The authorities believe it will positively contribute to encouraging the use of local currencies for the settlement of trade and direct investment between the two countries, the statement said.
Archiv: banks
Israel Aerospace Industries Paid $155 Million to Two Companies Linked to Azerbaijan Money Laundering
Israel Aerospace Industries, Israel’s largest aerospace and aviation manufacturer, transferred at least $155 million to two companies whose name have been associated with large-scale money laundering for the Azerbaijani government, according to leaked bank reports for the period between 2012 and 2014. The reason for the payments by state-owned IAI remains unclear.
South Korea must abandon illegal policies on Iran frozen assets: Government spokesman
Iranian authorities have been pressing South Korea to release between $6.5 billion and $9 billion dollars in funds that had been frozen since 2018 when the United States imposed its unilateral sanctions on Iran.
William S. Knudsen (1879-1948)
Knudsen became president of GM in 1937 and served in that position until 1940.
That year, President Roosevelt’s National Defense Advisory Commission was revived and Knudsen was put in charge. He probably felt at home with U.S. Steel’s Edward Stettinius, a Council on Foreign Relations member who later became Secretary of State (1944-1945), and Sears’ chairman, Donald Nelson, the anti-Semite who chaired the America First Committee, an influential outfit that strongly opposed fighting Nazism. By 1941, Knudsen was co-chairing the Office of Production Management to oversee the country’s armament program. He probably felt less at home though with Roosevelt’s choice of co-chair, Sidney Hillman, a Jewish labour leader. But, all-in-all, WWII was highly profitable for Knudsen and his company. GM received $14 billion in contracts from the U.S. War Production Board, which was conveniently chaired by Knudson. GM’s vehicle factories in Germany churned out most of Hitler’s army trucks and many bomber aircraft engines for the Nazi war effort. In 1942, Knudsen was recognized in a special way by the U.S. Army. No he wasn’t arrested for conflict of interest or conspiring to arm the enemy, he became the first civilian to be made a U.S. Army General.
Nearly 4 million homeowners are no longer paying their mortgages
Nearly 4 million people, or just over 7% of mortgage holders, have sought relief on their home loans as of April 30, according to housing data provider Black Knight. That’s up sharply from the beginning of March, when fewer than 150,000 mortgages were in forbearance.
The number is only expected to grow, with May payments due soon and with the nation’s unemployment rate expected to reach 15% to 20%.
Big banks are growing due to coronavirus — that’s an ominous sign
(01.05.2020)
Collectively, the ten largest U.S. banks expanded by more than $1.2 trillion in the first quarter of 2020. JPMorgan alone grew by nearly 20 percent, becoming the United States’ first bank with $3 trillion in assets. The bank took in $273 billion in new deposits in just three months. That’s equivalent to JPMorgan acquiring PNC Bank — the country’s seventh largest depository institution.
Guide to House Records: Chapter 22: 1910-1946 Nazi and Other Propaganda
22.87 The committee was frequently referred to as the McCormack-Dickstein Committee in reference to its chairman and vice chairman, John W. McCormack of Massachusetts and Samuel Dickstein of New York. It conducted public and executive hearings intermittently between April 26 and December 29, 1934, in Washington, DC; New York; Chicago; Los Angeles; Newark; and Asheville, NC, examining hundreds of witnesses and accumulating more than 4,300 pages of testimony. The committee accumulated evidence regarding individuals and organizations who worked to establish in the United States policies followed by the Nazis in Germany, the Fascists in Italy, and the Communists in Russia. The committee gave particular attention to the organization and activities of Friends of New Germany and Silver Shirts of America. The committee submitted its report on February 15, 1935 (H. Rept. 153, 74th Cong., 1st sess., Serial 9890).
The Whitehouse Coup
(23. July 2007)
Document uncovers details of a planned coup in the USA in 1933 by right-wing American businessmen
The coup was aimed at toppling President Franklin D Roosevelt with the help of half-a-million war veterans. The plotters, who were alleged to involve some of the most famous families in America, (owners of Heinz, Birds Eye, Goodtea, Maxwell Hse & George Bush’s Grandfather, Prescott) believed that their country should adopt the policies of Hitler and Mussolini to beat the great depression.
Wall Street’s Failed 1934 Coup
(2. December 2011)
Not a one of them was ever called to testify or was charged with Treason. Virtually all of them were founding members of the Council on Foreign Relations (CFR).
The League was headed by the DuPont and J.P Morgan cartels and had major support from Andrew Mellon Associates, Pew (Sun Oil), Rockefeller Associates, E.F. Hutton Associates, U.S. Steel, General Motors, Chase, Standard Oil and Goodyear Tires.
China lifts foreign ownership limits on securities, fund management firms
Foreign financial institutions have acted quickly. On Friday, Morgan Stanley said it had received CSRC approval to increase its shareholding in its China securities joint venture, Morgan Stanley Huaxin Securities Company Limited, from 49 percent to 51 percent.
On the same day, Goldman Sachs said it had been approved to increase its ownership in its China joint venture, Goldman Sachs Gao Hua Securities Company Limited, from 33 percent to 51 percent.
China, World Bank and WHO Collaborate to Support ‘Deep Water’ Phase of Health Reforms
(17. Februar 2015)
At the request of senior government officials, the World Bank and the World Health Organization are collaborating with China’s Ministry of Finance, National Health and Family Planning Commission (NHFPC) and Ministry of Human Resources and Social Security, with support from the Bill & Melinda Gates Foundation, to analyze current constraints within the health reform process and identify practical solutions.
“In 2009, the Government of China launched an ambitious national health reform program to provide affordable, equitable and effective health care for all by 2020,” said Bert Hofman, World Bank Country Director for China.
Trump Axed Congressionally-Mandated Pandemic Recovery Oversight with Stimulus Bill Signing Statement
Trump, by way of a signing statement, noted that his administration would quite simply override a provision in the nearly 900-page stimulus bill that would require the country’s newest inspector general–just created and tasked with overseeing the disbursement of the stimulus funds–to report to Congress any time the administration stonewalled about where or how those funds were being spent.
Trump Claims Power To Gag Watchdog Overseeing New $500 Billion Bailout
President Donald Trump has issued a signing statement declaring that he can block a watchdog from telling Congress when information is withheld about payouts to businesses in the massive new $2 trillion economic relief law.
Democrats fought hard for provisions in the measure to ensure …
Coronavirus: Washington quietly prepares a bank rescue — just in case
(27.03.2020)
Tucked inside Congress‘ $2 trillion economic rescue package for America is sweeping authority for the government to come to the aid of the one industry that has insisted it doesn’t need a bailout: the big banks.
U.S. Fed hires BlackRock to help execute mortgage-backed securities purchases
The U.S. Federal Reserve has hired asset management giant BlackRock to help it execute the purchase of commercial mortgage-backed securities announced this week as part of the central bank’s aggressive efforts to shore up the U.S. economy.
COVID-19 Coronavirus “Fake” Pandemic: Timeline and Analysis
(08.03.2020)
In the Event 201 Simulation of a Coronavirus Pandemic, a 15% collapse of financial markets had been “simulated”.
It was not “predicted” according to the organizers and sponsors of the event.
Private sector initiative. Participation of corporate execs, foundations, financial institutions, Banks, Big Pharma, CIA, CDC, No health officials on behalf of national governments or the WHO. The simulation exercise was held on the same day as the opening of the CISM World Militaty Sports Games in Wuhan.
The Fed’s $16 Trillion Bailouts Under-Reported
(20.09.2011)
It is the first audit of the Fed in United States history since its beginnings in 1913. The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for “financial assistance” during and after the 2008 fiscal crisis.
Sen. Bernie Sanders (I-VT) amended the Wall Street Reform law to audit the Fed, pushing the GAO to step in and take a look around.
CNNMoney.com’s bailout tracker
Troubled ASSET RELIEF PROGRAM
Financial rescue plan aimed at restoring liquidity to the financial markets
(…)
Committed : $11 trillion (total)
Invested: $3 trillion (total)
Jane Sanders Says Bernie Campaign Will Remove ‚Powers-That-Be‘ From Government: ‚We Already Have Corporate Socialism‘
Sanders, the wife of Vermont Senator Bernie Sanders, told Fox News Saturday the „powers-that-be“ in America are placing a shallow focus on her husband’s „Democratic socialist“ label instead of what they’re really attacking — his campaign policies. Jane Sanders said „corporate socialism“ has benefited billionaires like President Donald Trump and Michael Bloomberg, while hard-working U.S. taxpayers end up paying for their business subsidies and bailouts.
German Banks Are Hoarding So Many Euros They Need More Vaults
The physical cash holdings of German banks rose to a record 43.4 billion euros ($48 billion) in December, according to Bundesbank data published on Friday. That’s almost triple the amount at the end of May 2014, the month before the European Central Bank started charging for deposits and raising the pressure on Germany’s already beleaguered banks.
Here’s the truth: the billionaire class is fine with corporate socialism when it means they get billions in tax breaks and bailouts.
Iran consulting with foreign companies to accept Iranian banks` guarantees
Minister of Roads and Urban Development of Iran Mohammad Eslami has announced that Iran is holding consultations with neighboring countries on accepting the guarantees of Iranian banks to foreign employers, all related to engineering and technical services projects.
Shocking photo shows paedo Jeffrey Epstein, Harvey Weinstein & ‘pimp’ Ghislaine Maxwell at Beatrice’s 18th birthday bash
DEPRAVED Jeffrey Epstein, his alleged pimp Ghislaine Maxwell and disgraced film mogul Harvey Weinstein grin at Princess Beatrice’s Windsor Castle party.
Sudan has received half the $3 billion promised by Saudi Arabia and UAE
Finance Minister Ibrahim Elbadawi said Saudi Arabia and the United Arab Emirates (UAE) had deposited $500 million with the central bank while $1 billion worth of petroleum products, wheat and products used by the agricultural sector had been received.
Wall Street Is Killing Local Newspapers
Perhaps the most infamous recent example was the breakdown of the 127-year-old Denver Post. Since private equity firm Alden Global acquired the paper, it has cut two out of every three staff positions — twice the industry rate for downsizing.
To add insult to injury, the firm has been using staff pension funds as its own personal piggy bank. In total, they’ve moved nearly $250 million into investment accounts in the Cayman Islands.
Dow tumbles 800 points in biggest one day fall of year on global economic growth slowdown
Bank stocks led the decline Wednesday as the inversion of the yield curve is seen making it harder for banks traditional business model to work when short term borrowing costs are higher than longer term lending rates.
Bank of America BAC, -4.69%, Citigroup CITI, -5.40% and J.P. Morgan JPM, -4.15% all ended sharply lower.
Over one million Italians lost jobs during crisis
The number of unemployed in Italy jumped by more than one million people between the start of the global economic crisis in 2008 and 2012, the national statistical agency Istat said Thursday.
Italian economy minister hails ‚historic‘ banking deal
A proposed new agreement on dealing with failing banks, hammered out in a lengthy meeting of finance ministers, was headed for a summit of European leaders on Thursday. Described as an „historic achievement“ by Italian Economy Minister Fabrizio Saccomanni, the single-resolution mechanism (SRM) agency is designed to prevent failures like the collapse of Lehman Brothers in 2008. Ban
The German state’s turn against democracy
In supporting the European banking union, Germany’s highest court reveals its anti-democratic heart.
AfDB approves $98 million financing for road transport corridor project in these two East African nations
“The project will enhance trade by significantly reducing transport costs, thereby accelerating the economic growth of Ethiopia and its neighbour Djibouti, as it is part of the main import-export corridor,” the AfDB said in a statement.
Draghi Shouts Louder at Germany as ECB Prepares Stimulus
(25.07.2019)
Yet Germany, which has a budget surplus and which can borrow money at sub-zero rates, doesn’t see the problem even as its own manufacturing sector contracts. Finance Minister Olaf Scholz told Bloomberg Television on Thursday, minutes before Draghi’s press conference, that he has no plans to loosen the country’s purse strings because it’s not “necessary or wise to act as if we were in a crisis.”
Republicans have no problem giving over $1 trillion in tax breaks to the rich and massive corporations. But when it comes to canceling student debt or tuition-free college, we „can’t afford it.“ What hypocrisy!
Pakistan signs $375 million syndicated loan with UAE banks
Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, Emirates NBD Bank, Noor Bank, Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.
CNNMoney.com’s bailout tracker
Troubled ASSET RELIEF PROGRAM
Financial rescue plan aimed at restoring liquidity to the financial markets
Committed : $11 trillion (total)
Invested: $3 trillion (total)
Trump loves socialism… for billionaires and massive corporations.
I didn’t hear Jamie Dimon criticizing socialism when Wall Street begged for the largest federal bailout in American history—some $700 billion from the Treasury and even more from the Fed.
JPMorgan Chase CEO Jamie Dimon: Socialism a ‚big mistake‘
JPMorgan Chief Executive Jamie Dimon warned at a quarterly meeting of the Business Roundtable (BR) that socialism would be a “huge mistake.“
“When government owns and controls companies used for political purposes, not economic purposes, it usually means jobs and votes and can lead to huge deterioration,” said Dimon, who chairs the BR.
Will the White House’s bullying of Europe over Iran work?
Those European efforts have centered on the creation of a payment channel with Iran, which in theory could allow European companies to keep trading with the country despite U.S. sanctions. The Paris-based Instrument in Support of Trade Exchanges (INSTEX) was formally registered by Britain, France and Germany more than three months ago and is expected to operate essentially like a clearinghouse for credit points.
Threatening Europe Over INSTEX Is Insane
That confirms a few things that we already suspected. First, it tells us that the U.S. is determined to cut off all legitimate trade with Iran, including trade in supposedly exempted humanitarian goods. They are actively working to cause the Iranian people as much misery as they can. Second, it tells us that the administration is willing to wreck its relations with some of its closest European allies to pursue their economic war against the Iranian people. U.S. interests and longstanding relationships with important allies are being sacrificed for the sake of a vindictive and outrageous policy of collective punishment against a population of more than eighty million people.
„Finally, he said that the EU countries’ special purpose vehicle – INSTEX, a mechanism designed to circumvent US sanctions on Iran – has been nearly useless to date“. @Jerusalem_Post
U.S. Warns Europe That Its Iran Workaround Could Face Sanctions
Sigal Mandelker, the Treasury Department’s undersecretary for terrorism and financial intelligence, signaled in a May 7 letter obtained by Bloomberg that Instex, the European vehicle to sustain trade with Tehran, and anyone associated with it could be barred from the U.S. financial system if it goes into effect.
Trump team threaten Europe with sanctions over Instex
Donald Trump’s staff have threatened sanctions against the financial body created by Germany, the UK and France to preserve trade with Iran in defiance of US trade barriers.
Sigal Mandelker of the US Treasury Department threatened Instex – the European body established to sustain trade with Iran – and anyone associated with it with exclusion from the US financial system.
Credit card interest rates are outrageously high. With @RepAOC, we are introducing legislation to challenge the greed of Wall Street and protect consumers across America.
Sanders, Ocasio-Cortez Propose 15% Cap on Credit Card Interest
Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.
The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.
Deutsche Bank Is Subpoenaed for Trump Records by House Democrats
The two committees that issued the subpoena, the House’s Intelligence and Financial Services committees, also demanded documents from numerous other financial institutions, including JPMorgan Chase, Bank of America and Citigroup, related to possible money-laundering by people in Russia and Eastern Europe, according to three people with knowledge of the investigation.
Wall Street bankers made more in bonuses last year than 3x the earnings of ALL full-time workers making the federal minimum wage of $7.25 an hour. We don’t need austerity for working families. We need austerity for the 1% and multinational corporations.
Philip Hammond seeks to soothe Brexit fears at Goldman Sachs party
Industry sources said Mr Hammond tried to strike an upbeat tone on Brexit at the US investment bank’s 150th anniversary party in the Natural History Museum, which Mr Solomon travelled to London to attend.
A Treasury spokesman confirmed that Mr Hammond met with Mr Solomon as well as other senior figures at the event. About 700 guests listened to a speech by Mr Solomon, who replaced Lloyd Blankfein in October, on the „challenges“ posed to Europe by Brexit.
Did Wall Street get a ‘trillion-dollar bailout’ during the financial crisis?
(18.3.2019)
Sanders, who is running for the Democratic presidential nomination, includes a version of this line in his stump speeches — as part of a slew of statements that he says demonstrates how the system is rigged in favor of the rich and powerful.
But his language is a bit slippery and exaggerated.
The Fed’s $16 Trillion Bailouts Under-Reported
(20.9.2011)
The audit of the Fed’s emergency lending programs was scarcely reported by mainstream media – albeit the results are undoubtedly newsworthy. It is the first audit of the Fed in United States history since its beginnings in 1913. The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for “financial assistance” during and after the 2008 fiscal crisis.
Sen. Bernie Sanders (I-VT) amended the Wall Street Reform law to audit the Fed, pushing the GAO to step in and take a look around.
JP Morgan agreed to pay out *$13 billion* over its massive role in mortgage schemes w the ‘08 recession. They also finance major fossil fuel pipelines. It’s big money? So maybe they *aren’t* the best authority on prioritizing economic wellbeing of everyday people & the planet.
EU charges eight banks over alleged government bond cartel
The European Commission said in a statement that some traders at the banks exchanged commercially sensitive information and coordinated trading strategies on the euro-denominated bonds, mainly through online chatrooms.
Merkel Calls for Swift Return to ‘Normal’ Monetary Policy
In the past Merkel has refrained from wading into monetary policy by defending the independence of the European Central Bank. President Donald Trump has been more pointed, arguing the Federal Reserve has been too aggressive in raising rates. In the U.K., the Bank of England has come under attack from pro-Brexit supporters over its grim economic forecasts about the costs of leaving the European Union.
Bernie Sanders: Concentrated Wealth is Concentrated Power
Sen. Sanders joins Paul Jay who asks if breaking up the big banks is enough to weaken the power of Wall St.
George W Bush – The Elite My Base
Published on Jun 15, 2006
Bernie Sanders: America is ‚owned and controlled by a small number of multi-billionaires‘
„We live in a nation owned and controlled by a small number of multi-billionaires whose greed, incredible greed, insatiable greed, is having an unbelievably negative impact on the fabric of our entire country,“ Sanders told Paul Jay, CEO and senior editor of The Real News Network, in an interview posted Thursday.
Jeremy Corbyn in 2010: „They-the world’s bankers, the IMF, the European Union – are utterly united in what they want: deflation, suppressing the economy & creating unemployment“
How’s that anti-Brexit saviour moment going then @davidschneider ?
Ex-Goldman Sachs Banker Said Colleagues Were Involved in 1MDB Scandal
A former Goldman Sachs banker who helped orchestrate the looting of a multibillion-dollar Malaysian government investment fund told a federal judge that several other employees of the prestigious Wall Street firm had also been involved, according to a court filing unsealed Friday.
Netanyahu Thanks Trump as US Sanctions on Iran Set to ‘Snap Back’ in Full at Midnight Sunday
(today)
The Trump administration announced Friday that its powerful sanctions would snap back against Iran, effective Sunday, on banking, oil, shipping and other economic sectors where the penalties were lifted by the Obama administration in 2015 as part of the JCPOA nuclear deal.
US threatens to smack SWIFT with sanctions if it fails to cut off financial services to Iran
US Treasury Secretary Steven Mnuchin has warned global financial messaging service SWIFT on Friday that it could be penalized if it doesn’t cut off financial services to entities and individuals doing business with Iran.
Iranian Foreign Minister Discusses New US Sanctions With EU Officials – Tehran
„During his Friday night conversations with Mogherini as well as Heiko Maas of Germany, Margot Wallstrom of Sweden, and Denmark’s Anders Samuelsen, the top Iranian diplomat discussed with them Washington’s re-imposition of sanctions against Iran and Europe’s efforts to counter such US moves,“ the statement read.
EU’s purposeful delay in implementing SPV
Reuters has recently reported that a new EU mechanism to facilitate payments for Iranian exports should be legally in place by Nov. 4, when the next phase of US sanctions take effect, but it will not be operational until early next year.
China Unexpectedly Gambles on European Mechanism to Sustain Iran Trade
„It seems that the fate of our trade with China is linked to the support package being prepared by the European Union,“ Hariri told Bourse & Bazaar in reference to the SPV promised by Iran’s key European trading partners.
No EU Member Ready to Host Mechanism to Defy US Anti-Iranian Sanctions – Report
(29.10.2018) No EU member state is willing to host the so-called Special Purpose Vehicle (SPV) to safeguard Brussels‘ trade ties with Tehran from Washington’s anti-Iranian sanctions, according to The Financial Times.
„No EU government wants to cross the US by having the SPV. Member states are not exactly queueing up for it,“ the newspaper quoted EU diplomats as saying on condition of anonymity.
Joint Statement by the UK, France and Germany on the Iran Nuclear Deal
It is our aim to protect European economic operators engaged in legitimate business with Iran, in accordance with EU law and with UN Security Council resolution 2231.
As parties to the JCPoA, we have committed to work on, inter alia, the preservation and maintenance of effective financial channels with Iran, and the continuation of Iran’s export of oil and gas. On these, as on other topics, our work continues, including with Russia and China as participants to the JCPoA and with third countries interested in supporting the JCPoA. These efforts have been intensified in recent weeks, particularly those underpinning the European initiative to establish a Special Purpose Vehicle which we are proceeding with work to set up. This will enable continued sanctions lifting to reach Iran and allow for European exporters and importers to pursue legitimate trade.
The Latest: EU expresses deep regret over US-Iran sanctions
In a joint statement Friday, they said they aim to protect European firms „engaged in legitimate business with Iran.“
They added that their „collective resolve to complete this work is unwavering.“
President Donald J. Trump Is Reimposing All Sanctions Lifted Under the Unacceptable Iran Deal
Sanctions will target critical sectors of Iran’s economy, such as its energy, shipping, shipbuilding, and financial sectors.
Over 700 individuals, entities, vessels, and aircraft are going back onto our sanctions list, including major Iranian banks, oil exporters, and shipping companies.
The sanctions also target transactions with the Central Bank of Iran and designated Iranian financial institutions.
Sales of food, agricultural commodities, medicine, and medical devices to Iran have long been—and remain—exempt from our sanctions.
Reimposing sanctions will cut off revenues the regime uses to bankroll terrorist groups, foment global instability, fund nuclear and ballistic missile programs, and enrich its leaders.
US reimposes all Iran sanctions, allows eight countries to continue importing oil
The US Treasury will also demand SWIFT stop servicing Iran’s banking industry as part of enforcing sanctions over the country’s nuclear program and alleged support for terrorism.
The sanctions will take effect Monday and cover Iran’s shipping, financial and energy sectors.
Trump administration to reinstate all Iran sanctions
President Donald Trump withdrew from the agreement in May, describing it as „defective at its core“ because it had not stopped Iran developing a ballistic missile programme and intervening in neighbouring countries.
„Sanctions are coming,“ he tweeted after Friday’s announcement, referencing the TV series Game of Thrones and its motto „Winter is coming“.
Chinese Banks Embrace Facial Recognition To Fight Fraud
The technology developed at Ping An can pinpoint 54 brief, involuntary micro-expressions that a face often creates before the brain can control the movements of the face. They include eyeballs that move back and forth and rapid blinking. “We use micro expression recognition technology to review loan applications.
In Ireland, a Picture of the High Cost of Austerity
(28.6.2010) Rather than being rewarded for its actions, though, Ireland is being penalized. Its downturn has certainly been sharper than if the government had spent more to keep people working. Lacking stimulus money, the Irish economy shrank 7.1 percent last year and remains in recession.
Joblessness in this country of 4.5 million is above 13 percent, and the ranks of the long-term unemployed — those out of work for a year or more — have more than doubled, to 5.3 percent.
Now, the Irish are being warned of more pain to come.
EU ‘needs another crisis’ to finish banking union
(16.5.2018) “I have the impression that [EU member states] have the false impression that everything’s fine, but everything’s not fine and the job is half done,” Olivier Guersent, director general for financial stability, financial services and capital markets union, said at the annual conference of the Single Resolution Board (SRB) in Brussels.
Politicians need “a big enough crisis for them to be scared enough, but not big enough to kill us”, to finish the banking union project, he added.
EU Bank Rescue Board Says Fund Will Hold €33B In 2019
Europe’s fund for helping failing banks is expected to swell to almost €33 billion ($38 billion) in 2019, up from nearly €25 billion earlier this year,
Italian economy minister hails ‚historic‘ banking deal
As well, the board’s decisions must be approved by EU finance ministers, leading some critics to say the process will be very complex. In a second step, governments will contribute to a resolution fund by imposing levies on banks over 10 years for a total of about 55 billion euros.
CNNMoney.com’s bailout tracker
Troubled ASSET RELIEF PROGRAM
Financial rescue plan aimed at restoring liquidity to the financial markets
Committed : $11 trillion (total)
Invested: $3 trillion (total)
Failure of the Left Leaves Italy a Victim of the Market
(24.6.2018) At the end of last month, European Commissioner Günther Oettinger scolded rebellious Italian voters who are fed up with European Union bureaucrats and European Central bankers dominating their country. “The market will teach Italians how to vote,” Oettingerm said.
He had made this remark when it seemed Italy was heading toward fresh elections after the latest political crisis. At the time the spread between Italian and German bonds jumped more than 300 points, aggravating Italy’s heavy public debt. In other words, Oettinger was convinced that the need for financial stability would force upstart Italian voters to get back in line with what the bankers want.
Italy agrees to €17bn bailout of two more banks in biggest ever rescue plan
(26.6.2017) Depositors were at risk so the state had to stop in to to save Banca Popolare di Vicenza and Veneto Banca, Prime Minister Paolo Gentiloni said
New Spanish PM seeks government without hard-left Podemos
Podemos, which helped Sanchez to oust Rajoy, said it wants to be in the government. The anti-austerity party wants generous welfare policies and tougher regulations and taxes on banks.
Nomination for Bank of Italy Governor Thrown Into Disarray
(18.10.2017) The move to oust Visco comes at a sensitive time for Italy and the euro area. The ECB, where he sits on the Governing Council, is due to meet next week to try and agree on how and when it can wind down its bond-buying program.
Contribute now to Tim Canova for Congress
Our politics and economy are increasingly rigged in favor of Wall Street banks and giant corporations. All too often, elected officials represent these narrow special interests rather than the rest of us. We must challenge this business as usual and demand accountability. Let’s take back our country and restore our democracy.
Revealed: how the FBI coordinated the crackdown on Occupy
(29.12.2012) New documents prove what was once dismissed as paranoid fantasy: totally integrated corporate-state repression of dissent