Thursday, June 4, 2015

Thursday roundup (06-04-15)

Survey finds that increasing uncertainty over financial future of Greece weighing on eurozone (The Associated Press)

Greece to bundle its June IMF payments together (The Washington Post) Greece moves closer to eurozone exit after delaying €300m repayment to IMF: Athens takes creditor by surprise, saying it will bundle together €1.6bn of debt payments due to International Monetary Fund and settle up on 30 June (The Guardian) Greece misses IMF payment in warning shot as showdown with Europe escalates: No developed country has ever skipped a payment to the IMF - but Greek sources say they were provoked by Ambrose Evans-Pritchard (The Telegraph) Greece delays IMF payment, PM to brief angry parliament (Reuters) Greek debt crisis: IMF confirms delay in Greek repayments until end of June, averting default: The International Monetary Fund (IMF) has confirmed that Greece will be bundling four debt repayments due in June at the end of the month, averting the possibility of a Greek default today [= Friday]. (Agence France Presse)

Eurozone crisis: Last-ditch talks AGAIN fail on Greek deal as FTSE 100 plunges amid fears: WITH less than 24hours to save Greece from looming bankruptcy, last-ditch talks have AGAIN failed to bring an agreement – plunging world stock markets into meltdown and leaving the eurozone teetering on the brink. (The Express) Greek PM Tsipras won't come to Brussels Friday, talks becoming difficult (Reuters)

Greece may need bailout extension to get remaining funds: [Euro zone] officials (Reuters)

HSBC to pay 40 mln Swiss francs in Geneva money laundering probe (Reuters)

Bank of England leaves interest rates on hold once again as negative inflation keeps hawks at bay (This is Money)

Levels of UK household debt at record high, says think tank: The think tank warns that household debt has risen by more than £34 billion in less than three years and is £1.47 trillion – the highest ever (The Independent)

Canadian household debt levels rise to $1.82 trillion: RBC (CTVNews)

The Bank of Japan Can’t Jump-Start Inflation: Years of pumping money into the economy hasn’t raised prices (Bloomberg)

IMF warns U.S. Federal Reserve should delay rate hike until 2016 (Reuters)

Fed's Tarullo says worried about second-quarter recovery (Reuters)

Inequality Troubles Americans Across Party Lines, Times/CBS Poll Finds (The New York Times)

Martin O'Malley going after 'bullies of Wall Street' in campaign, but he has ties to big banks too (The New York Daily News)

Senator Elizabeth Warren on big money in Washington: Democratic Senator Elizabeth Warren of Massachusetts is tired of Washington being in the grip of big money and lobbyists. She thinks things need to change. Now. [May 26] (Youtube)

Leading Economists Now Lean Left (BloombergView)

Most older Americans fall short on retirement savings (CNBC)

Drought May Cost California's Farmers Almost $3 Billion In 2015 (National Public Radio)

     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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