financial crisis

Remember when Goldman Sachs – dubbed by Matt Taibbi the Vampire Squid – sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts.
The post Swimming with the Sharks: Goldman Sachs, School Districts, and Capital Appreciation Bonds appeared first on BSNEWS.

a slow motion bank run has been underway in Greece for more than a month draining roughly 40 billion euros from the Greek banking system. If a deal hadn’t been struck on Friday, the ECB would have pulled the plug on its liquidity assistance program and blown the whole system to kingdom come. That’s how the Eurocrats planned to say goodbye to their long-struggling member, Greece, by giving them a sharp jolt to the groin before razing their economy to the ground

I believe Syriza is sincere, and I’m rooting for them, but they may have overestimated their own strength, while forgetting how the Mafia came to occupy its position; it didn’t derive from a lot of compromise with left-wing upstarts. Greece may have no choice, eventually, but to default on its debts and leave the Eurozone. The hunger and unemployment of the Greek people may leave them no alternative.

Germany holds the key to where Europe goes next. A fragile deal may have been reached on Ukraine, but there’s still no deal with Greece. In both cases, there’s much more than meets the eye.
The post From Minsk to Brussels, it’s all about Germany appeared first on BSNEWS.

Our government is not asking our partners for a way out of repaying our debts. We are asking for a few months of financial stability that will allow us to embark upon the task of reforms that the broad Greek population can own and support, so we can bring back growth and end our inability to pay our dues.
The post Yanis Varoufakis: No Time for Games in Europe appeared first on BSNEWS.

The CICM British Credit Awards, where tables cost from £3,000 to £4,000, are meant to celebrate the work of bailiffs, credit agencies and debt-collectors.
However, the black-tie event was interrupted by angry activists who blocked the doors, threw paint-bombs at tuxedo-wearing partygoers, and waved placards that read ‘social housing not social cleansing’.
The post Two arrested after paint-bombs thrown at fancy bailiffs’ dinner appeared first on BSNEWS.

We hope that the calls and solidarity actions will grow even more on Greek and international level and we encourage you to do your best in turning the conflict over Greece in a change for all Europe and beyond.
The post Message From Greece appeared first on BSNEWS.

In essence, they want the Bank of Canada to provide interest-free loans to the federal, provincial, and municipal governments, as provided for in the Bank of Canada Act.
The post The Case to “Reinstate” the Bank of Canada appeared first on BSNEWS.

if the new Greek government is able to stand its ground and to prevent the continuation of the horrific looting of the Greek people, assassination of its leading members is not unlikely.
The post Greece Under Attack: Pray For Yanis Varoufakis appeared first on BSNEWS.

There is no guarantee that Greece will be as successful with a return to the drachma, but there are reasons for optimism. First and foremost, the country now has both a primary budget surplus and a trade surplus. The primary budget refers to the national budget without counting interest payments. Greece is running a primary budget surplus of more than 3 percent of GDP (the equivalent of $500 billion a year in U.S. GDP). This means that if it didn’t have to pay interest on its debt, it would not need to borrow to make ends meet.