The Wall Street Journal’s Michael Casey argued in a recent article that the Cyprus bank rescue blunder exposed a lack of fresh ideas needed to tackle the ongoing sovereign-debt issue.
Earlier today, parliamentarians in the island nation of Cyprus overwhelmingly rejected a proposed law that would have imposed a levy on depositors in the country’s troubled financial institution.
A proposed “bail-in” of financial institutions in the tiny European Union nation of Cyprus has plunged the global economy into a period of doubt and dismay, following massive public outcry over what is essentially a wealth tax on Cypriot deposits.
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According to a report by Bloomberg News published on March 13, several Wall Street firms have raked in nearly $500 million since 2005.
Actions like this call into question the assurances given to Congress and the American public by current Fed Chairman Ben Bernanke, who in 2010 stated firmly that the central bank was not going to finance U.S. debt through its operations.
The government of Illinois was forced to settle with the U.S. Securities Exchange Commission this week following allegations that state officials purposefully misled investors of pension system debt about the risks of those assets.
While it’s unclear as to whether or not the Ryan budget proposal will pass, the differences between it and Democratic ideas suggest that the ongoing U.S. fiscal debate is far from over.
An email has been leaked from the U.S. Department of Agriculture that suggests mid-level administrators are being advised not to “contradict” what Obama administration officials are saying about the severity of the across-the-board budget cuts known as sequestration.