups argued that making people pay for their day in court violates constitutional due process.
Non-performing loans at Italian banks rose to 191.6 billion euros ($216.6 billion) in April, central bank data showed on Tuesday, at a time when the government is studying ways to help domestic lenders offload their soured loans.
The average return paid on cash savings accounts is currently 0.97% and has stayed close to this level since 2009. But inflation as measured by the Retail Prices Index (RPI) between 2010 and 2014 was 19.8%.
The state’s unfunded pension liability, $37 billion in 2013, ballooned to more than $83 billion in 2014, the state Pension and Health Benefit Study Commission said in a February report. There are about 800,000 total beneficiaries, including active and retired members and their families in the pension system, according to the state Department of Treasury.
Sydney’s median house price is forecast to reach $1 million by Christmas.
“I think it’s obvious. It would be the beginning of the end of the eurozone. If the European political leadership cannot handle a problem like that of Greece, which accounts for 2 percent of its economy, what would the reaction of the markets be to countries facing much larger problems, such as Spain or Italy which has two trillion of public debt?,” Greek Prime Minister Alexis Tsipras told Corriere Della Sera Tuesday.
The ECB is rolling out a scheme to buy government bonds and other assets known as “quantitative easing” to pump 1 trillion euros into the economy in order to lift inflation towards its target of just below 2 percent.
As China’s boom surpasses the headiest days of the U.S. Internet bubble, signs of excess are cropping up everywhere. Mainland speculators have borrowed a record $348 billion to bet on further gains, novice investors are piling into shares at an unprecedented pace and price-to-earnings ratios have climbed to the highest levels in five years. The economy, meanwhile, is mired in its weakest expansion since 1990.
Greece’s big creditors — other eurozone countries, the International Monetary Fund and the European Central Bank — have done little to solve the problem. Instead, they have imposed deep cutbacks on pensions, as much as 48 percent in some cases, and further weakened the pension funds by, among other measures, pressing them to accept huge losses as part of the country’s debt write-down.
“We think the reflationary pressure in China is still remote and the CPI is likely to stay low,” wrote Xie Dongming, economist at OCBC Bank, saying this offered ample room for further adjustments to interest rates and bank reserve requirements.
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