Daily Digest

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Daily Digest 12/26 - Greece Not Doing Enough Against Tax Dodgers, FL Health Premiums Skyrocket

Wednesday, December 26, 2012, 12:34 PM


Greece’s Tourism Revenues Fall 4%

The drop-off was exacerbated by a fall in visitors from other European countries, although domestic sales were not good either as many Greeks, under financial pressure from pay cuts, tax hikes and slashed pensions imposed by the government as a condition of getting international aid, stayed home in the summer and the holidays instead of seeing sites in their own country.Statistics showed that tourists spent 9.77 billion euros ($12.91 billion), compared with 10.18 billion euros in the year-earlier period, according to The Bank of Greece.

Japan’s LDP, ally agree on 2% inflation

Shinzo Abe, who is likely to be elected Japan’s prime minister tomorrow, agreed with his coalition ally Natsuo Yamaguchi of the New Komeito Party on a policy package that includes “bold monetary easing” to reach an inflation target of 2 percent.

Fiscal cliff: Grand bargain unlikely as tax increases, spending cuts loom

“At this point, all they’re looking for is a fig leaf,” said Stan Collender, a former staff member of the House Ways and Means Committee and the House and Senate budget committees who’s now at Qorvis Communications in Washington. “There’s no grand bargain. There never was.”

Greece not doing enough against rich tax dodgers, say EU/IMF

With revenues falling short and the austerity-hit country obliged to meet its fiscal targets when its economy is shrinking for a fifth year, Athens is hiking taxes on middle-class wage earners who can't hide their income.

After a Christmas recess, parliament is expected to pass a new tax law which aims to raise about 2.5 billion euros over the next two years as part of a 13.5 billion euro austerity package.

Higher tuition and fees ahead for North Carolina Central students

On Dec. 20, the school’s board of trustees approved a $1.03 million package of tuition and fee increases for the 2013-14 academic year. The increases equate to $111 per year for undergraduate students and $165 for graduate students.
The change must now be approved by the University of North Carolina Board of Governors.

Fort Lauderdale employee health premiums skyrocketing

The new year is bringing sticker shock to city employees, with some of their health insurance premiums scheduled to quadruple.

City officials said they were forced to raise the rates because of a sharp increase in large claims to its self-insurance plan administered by Cigna.

Dairy cliff: Milk prices could double without new farm bill

As the year comes to a close, many in the nation’s capitol are focused on the so-called the “fiscal cliff” – the combination of spending cuts and tax increases that will take effect in January if Congress does not reach a new budget deal.

But there’s also a so-called “dairy cliff” looming that has farmers across the Midwest anxious. Because Congress failed to pass a new farm bill, price levels for milk are set to expire at the end of the year. If that happens, the price of milk will nearly double.

Citic Trust Misses Payment for Product Based on Steelmaker Loan (anton95)

Trusts, which target people with at least 1 million yuan to invest, have grown to account for more than a quarter of China’s estimated $3.35 trillion in lending outside the banking system, according to an Oct. 16 UBS AG report. More loosely regulated than banks because they don’t hold deposits, trusts have lured investors with promises of high returns, and invest in everything from metals to real estate, as well as make loans.

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Bond Ratings Cuts Advance to Fastest Since ’09: Credit Markets

Bond Ratings Cuts Advance to Fastest Since ’09: Credit Markets

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Geithner moves to avoid Dec. 31 debt ceiling

"The Treasury Department soon will begin making accounting moves so that the United States can put off hitting its debt ceiling at the end of the month, Treasury Secretary Timothy Geithner said Wednesday.

In a letter to congressional leaders, Geithner said the government would hit the $16.4 trillion debt ceiling on Dec. 31 unless he authorized the extraordinary measures. "

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