Friday, May 20, 2016

Friday roundup (05-20-2016)

Greece is 'very close' to debt deal, says Pierre Moscovici (The Telegraph) [Meanwhile US] Treasury’s Lew Presses Germany to Find “Meaningful Debt Relief” for Greece: Lew’s words underscore Washington’s concerns that Greece remains a major risk to global growth (The Wall Street Journal)

Italy Needs Oil Price Rise to Reduce Deflation Risk, Istat Says (Bloomberg)

Austria could gain first far-right president since World War II this weekend (CNBC)

Brazil sees massive fiscal gap, plans austerity measures (Reuters) Brazil’s Meirelles Says Economy Worse Off Than He Imagined (Bloomberg)

Pensions may be cut to 'virtually nothing' for 407,000 people (CNNMoney)

Nokia cuts more than a thousand jobs in Finland (Reuters)

Diversified Machine plant to cut 500 jobs in Bristol [Indiana] (The Associated Press)

     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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