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Daily Digest 10/10 - Jobless Spanish Exchange Time In Lieu Of Money, Argentine Bonds Fall

Wednesday, October 10, 2012, 12:04 PM

Economy

Greek Creditors Can't Find Common Ground

Greece's creditors are still at loggerheads over how to tackle the country's debt crisis, with the International Monetary Fund threatening to stop its financing unless the euro zone accepts debt restructuring worth tens of billions of euros to bring the country's debt to a sustainable level, people with direct knowledge of the matter said Tuesday.
Greece is again expected to be among the top issues discussed at the IMF annual fall meetings in Tokyo, as Athens is fast running out of cash and euro-zone governments fear the political fallout from writing off as much as 50 billion euros ($65 billion) they hold in Greek debt.

Tens of thousands protest in Greece as Angela Merkel says austerity will pay off

Tens of thousands of angry Greek protesters filled the streets of Athens on Tuesday to greet German Chancellor Angela Merkel, who offered sympathy but no promise of further aid on her first visit since the euro crisis erupted three years ago.As police fired tear gas and stun grenades to halt angry crowds chanting anti-austerity slogans and waving swastika flags, Merkel's host, Prime Minister Antonis Samaras, welcomed her as a "friend."

Cities hit by recession ask voters to approve more debt

Houston-area schools want to borrow $1.9 billion to modernize most of the high schools, while Seattle says it needs

$290 million to upgrade a seawall protecting the downtown waterfront so it can withstand an earthquake.
San Francisco wants to sell $195 million of debt to repair and improve worn-out parks and playgrounds that it says have been "loved to death"

Voters in these and a number of other big U.S. cities -- some with already-high debt loads -- will decide on Election Day whether to borrow even more or face prospects for reduced services or higher taxes.

Thanksgiving turkey to be among first to show drought price hike

The summer’s drought will push food prices higher just in time for Thanksgiving dinner.

Grocery shoppers can expect to see drought-related price increases in the coming weeks on turkey, eggs, vegetable oils and dairy products. Poultry prices are 5.6 percent higher than prices last year, with chicken prices up 5.3 percent and other poultry prices, including turkey, up 6.9 percent, according to the latest Consumer Price Index figures. The poultry category has been expected to be among the first to reflect price increases caused by the drought.

Dire foreclosure estimate for NJ by New York Fed

The number of New Jersey homes repossessed by lenders may increase by 49 percent, and maybe by as much as 140 percent, by the end of 2013, depending on how fast foreclosures move through the courts, according to a new government study.

The report released Friday by the Federal Reserve Bank of New York, made predictions about future trends in banks' repossessions of residential properties from defaulted borrowers, based in part on the average time it takes to foreclose, which varies from state to state, and is always in flux.

Cities pass rules against homeless

In Orange County, a number of cities have recently passed ordinances that ban everything from smoking in the park to sleeping in cars to leaning bikes against trees in a region better known for its beaches than its 30,000 homeless people.

Cities have long struggled with how to deal with the homeless, but the new ordinances here echo what homeless advocates say is a rash of regulations nationwide as municipalities grapple with how to address those living on their streets within the constraints of ever-tightening budgets.

In lieu of money, jobless Spanish exchange time

Amid mass unemployment and insecurity over the euro, a parallel economy is evolving in Spain. It's based on time banks, where services are exchanged in a barter-style system. DW met with some of the people using them.

Rising health care costs to pinch Chicago-area employees

Premiums for health insurance plans will climb 6.3 percent in 2013, but employee costs will shoot up even higher as companies look to shift more of the rising expenses to their workers, according to a new forecast by human resources consultancy Aon Hewitt.

The average cost to insure a local employee is projected to jump to $11,283 in 2013, from $10,616 this year, according to the report by the unit of London-based Aon Corp.

Milk-Cow Drought Culling Accelerates as Prices Jump: Commodities

U.S. milk production is headed for the biggest contraction in 12 years as a drought-fueled surge in feed costs drives more cows to slaughter.

Police to crush uninsured motorists' vehicles (Scotland)

There has been growing concern about the number of uninsured drivers on the UK’s roads, especially since car insurance premiums have increased dramatically over the last few years. Some of this has to do with false claims, and an uninsured motorist being involved in an accident – whether it’s there fault or not – doesn’t help. This only increases premiums for law-abiding citizens.

City Scamming Drivers Into Tickets With Shorter Yellow Lights (New York)

The Department of Transportation says your typical yellow light shout hit about three seconds for any 30 mile per hour speed limit, but many are just reaching 2.5 seconds before turning red.
The city banked nearly $50 million made just last year thanks to the assistance of traffic light cameras. Now AAA believes city officials are wanting to up that number even more.

Argentine Bonds Fall as Province Pays Dollar-Debt in Pesos

Argentine government bonds fell on concern holders of dollar-denominated debt will have to accept pesos after the central bank denied Chaco province’s request to buy the U.S. currency to make payments on local securities.

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2 Comments

Denny Johnson's picture
Denny Johnson
Status: Gold Member (Offline)
Joined: Aug 13 2008
Posts: 348
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4165
Thanks Denny Johnson

Sort of a long day and there was no time to post those headlines later. Thanks.

S&P cut Spain to 'BBB-' from 'BBB+'; outlook negative

 

 

 

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