Wednesday, May 20, 2015

Wednesday roundup (05-20-15)

Six [of the World's Biggest] Banks Pay $5.8 Billion, Five Guilty of Market Rigging (Bloomberg) Barclays handed biggest bank fine in UK history over 'brazen' currency rigging: Financial Conduct Authority's £284.4m penalty comes amid $6bn in fines for six banks for foreign exchange manipulation (The Telegraph)

Despite rise in growth, eurozone economy is still below 2008 level and faces a lost decade (The Associated Press)

Noyer: ECB will act if inflation target isn't met (Marketwatch)

Greece to default in June absent new loan: A senior spokesman for the Greek government has said Athens will have no choice but to default if the country's bailout lenders do not provide fresh funding by early June, when a repayment to the IMF comes due. (Deutsche Welle) Greece can't repay IMF on June 5 without a bailout deal, governing party official says (The Associated Press)

Defiant Greeks force Europe to negotiating table as time-bomb ticks: EMU creditors have Greece's Alexis Tsipras by the scruff of the neck, but he has a knife to their throats by Ambrose Evans-Pritchard (The Telegraph)

ECB raises emergency funding for Greek banks by 200 mln euros - source (Reuters) The ECB's in a Tight Spot Over Greece (Bloomberg)

Germany says 'Grexit' is possible (Dow Jones Newswires)

Portugal Sells Debt With a Negative Yield for the First Time (Bloomberg)

Bank of England rate-setters vote 9-0 to keep rates on hold, echo recent views (Reuters) Bank of England still firmly against interest rate rise (The BBC)

Japan debt plan needs BOJ to keep rates low for years - sources (Reuters)

'Debt monster' will devour West Australian assets, cash for decades, Opposition warns (The Australian Broadcasting Corporation)

Fed minutes show doubts about strength of US recovery (The Financial Times)

Half of college graduates expect to be supported by their families (Marketwatch)

For Many American States, It's Like the Recession Never Ended (Bloomberg)

As Illinois runs out of options in budget crisis, tax rises seen in the cards (Reuters)

San Bernardino council backs bankruptcy plan that hammers bondholders (Reuters)

Why Every American Should Care About Puerto Rico's Austerity Crisis (The Huffington Post)

NetApp to cut 500 jobs (Reuters)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

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