Wednesday, December 21, 2016

Wednesday roundup (12-21-2016)

Too big to save? How Italy's banking system could lead to the unravelling of the European Union: Eurozone's third biggest economy faces a financial ultimatum. (The International Business Times) This Bank Could Drag Down the Entire Eurozone With It (Lombardi Letter)

Investors snub Italian bank Monte Paschi's share offer - sources (Reuters) Clock ticking on Banca Monte dei Paschi on reports it has failed to find private backers (CNBC)

Italy approves €20 billion bailout fund as Monte dei Paschi moves closer to collapse (Marketwatch) Italy moves to rescue its banks: Italy has moved to rescue banks teetering on the edge of insolvency - by agreeing to inject billions of euros on the public tab. A long period of economic stagnation has left banks holding a lot of distressed debt. (Deutsche Welle)

Italy's political class should be very alarmed if MPS needs state bailout: Government is planning a rescue package for bank, but lack of private capital shows investor confidence in Italy has crashed (The Guardian)

Greece's Debt Problem Has Reached A Dangerous Point (Forbes) Euro zone lenders confident on quick solution on Greek debt spat: source (Reuters)

Britain's debt soars to £1.7TRILLION as borrowing jumps AGAIN: BRITAIN'S debt pile reached almost £1.7 TRILLION last month, as the Government continues to borrow billions each month to fund its spending, figures revealed today. (The Express) Britain on course to spend almost £1 BILLION every week on interest repayments as debt continues to grow: The Government borrowed another £12.6 billion to make ends meet in November (The Sun)

Manitoba forecasts $1-billion deficit for current fiscal year (The Canadian Press)

To Boost the [United States] Economy, Help Students First by Sheila C. Bair (The New York Times)

Newt Gingrich Says Trump Has Given Up On ‘Draining The Swamp’: If that wasn’t obvious. (The Huffington Post)

Puerto Rico revised budget gap projection up $10 billion to $67.5 billion: Board (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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