GREEK BANKS PREPARE PLAN TO RAID DEPOSITS TO AVERT COLLAPSE

GREEK BANKS PREPARE PLAN TO RAID DEPOSITS TO AVERT COLLAPSE

Greek banks are preparing contingency plans for a possible “bail-in” of depositors Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said. A Greek bail-in could ...

Reported Glitch Hits NY Stock Exchange and United Continental Flights

Reported Glitch Hits NY Stock Exchange and United Continental Flights

According to United Continental, flights were temporarily grounded this morning because of computer problems. United cited “network connectivity” as the source of the problems. Just hours ago, the NY Stock Exchange halted trading in all securities as it addressed a computer malfunction and said it canceled all outstanding orders, according to Bloomberg. ...

Chinese economy background

China’s stock market is crashing

China’s stock market is crashing, and the Chinese are trying to do the exact same thing America did in 1929 While European attention is focused on Greece, China is having a serious market meltdown. After exploding earlier in the year because of deregulation, China’s benchmark Shanghai Composite has collapsed a crazy 29% since the highs of early June. China’s other stock markets have had similarly steep falls. Bloomberg notes that the crisis is closely mirroring the 1929 Wall Street ...

How did Greece get in this mess?

How did Greece get in this mess?

Five years into its austerity regime, the Greek government has once again had to go cap in hand to its creditors and ask for more money. But the country’s complex tax system seems to be one of its biggest hindrances. The former head of Greece’s tax collection agency, raising taxes in the midst of the financial crisis, told the BBC “it was not an easy job to do”. Probably a masterful understatement, given Greece’s recent past. Harry Theocharis is now an MP, but used to be the most wanted man ...