The European Commission denied on Tuesday a report that Greece had accepted restructuring its debt was inevitable but market fears were undimmed and Athens paid more to sell short-term paper.
Ratings agency cuts long-term outlook from stable to negative for first time since Pearl Harbor attack 70 years ago.
The European debt crisis worsened as investors ignored Greece's claims it won't need to restructure its debt, Ireland's banks were cut to junk status and Portugal's planned bailout was threatened by a possible veto from Finland.
[[wysiwyg_imageupload:2142:]]By The Mogambo Guru
I watch expectantly as the national debt again nears the debt limit, and Zero Hour is just a few weeks away, a term I cleverly used to indicate that available credit will be zero. Maxed out.
I let it go at that, as I am not inebriated enough to get up on my high horse to loudly and rudely note that nobody in the corrupt government (including the Federal Reserve) apparently needs any stinking permission from anybody to do anything anymore, including any number or frauds and corruptions, to keep the government wallowing in the oceans of cash it so desperately, desperately needs to keep, you know, wallowing.
I’m not sure why everyone thought comments the other day from the German Finance minister, Wolfgang Schäuble, to the effect that Greece may eventually face a sovereign debt restructuring, were such a revelation.
WHEN Republicans proposed slashing billions of dollars from federal spending this year, Democrats circulated predictions by economists that jobs and growth would be hit. John Boehner, the Republican speaker in the House of Representatives, countered with an economic expert of his own: John Taylor of Stanford University. “Nothing could be more contrary to basic economics, experience and facts,” Mr Taylor asserted on his blog, which Mr Boehner cited. By cutting government spending, he said, the Republicans would “crowd in” private investment and create jobs.
With House and Senate passage Thursday of a $38 billion budget reduction deal forged by GOP leaders and the White House, the stage is set for the next battle in the budget war consuming the nation’s capital: raising the debt ceiling while negotiating a long term solution to the deficit.
Cost of insuring Greece's borrowing for five years hits new high as country's bonds are 'crushed'.
Just over a year ago, I wrote a column praising Rep. Paul Ryan’s Roadmap. I called its ambition “welcome, and all too rare.” I said its dismissal of the status quo was “a point in its favor.” When the inevitable backlash came, I defended Ryan against accusations that he was a fraud, and that technical mistakes in his tax projections should be taken as evidence of dishonesty.
The US should make a 'down payment' this year on tackling its budget deficit, the International Monetary Fund has warned, as it emerged that the world's biggest bond investor is shorting the country's bonds.