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By Eoin Drea* – POLITICO
Brave and economically ravaged Ukraine needs a debt deal to win the coming peace — and grants rather than loans
European leaders haven’t been shy about trumpeting their €18 billion in loans to Ukraine in 2023 as a tool for“maintain[ing] the macro-financial stability of the country.”For European Council President Charles Michel, such aid shows that Brussels is “very committed to supporting Ukraine as much as we can.”
However, as the war rages and pressure on Ukraine’s economy mounts, basic economics — and centuries of history — paint a much less optimistic portrait of the real impact of Europe’s financial support.
Small island developing states are currently faced with two significant challenges that are more onerous due to limited financial resources: adapting to increasing climate change risk and recovering from the pandemic. Debt-for-climate swaps provide an avenue for SIDS to address these challenges.
About 2,000 Kentucky students are eligible for debt relief after getting loans to take online classes through the for-profit Corinthian Colleges Inc., Attorney General Andy Beshear announced Thursday. In Kentucky, the company solicited students under the name Everest College and Everest University. Corinthian also marketed its WyoTech career training program throughout the state. Beshear’s office is notifying eligible students by letter of the cancellation of the federal student loans they used to attend Corinthian schools. Students whose federal loans are canceled will not have to make further payments on the loan and any payments made by the student will be refunded. “As attorney general, my mission is to protect Kentucky’s families from consumer fraud, especially the ongoing deception by for-profit colleges like Corinthian,” Beshear said. “We must do everything in our power to ensure eligible Kentucky students get all the debt relief from fraudulent Corinthian loans.” Federal and state investigators examined Corinthian’s job placement rates, alleging that the company falsified those rates between 2010 and 2014. Currently, Corinthian is not allowed to enroll students and is only remaining open to “teach out” current students. Beshear’s letter will go to Kentucky students who fall within the U.S. Department of Education’s findings of fraud concerning Corinthian, and who are eligible for a special “streamlined” process to discharge their federal student loans. Any student, however, who attended Corinthian Colleges or any other school and believes the school lied about job prospects, the transferability of credits or other issues may apply to have his or her federal student loans discharged using the Department of Education’s universal discharge application at https://borrowerdischarge.ed.gov. More information is available at https://studentaid.ed.gov/borrower-defense. Beshear said Kentucky and states across the country are keeping pressure on the federal government to honor their commitment to help student
Letters: Yesterday Argentina, today Greece, and tomorrow perhaps France as well: any indebted country can be blocked from restructuring its debt in spite of all common sense;
letter by famous economists like Piketty
Paul Krugman draws attention to the role of exchange rates in the Russian debt. I'd add a few notes on this in addition to yesterday's overview. External Debt Was Cheap For two reasons: QEs and zero interest rates made the dollar and the euro very attractive currencies for borrowing. The ruble appreciated in nominal terms, while…
"The idea of being sent to prison for owing someone quite a small amount of money seems hard to believe today, but it was still happening well into Victorian times. Life in Victorian prisons was very difficult from the moment of capture to the moment of d
"The national debt -- which totaled $8,370,635,856,604.98 as of a few days ago, not even counting the trillions owed by the government to Social Security and other pilfered trust funds -- is rapidly becoming a dominant political issue in Washington and ac
Prosperity Quest II Limited: Bolaget kommer att investera i Ryssland och de andra OSS-länderna, en region som har haft en stark ekonomisk tillväxt samt en ökad politisk stabilitet under det senaste decenniet. Tabellen nedan summerar den ryska ekonomins kr
22.11. by Katinka Barysch, deputy director of the Centre for European Reform. , "The leaders of two of the European Union’s most powerful states stunned their European partners - and most of their officials at home - by announcing in Deauville that the E
" Enligt uppgifter som tyska statstelevisionen hämtat från Bank of International Settlement, "Centralbankernas bank", så är Grekland skyldig franska banker 92 miljarder euro och tyska banker 43 miljarder euro. Även det amerikanska bankväsendet är invol
Notably, Addington rejects the notion that the Obama administration has the constitutional authority to bypass congressional oversight of the U.S. debt limit, the so-called “14th Amendment option.” The irony was not lost on the National Journal, which opi
“This crisis has the potential to be a lot worse than Lehman Brothers,” said George Soros, the hedge fund investor, citing the lack of an authoritative pan-European body to handle a banking crisis of this severity. “That is why the problem is so serious.
Samassa tilanteessa on Suomi. Vaikka Suomessa ei ole sotalaivateollisuutta, Kreikan uuden tukipaketin myötä suomalaiset osallistuisivat hankintaan laskennallisesti jopa 24 miljoonalla eurolla. Der Spiegel kertoo erikoisesta tilanteesta, joka voi hyvinkin olla valtiovarainministeri Wolfgang Schäublen eilisen Kreikka-toppuuttelun taustalla. Kreikan puolustusvoimat on nimittäin tilaamassa kahdesta neljään raskasta sota-alusta Ranskalta. Tilauksen arvo on vähintään 600 miljoonaa euroa, ja se pitää sisällään mahdollisuuden palauttaa tuote, jos siltä tuntuu. Saksalainen telakka- ja varustamoyhtiö ThyssenKrupp on julkisuudessa hiljaa, mutta Spiegelin tietojen mukaan se käy armotonta lobbaussotaa ranskalaisia kilpailijoitaan vastaan. Kiista on jo saanut poliittisen luonteen, jonka pelätään uhkaavan ensi viikonlopun eurosopua. Eritoten saksalaisyhtiötä kismittää Ranskan tarjoama viiden vuoden maksuaika ja sen jälkeen voimaan astuva optio palauttaa laivat Ranskan merivoimille. Thyssen näkee tässä ranskalaisten juonen tukea omaa telakkateollisuuttaan saksalaisten kustannuksella. Suomi rahoittaisi ostosta laskennallisesti noin 6 miljoonalla eurolla per sotalaiva.
07/05/2010 France and Germany, while publicly urging Greece to make harsh public spending cuts, bullied its government to confirm billions of euros in arms deals, a leading Euro-MP alleged Friday. Franco-German lawmaker Daniel Cohn-Bendit said that Paris and Berlin are seeking to force Prime Minister George Papandreou to spend Greece's scarce cash on submarines, a fleet of warships, helicopters and war planes. "Mr Fillon and Mr Sarkozy told Mr Papandreou: 'We're going to raise the money to help you, but you are going to have to continue to pay the arms contracts that we have with you'," Cohn-Bendit said. "In the past three months we have forced Greece to confirm several billion dollars in arms contracts. French frigates that the Greeks will have to buy for 2.5 billion euros. Helicopters, planes, German submarines."
By PAUL KRUGMAN Published: October 23, 2011 ...at this point, Greece, where the crisis began, is no more than a grim sideshow. The clear and present danger comes instead from a sort of bank run on Italy, the euro area’s third-largest economy. Investors, fearing a possible default, are demanding high interest rates on Italian debt. And these high interest rates, by raising the burden of debt service, make default more likely.
new report on Country-by-Country Reporting "Exposing the lost billions: How financial transparency by multinationals on a country by country basis can aid development".
Enl. Wyplosz fokuserar EU-ledrana i alltför hög grad på att gardera sig mot moral hazard ( moralisk risk: utsikten att en part som är isolerad från risk kan bete sig annorlunda än hur den skulle bete sig om parten var fullt utsatt för risk) gm att förstärka stabilitets- och tillväxtpakten. Nationalekonomerna har inte kunnat enas om en diagnos på krisen. Stabiltetapakt och/eller nytt EU-fördrag räcker inte för att lösa problemet. EU-ländernas sammanlagda skuld uppgår till 9000 miljarder euro. Stabilitetsfonden skulle kunna hosta upp 200 mrd, IMF ytterligare 200 mrd. Enast ECB kan kapitalisera bankerna. Alternativ till ett nytt EU-fördrag: "budgetdisciplinärt råd" och ECB:s regler för säkerheter (collaterals): "The proposal is for some European authority (the Commission? Or some other body?) to take over fiscal policy in a country that runs afoul of the Stability and Growth Pact. The idea that a country loses fiscal policy sovereignty is inspired by IMF programmes. " "The ECB has the authority to decide what collateral it accepts and it could decide to only accept treasury bonds issued by governments that exercise fiscal discipline. "
By Nick Dearden of Jubilee Debt Campaign: "The International Monetary Fund and World Bank lent money to dozens of countries which would otherwise have defaulted, in order to keep the debt repayments flowing back to the banks of the rich world who had created the crisis by their own reckless strategies. Then, those countries, which benefited not at all from these ‘bail-out’ funds, were told to implement structural adjustment policies which saw industry privatised, money freed from government control and markets ripped open to competition with well-subsidised companies from the US and Europe. Poverty boomed, inequality soared and finance was proclaimed king. The same logic lies barely concealed behind the Greece ’bail-out’ being agreed by European finance ministers today. There is not even a pretence that Greece’s people will benefit from these funds.
Jönsson, Dan: Ingenmansland (Leopard) , recenserad av Morris Wikström "...om varje inköp vi gör på ett eller annat sätt tvingar oss djupare in i konsumtionsekonomins ekorrhjul finns det åtminstone en dröm om att en bra fastighetsaffär ska rädda oss ur det. Men det är långt ifrån säkert att drömmen slår in."
Azam, Balibar mf l i le monde 13.1.2012, KU 24.1. original: http://www.lemonde.fr/idees/article/2012/01/13/contre-le-discours-dominant-sur-la-dette-publique_1629374_3232.html
Jan Hurri Taloussanomat 8.1.14Eurovaltioilla ja euromaiden muilla julkisen talouden yksiköillä oli ennen kriisiä vuoden 2007 lopussa karkein luvuin 6 000 miljardia euroa velkaa. Sitä oli enemmän kuin EU-sopimusten mukaan olisi saanut olla – ja enemmän kuin velkaisimmat pystyivät maksamaan. Velkaa oli ennen kriisiä hieman alle 70 prosenttia suhteessa euromaiden vuotuisen kokonaistuotannon arvoon, kun EU:n sääntöjen mukaan velkaa olisi saanut olla korkeintaan 60 prosenttia vuotuisen bkt:n arvosta. Nyt velkataakka on suurin piirtein puolta raskaampi, vaikka velkakriisin alkamisesta on viitisen vuotta. Railakkaimmin on kasvanut kriisimaiden velkataakka, vaikka juuri näitä muut euromaat ovat kriisitoimillaan ja hätäluotoillaan "pelastaneet".
HS 3.1.14 Aalto-yliopiston kansainvälisen talouden professori Pertti Haaparanta tyrmää EU:n talouskomissaari Olli Rehnin hehkutuksen eurokriisipolitiikan onnistumisista.
Mark Blyth (author of "Austerity - The History of a Dangerous Idea") interviewed by C. J. Polychroniou for Truthout 16.2.14 "The rise in debt was a consequence of the lending crisis, not a spending crisis." "the greatest bait-and-switch in human history"
The shocking fact at a time of austerity is that EU military expenditure totalled €194 billion in 2010, equivalent to the annual deficits of Greece, Italy and Spain combined. "Despite the clear evidence of the cost of high military spending, military leaders continue to push a distorted and preposterous notion that European Union’s defence cuts threaten the security of Europe’s nations. NATO’s secretary general, Anders Fogh Rasmussen “has used every occasion to cajole alliance members into investing and collaborating more in defense.” "
Mike Whitney, Counterpunch 11-13 Oct: "Absent a debt ceiling deal, the repurchase market–known as repo–would undergo another deep-freeze as it did in 2008 when Lehman Brothers defaulted..." "...The same tragedy will play out again, if congress fails lift the ceiling and reinforce the present value of US debt." "Repo is at the heart of the shadow banking system, that opaque off-balance sheet underworld where maturity transformation and other risky banking activities take place beyond the watchful eye of government regulators." "Keep in mind, the US government does not have to default on its debt to trigger a panic in the credit markets. Changing expectations can easily produce the same result... when people start to doubt that US Treasuries will be liquid cash equivalents in the future" "This is what the Fidelity flap is all about. It’s about the erosion of confidence in US debt."
#1 Chinese credit rating agency Dagong has downgraded U.S. debt from A to A- #2 China's recent currency swap agreement with the eurozone... will result in a lot less U.S. dollars being used in trade between China and Europe... #3 Currency swap agreement with UK last June #4 The exposure to the 1.3 trillion dollar debt is becoming a major e internal issue #5 Govt adviser Mei Xinyu's warning that China may decide to completely stop buying U.S. Treasury bonds #6 China's State Administration of Foreign Exchange is looking to diversify into real estate investments in Europe #7 Xinhua has called for a "de-Americanized world" #8 and said that the debt deal "was no more than prolonging the fuse of the U.S. debt bomb one inch longer." #9 China is the largest producer of gold in the world, and it has also been importing an absolutely massive amount of gold ... the Chinese appear to be accelerating their gold buying.
Guardian, 12 Nov A group of Occupy Wall Street activists has bought almost $15m of Americans' personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit. Rolling Jubilee spent $400,000 to purchase debt cheaply from banks before 'abolishing' it, freeing individuals from their bills 'Our primary purpose was to spread information about the workings of this secondary debt market,' said Andrew Ross
JAK Vi måste ta tillbaka makten över våra pengar – och därigenom våra liv!!! Det har tagit så lång tid för oss människor att förstå och genomskåda vad exponentiell tillväxt faktiskt är…men tack och lov börjar insikten sprida sig snabbt nu
Pubblichiamo un'anticipazione dal nuovo numero di Le monde diplomatique/il manifesto in uscita il 14 febbraio 2013 con il quotidiano.di Alexis Tsipras, da il manifesto, 6 febbraio 2013Febbraio 1953. La Repubblica federale tedesca (Rft) è schiacciata dal peso del debito pubblico e minaccia di
A Greek journalist who published the names of more than 2,000 of his compatriots who held Swiss bank accounts was acquitted on Thursday (1 November) in a case that touched a nerve over the role of tax evasion in the country's debt crisis.
The article provides a data-rich analysis of how a banking crisis has morphed into a sovereign debt crisis as the authorities have refused to impose losses on investors in banks in the so-called core Eurozone countries. And as Rosner argues, the current path of denial and delay has increased the eventual costs to Germany and the global economy, with the tab to Germany already €500 billion higher than it would otherwise have been.
If there’s a single word that best describes the rating agency’s decision to downgrade America, it’s chutzpah — traditionally defined by the example of the young man who kills his parents, then pleads for mercy because he’s an orphan.
America’s large budget deficit is, after all, primarily the result of the economic slump that followed the 2008 financial crisis. And S.& P., along with its sister rating agencies, played a major role in causing that crisis, by giving AAA ratings to mortgage-backed assets that have since turned into toxic waste.
Student Debt and The Spirit of Indenture.. In this article the author examines the issues of U.S. students and the degree of indebtedness they enter into in order to pay for their higher education. Given the significant amount of debt that graduated students must pay off, the author likens their early working years to the indentured servitude that afflicted colonial immigrants to the United States. Also under discussion are proposals that could lighten the debt load for students including a plan that would supply free higher education at government expense.