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    Daily Digest 6/11 – IMF Sees Progress In Greece, 4 in 10 Millennials Overwhelmed By Debt

    by saxplayer00o1

    Wednesday, June 11, 2014, 12:18 PM

Economy

ECB’s Makuch sees room for further easing

The European Central Bank still has room to ease its benchmark interest rate further, rates are likely to remain low for an extended period, and if additional easing is needed the bank can later opt for quantitative easing, an ECB rate setter said Tuesday.

Texas teachers to see increase in health care costs

On Friday, the Teacher Retirement System of Texas agreed to increase the monthly health care premium costs for all members. Depending on what level of care members are enrolled in, most will see increases between 4 and 8 percent. For example, school employees enrolled in the most popular tier, called TRS-ActiveCare2, that covers themselves and their spouse will see a 7 percent increase in their monthly contribution, from $1,203 to $1,287.

China’s Real Estate Downturn Spells Trouble for Global Economy

At an industry forum in late May, Pan compared the nation’s real estate prospects to the Titanic. “It [the real estate industry] will soon hit the iceberg in front of it,” he declared.

Pan’s outlook may be bleak, but is borne out by statistics. According to Standard & Poor’s, residential housing prices in China will drop by 5% this year — a dramatic reversal from last year’s rise of 11.5%.

S&P May Cut Austrian Banks on Doubts About Future Support

Austria’s biggest banks were put under review for a possible downgrade by Standard & Poor’s Ratings Service as the government’s plan to bail in bondholders of a nationalized bank reverberates through the sector.

IMF Sees Progress in Greece, Still Worried on Debt

In a report, the IMF said Greek debt is expected to remain high “well into the next decade,” peaking this year at an expected 174 percent of gross domestic product.

4 in 10 millennials overwhelmed by debt: Study

Four in 10 millennials are overwhelmed by debt, with almost half spending at least 50 percent of their monthly paycheck paying off debt, a new study by Wells Fargo found. More than half—56 percent—reported living paycheck to paycheck.

Credit cards are the biggest drain on millennials’ wallets, followed by mortgages and student loans.

Indian, Chinese Central Banks on track to absorb 90% of Gold mine output

Indian and Chinese central banks on track to absorb the equivalent of 90% of all mined gold production this year, said ETF Securities in its Precious Metal Weekly.

S. Africa govt warns strike-hit platinum mines could close

Central bank chief Gill Marcus said separately that even if the strike was to end now, it is “possible that a number of shafts will never re-open.”

South Africa holds around 80 percent of the world’s known platinum reserves.

Puerto Rico may delay payments to beat $320 mln tax shortfall

Puerto Rico may reschedule payments to the Government Development Bank as well as the pension system for central government employees as it aims to reduce a $320 million tax revenue shortfall by the end of the fiscal year on June 30, the U.S. Commonwealth said on Tuesday.

29.1 Million Americans Now Suffer From Diabetes

About 29.1 million Americans — nearly 10% of the U.S. population — now suffer from diabetes, according to a new report.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/10/14

Provided daily by the Peak Prosperity Gold & Silver Group

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