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October 4, 2015
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Tag: Bailout

Looks Like Greece’s Progressive Syriza Party Has Been Elected … Again

Most of Sunday’s snap general election results are in—and it seems Syriza has claimed another important victory in Greece and Alexis Tspiras will continue to lead the country.

Posted on Sep 20, 2015 READ MORE

Greek Opposition Tries to Form Government as Election Looms

One day after Greek Prime Minister Alexis Tsipras resigned and called for an early election to deal with a party rebellion over the country’s third bailout deal, Greece’s president has asked the country’s main opposition party to form a new government.

Posted on Aug 21, 2015 READ MORE

The IMF Gets Behind Greece With Debt Relief Demand

In a move that looks at once like a boost for Greece’s economic cause and grounds for further complication among eurozone member countries, the International Monetary Fund on Tuesday warned that it might pull its support for the proposed bailout plan unless other nations agree to whittle down some of Greece’s debt.

Posted on Jul 14, 2015 READ MORE

Tsipras Pushes Greeks to Take Bailout Deal

Greece’s Prime Minister Alexis Tsipras on Tuesday continued the diplomatic high-wire act that his country’s economic crisis has obliged him to attempt by working hard to persuade members of the Greek Parliament and the general population to accept the bailout package he was just offered in Brussels.

Posted on Jul 14, 2015 READ MORE

Greek Voters Send Decisive Message to European Leaders: No Deal (Updated)

If there was any lingering question about where the majority of Greeks stood on the deal drummed up by European creditors to try to contain Greece’s ongoing financial crisis, Sunday’s referendum on the bailout package soundly dispelled it.

Posted on Jul 5, 2015 READ MORE

Economists Krugman and Stiglitz on Why Greeks Should Vote ‘No’ on the Referendum

Nobel Prize-winning economists Joseph Stiglitz and Paul Krugman maintain that Greece must keep going it alone and vote “no” on the upcoming referendum on the bailout.

Posted on Jun 30, 2015 READ MORE

Petros Giannakouris / AP

It’s Greek to Goldman Sachs

“What is this Goldman Sachs and why has it caused us so much grief?” is a question they must be asking in even the most remote of Greek villages, as they are throughout much of this economically troubled world. (Reposted)

Posted on Jun 30, 2015 READ MORE

VIDEO: Ukraine Is in Crisis. Here’s Why the West Can’t Save It.

A video roundtable hosted by Truthdig Assistant Editor Alexander Reed Kelly explains why the IMF, Europe and Western corporations don’t have the country’s best interests at heart.

Posted on Jun 13, 2015 READ MORE

VIDEO: The IMF Walks Out of Greece Bailout Talks

The U.S.-led global debt brokerage pulled out of negotiations with Greece on Thursday after it accused Athens of refusing to compromise over labor market and pension reforms.

Posted on Jun 11, 2015 READ MORE

Greek Finance Minister Says Austerity Is Bad Medicine

Greece’s new left-wing, anti-austerity Syriza Party raises concerns over international creditors’ demands to restructure the country’s labor market and curtail its pension system in exchange for a new package of bailout funds scheduled for release Friday. Greek Finance Minister Yanis Varoufakis speaks with “Democracy Now!”

Posted on Apr 22, 2015 READ MORE

Why Ireland’s Political Elite Are Terrified of Syriza

Irish leaders—eager to maintain that compliance with the demands of international creditors after the 2008 crisis was the best choice for Ireland—are concerned that the defiant tactics of Greece’s newly elected Syriza party may expose their program as flawed if Syriza wins concessions from the troika of lenders.

Posted on Feb 2, 2015 READ MORE

pcruciatti /

A Whining Wall Street Banker Pleads for Pity

J.P. Morgan was recently socked in the wallet by financial regulators who levied yet another multibillion-dollar fine against the Wall Street baron for massive illegalities.

Posted on Jan 30, 2015 READ MORE

360b /

Enough of Germany’s Tyrannical Austerity

Years of trudging through an economic slough of despond, guarded by German warders, have left the states of the European Union’s south near to despair.

Posted on Jan 27, 2015 READ MORE

White House/Pete Souza

The Treasury Secretary’s Misperceptions About Wealth

By Treasury Secretary Jack Lew’s reckoning, being a millionaire does not constitute living high above the ranks of ordinary people.

Posted on Dec 19, 2014 READ MORE


When a Bank Owns 100 Oil Tankers, It Can Mess With the Price of Gas

A two-year Senate investigation of the financial sector has found that banks can meddle with the economy in new and frightening ways.

Posted on Nov 19, 2014 READ MORE

Why Do Banks Want Our Deposits? Hint: It’s Not to Make Loans

While banks do not need deposits to create loans, they do need to balance their books; and attracting customer deposits is usually the cheapest way to do it.

Posted on Oct 26, 2014 READ MORE

360b /

Should Companies Have to Pay Taxes?

Reading companies’ annual reports to the Securities and Exchange Commission is a reliable cure for insomnia. Every so often, though, there is a significant revelation in the paperwork.

Posted on Aug 29, 2014 READ MORE

AP/Charles Dharapak

We Need Elizabeth Warren on the Supreme Court

Elizabeth Warren is uniquely positioned to revive the flagging spirits of the left, and help restore the country’s confidence in the Supreme Court, which has sunk to record lows.

Posted on Jul 16, 2014 READ MORE

Out-of-Control Central Banks on a Corporate Buying Spree

Today, however, central banks are on a global corporate buying spree not to bail out bankrupt corporations but simply as an investment, to compensate for the loss of bond income due to record-low interest rates. Central banks have become some of the world’s largest stock investors.

Posted on Jun 23, 2014 READ MORE

GM Fires 15 Over Ignition Scandal but Says ‘No Cover-Up’

General Motors Chief Executive Mary Barra said Thursday that the company had fired 15 mostly senior executives over the deadly ignition scandal that has placed the automaker under federal investigation.

Posted on Jun 5, 2014 READ MORE

White House/Pete Souza

Geithner Tacitly Acknowledges Special Relationship With Citigroup

In his new book, former New York Fed chair and Treasury Secretary Timothy Geithner suggests that his relationship with Citigroup executive Robert Rubin did affect his supervision of the bank, which taxpayers ultimately bailed out with $45 billion.

Posted on May 14, 2014 READ MORE


An L.A. Story That’s All Too Familiar

When a city is forced to spend more on Wall Street fees than on basic public services, it is the sign of trouble.

Posted on May 9, 2014 READ MORE

Aspen Photo /

Let Them Eat NCAA Brackets

There are many modern-day analogies to Marie Antoinette’s attitude toward the proles during the 18th century, but nothing quite like Warren Buffett’s billion-dollar giveaway.

Posted on Mar 28, 2014 READ MORE

Journalist Crashes Wall Street Secret Fraternity Party, Lives to Tell Bizarre Tale

As he recounts in New York magazine, journalist Kevin Roose was able to infiltrate a secret Wall Street fraternity party in January 2012 that was attended by many of the top financial moguls of our time.

Posted on Mar 11, 2014 READ MORE

Gil C /

How the Rich Became Dependent on Government Welfare

Remember when President Obama was lambasted for saying “you didn’t build that”? Turns out he was right, at least when it comes to lots of stuff built by the world’s wealthiest corporations.

Posted on Feb 28, 2014 READ MORE


Don’t Pity the Billionaire

The rich have never been richer and the poor keep getting poorer. And if you think there’s a problem with that, you’re a Nazi. At least according to the poor, put-upon oligarchs.

Posted on Jan 31, 2014 READ MORE

AP Images

Elizabeth Warren’s Bill Could Mean Billions for Taxpayers

Sen. Elizabeth Warren has teamed up with Republican Sen. Tom Coburn of Oklahoma to introduce a bill that takes aim at the efficacy and malfeasance of government settlements on corporate wrongdoing and could bring billions of dollars back to taxpayers. If corporations have the same rights as people, then they should have to suffer the same consequences.

Posted on Jan 13, 2014 READ MORE

Financial Help or Bombardment ?

Posted on Jan 5, 2014 READ MORE

Iker Merodio (CC BY-ND 2.0)

Irish Compliance Yields Eurozone Bailout Exit

Three years after international lenders loaned Ireland $92.7 billion to recover from its part of the international economic crisis, the country is the first afflicted eurozone state to exit its rescue program.

Posted on Dec 14, 2013 READ MORE


Why Republicans Can’t Address Rising Inequality

So far, the Republican response to President Barack Obama’s historic address on economic inequality has not veered from the predictable cliches of tea party rhetoric.

Posted on Dec 6, 2013 READ MORE


Discredited Economic Theory Holds Europe in Deflationary Thrall

Why there is such iron fidelity to neoliberal austerity in the contemporary community of official, semiofficial and even academic economists? It can’t be that it works. It doesn’t work.

Posted on Nov 5, 2013 READ MORE

Bert Kaufmann (CC-BY)

There Is No Bailout for Climate Change

The head of the Organization for Economic Co-operation and Development is set to address an event co-organized by the London School of Economics, where he is expected to harshly criticize the global disregard of the impending disaster of climate change.

Posted on Oct 9, 2013 READ MORE

AP/J. Scott Applewhite

The People Win as Lawrence Summers Trades Power For Wealth

Poor Lawrence Summers, he doesn’t get to be chairman of the Federal Reserve, aka the czar of the world’s economic order.

Posted on Sep 16, 2013 READ MORE

Why the Anger?

Why is the nation more bitterly divided today than it’s been in 80 years?

Posted on Aug 13, 2013 READ MORE

CarbonNYC (CC BY 2.0)

The Insider’s Economic Dictionary: B Is for Bailout

Republicans and the financial sector sequester the economic surplus in their own hands, price their economic rents to squeeze incomes, and then criminalize poverty as if the poor vote to be poor as a matter of choice!

Posted on Aug 10, 2013 READ MORE

White House/Pete Souza

Gag Me With Lawrence Summers

President Obama thinks his former economic adviser is brilliant, but as Summers’ second trip through the revolving door between Washington and Wall Street reveals, he’s just greedy.

Posted on Jul 29, 2013 READ MORE

Image via Shutterstock

U.S. Banks Rake In Record $40.3 Billion in Quarter

Business is clearly good again for the financial institutions that were rescued by American taxpayers just a few short years ago. Thanks in part to increased revenue from customer fees, U.S. banks’ profits soared to a record high for the first quarter of 2013, the Federal Deposit Insurance Corp. reported Wednesday.

Posted on May 29, 2013 READ MORE

AP/Alexander Zemlianichenko

Why Putin Let Russia’s Richies Take a Bath

The collapse of the Cypriot banking system reveals much about the complex relationship among ordinary Russians, “offshore oligarchs” and a political system that depends on both.

Posted on May 14, 2013 READ MORE

Shutterstock image of bank.

Big Banks Are Victims of Their Own Success

Now that Wall Street has managed to neuter and delay the modest reforms passed by Congress, there is more political momentum to pass stricter financial regulations.

Posted on May 1, 2013 READ MORE

Shutterstock photo of a bill fragment with blood spots.

Wall Street Is Killing Dodd-Frank One Regulation at a Time

The already tepid reforms enacted by Dodd-Frank are falling prey to business leaders, Republican lawmakers and the son of Supreme Court Justice Antonin Scalia.

Posted on Apr 30, 2013 READ MORE

Stains on a Legacy

In retrospect, George W. Bush’s legacy doesn’t look as bad as it did when he left office. It looks worse.

Posted on Apr 26, 2013 READ MORE

mahalie (CC BY-SA 2.0)

Winner Takes All: The Super Priority Status of Derivatives

With taxpayer bailouts no longer an option, a major derivatives crisis could transfer money currently held by state and local governments and citizens—secured and unsecured, insured and uninsured—into the hands of derivative claimants.

Posted on Apr 10, 2013 READ MORE


It Wasn’t David Stockman Who Wrecked the Economy

For all of the strident attacks on Stockman’s column, I have yet to read a serious critique of his most brazen claim.

Posted on Apr 2, 2013 READ MORE

Rand Paul (CC-BY-SA)

Good Intentions, Bad Information at CPAC

Libertarians, whom the Republican National Committee has largely shut out, assumed a more energetic role at CPAC this year, using the failed election as evidence that the GOP should return to their philosophy’s ideals.

Posted on Mar 20, 2013 READ MORE

AP/Mark Lennihan

If Corporations Don’t Pay Taxes, Why Should You?

The U.S. government exists primarily to make the world safe for multinational corporations, but those firms feel no obligation to pay for that protection in return.

Posted on Mar 12, 2013 READ MORE

Two 2016 Prospects Spotlight Democrats’ Identity Crisis

Despite its success in recent elections, and despite the image of unity it projects, the Democratic Party is in the throes of an epic identity crisis pitting its corporate money against its stated principles.

Posted on Feb 22, 2013 READ MORE

AP/Charles Dharapak

It’s Good to Be a Goldman

Here’s a get-out-of-jail-free card, and while we’re at it, take this obscenely huge bonus for having wrecked the economy.

Posted on Feb 1, 2013 READ MORE

A Treasury Department Fail, ‘SNL’ Takes on Biden, and More

A look at the day’s political happenings, including a bipartisan agreement reached on immigration reform and Obama and Clinton give a joint interview on “60 Minutes.”

Posted on Jan 28, 2013 READ MORE

White House/Pete Souza

The Inconvenient Truth About Jack Lew

I suppose that he can’t be much worse than Timothy Geithner, but that should be scant cause for cheer over the news that the president has nominated Jack Lew as Treasury secretary.

Posted on Jan 11, 2013 READ MORE

Pastor’s Anti-Gay Remarks Stir Inauguration Controversy, Taibbi Blasts Government Lies, and More

A look at the day’s political happenings, including CNN interrupting Joe Biden’s gun control presentation to report on another school shooting and a heated on-air argument between MSNBC’s “Morning Joe” co-hosts.

Posted on Jan 10, 2013 READ MORE

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