We all should be gasping. This debt is choking trillions, it is a crisis & demands urgent, bold action. The Biden-Harris Admin can cancel student debt Day 1 via Exec Order.
Archiv: debts
QESCO to be handed over to Balochistan govt: Omar
Federal Minister for Power Division Omar Ayub has said the federal government has decided to handover Quetta Electric Supply Company (QESCO) to the provincial government of Balochistan. He said as a part of the privatisation drive, the government had offered Balochistan to takeover the operation of the QESCO, adding that the government was also going to privatise Peshawar Electric Supply Company (PESCO) and the Islamabad Electric Supply Company (IESCO).
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%.
Comedian Vic DiBitetto goes on an epic rant over government checks and mortgage payments
(23.04.2020)
The four-and-a-half minute rant has received over 1,600,000 views on YouTube, 158,000 likes on Reddit,
Rep. @AOC : „Here’s the path to canceling rent — we’re going to lay it out right here. WATCH: @RepAOC lays out a method by which rent and mortgages can be suspended to help both renters and mom and pop landlords.
3.4M homeowners skip payments; many are scared, say Congress needs to act
„They told me, yes, you can skip three months‘ payments,“ Gullo says. „But then they told me there was a balloon payment at the end of it.“ He was told that after three months, they’d have to come up with all the money for those skipped payments. So they’d suddenly owe four months of mortgage payments all at once — $14,000.
Clashes predicted over trillion-euro Covid-19 aid as EU meets online
European Union leaders are expected to clash over the size and scope of a coronavirus recovery fund as they stand on the precipice of an economic slump unparalleled since the 1930’s Great Depression.
In a nutshell, #EU’s „help“ to fight #COVIDー19:
– Only credit lines (#loans)
– No mutualised debt (#Eurobonds)
– No currency issued to countries (#monetary #sovereignty)
– Free money for financiers, not the real economy
– Skyrocket the #debt/#GDP ratio => more #austerity soon.
You’ve Got Less Mail: The Postal Service Is Suffering Amid The Coronavirus
„The Postal Service is insolvent,“ he says. „It needs debt forgiveness, not debt extension. And it needs an infusion of capital right now.“
The Postal Service’s finances have long been in sorry shape, in part because of a requirement that the agency pre-fund the future retirement benefits of its employees. The agency says it lost $8.8 billion last fiscal year.
Swift EU deal needed or ‚we all collapse‘ says Di Maio An
The Eurogroup is trying to find a compromise between Italy, France and Spain, on the one hand, who want ‚coronabonds‘, and northern deficit hawks like the Netherlands, Denmark and Finland who advocate the use of the European Stability Mechanism (ESM), rejecting any mutualizing of debt.
What Happens In the Wake of the COVID-19 Lockdown? Economic Destruction, Global Poverty, Bankruptcies, Mass Unemployment. Neoliberalism to the Rescue
What prevails is an atmosphere of fear and uncertainty which enables powerful financial interests to manipulate the stock market and consolidate their financial positions. This crisis has led to an unprecedented concentration of money wealth.
CFK Presents Her Book At Cuba’s International Book Fair
Fernandez also spoke about the current administration under President Alberto Fernandez and the four years ahead of them. “We will keep our promises to the Argentinian people without a doubt,” she mentioned.
Going to the doctor should never be the reason anyone in our country should be in debt. Our health and lives are priceless. Read @BernieSanders plan to #EliminateMedicalDebt here:
Bernie Sanders Calls for Eliminating Americans’ Medical Debt
On top of his “Medicare for all” proposal, Mr. Sanders’s new plan would wipe out an estimated $81 billion in existing medical debt and ignore such debt in credit scores.
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 requests 13th IMF loan, amid US-China tensions
(04.04.2019)
The focus of the IMF programs was never institutional improvement but structural adjustments, which only protected the interests of a small elite, as these neoliberal policies worked well for them and not the general people.
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.
World Bank approves $722 million loan for Pakistan
The World Bank has approved $722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi – the largest metropolis that needs nearly $10 billion additional investment to make it liveable.
Why Pakistan’s economy is sinking
For decades, the Pakistani authorities have been unable to establish effective tax collection practices. Currently, only one percent of Pakistanis pay their taxes and the country has one of the lowest tax-to-GDP ratios in the world.
Successive governments have avoided imposing stricter controls because they have been staffed by members of the same elites that are actively evading taxes. They are able to do so not only because of government inaction but also because of widespread corruption. In fact, it is cheaper for them to bribe than to pay their dues.
Effect of lower interest rates
in theory, lower interest rates will:
– Reduce the incentive to save. Lower interest rates give a smaller return from saving. This lower incentive to save will encourage consumers to spend rather than hold onto money.
– Cheaper borrowing costs. Lower interest rates make the cost of borrowing cheaper. It will encourage consumers and firms to take out loans to finance greater spending and investment.
– Lower mortgage interest payments. A fall in interest rates will reduce the monthly cost of mortgage repayments. This will leave householders with more disposable income and should cause a rise in consumer spending.
America must lead the way to freedom in Venezuela, key investor says
A major movement to gain access to humanitarian aid is expected this Saturday in Cucúta along the Venezuela- Colombia border and ahead of that, a number of American debt holders have a specific and personal interest in a calm and swift resolution to the power vacuum in Venezuela Opens a New Window. — they want to be repaid.
Australia „struggling“ with credit card debt, corporate regulator warns
With one of the highest levels of household debt per capita anywhere in the world, Aussies owe a total of more than 45 billion Australian dollars (33.25 billion U.S. dollars) on their credit cards.(…)
While ASIC has urged consumers to be more careful, they also laid a large portion of the blame with the country’s banks, who are currently in the midst of a Royal Commission Inquiry focused on unethical lending practices and misconduct in the financial sector.
Italy must solve debt problem on own: This is a thing for Italians says Scholz
Italy must solve its debt problem on its own, German Finance Minister Olaf Scholz said Friday.
7 mn Italians in debt for medical care
Some 2.8 million Italians have been forced to dip into their savings and even sell their homes, it said.