Daily Digest 2/15 - Le Pen Lures French Farmers, Italy Considers Regional Bank Bailout
Many parts of Illinois are already in a recession and one in five homeowners is deeply underwater on their mortgage. Local tax hikes are occurring all over the state. And tax hikes have not solved Illinois’ problems in the past, yet spending reforms remain untried.
It didn’t net him much: Beef prices are falling too. So are grains. Menier’s small corner of Brittany is a microcosm of French farming’s deepest crisis since World War II, and that could have an impact on April’s presidential election.
The unfunded liability is putting pressure on the state budget, which faces a projected $1.8 billion deficit that’s driven in part by the state’s retirement obligations to public employees at all levels of government.
Two years of PBOC easing have been accompanied by increased borrowing, and the nation’s top leaders are pledging to ease financial risk and keep policy prudent and neutral. Outstanding credit at year-end was equal to about 260 percent of GDP, up from 160 percent in 2008, according to Tom Orlik, chief Asia economist for Bloomberg Intelligence.
Investors are nervous that far-right leader Marine Le Pen could win this spring's election. She is running on a platform of populism and protectionism, and has pledged to take France out of the euro.
A European Union bad bank would go a long way toward reducing the 1.2 trillion-euro ($1.3 trillion) mountain of soured loans on lenders’ books, but that relief may be a long time coming, according to the bloc’s bank regulator.
The BOJ holds more than 40 percent of Japanese government bonds, according to data compiled by Bloomberg. While its holdings of all Japanese sovereign securities -- including bonds and bills together -- are still shy of the yardstick that Kuroda mentioned with some levity in October 2014, the central bank’s stake continues to rise and rise.
Latest financial stability reports show that Italy has €200bn of gross defaulted or so-called non-performing loans, which net of provisions amount to €85bn.
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