Thursday, July 23, 2015
NEW GREEK BAILOUT TALKS TO BEGIN AFTER BANK RESOLUTION LAWS PASSED.
GREECE DEBT SITUATION ON WORLD MARKETS
23 Thus he said, The fourth beast (EU,REVIVED ROME) shall be the fourth kingdom upon earth,(7TH WORLD EMPIRE) which shall be diverse from all kingdoms, and shall devour the whole earth, and shall tread it down, and break it in pieces.(TRADING BLOCKS-10 WORLD REGIONS/TRADE BLOCS)
24 And the ten horns out of this kingdom are ten kings(10 NATIONS-10 WORLD DIVISION WORLD GOVERNMENT) that shall arise: and another shall rise after them; and he shall be diverse from the first, and he shall subdue three kings.(THE EU (EUROPEAN UNION) TAKES OVER IRAQ WHICH HAS SPLIT INTO 3-SUNNI-KURD-SHIA PARTS-AND THE REVIVED ROMAN EMPIRE IS BROUGHT BACK TOGETHER-THE TWO LEGS OF DANIEL WESTERN LEG AND THE ISLAMIC LEG COMBINED AS 1)
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
Greek businesses look to relocate to Bulgaria-By EUOBSERVER-JULY 22,15
Today, 09:20-Up to 60,000 Greek firms are considering whether to relocate their business to Bulgaria following weeks of capital controls and economic turmoil, according to the Bulgarian Industrial Capital Association. Greek firms have faced difficulties in paying suppliers and now face an increase in corporation tax to 29 percent.
Fear made Greek deal possible, Juncker says-By EUOBSERVER-JULY 22,15
Today, 09:30-The worst was avoided" thanks to the euro summit agreement for a Greek bailout on 13 July, EU commission president Jean-Claude Juncker said in an interview to Belgium's Le Soir. "It is fear that made the deal possible," he noted, regretting "a rupture of solidarity" in Europe.
Market pressure eases on southern Europe-By EUOBSERVER-JULY 22,15
21. Jul, 09:08-Yields on Italian, Spanish and Portuguese bonds fell by 9 basis on Monday (20 July) after Greece received an EU emergency loan and repaid the IMF and ECB, according to figures collected by the Cyprus Mail newspaper.
One in two Greek tourist site could be illegal-By EUOBSERVER-JULY 22,15
Today, 09:21-One in two tourism accommodation units in Greece are suspected of operating without a license according to inspections of 2,000 properties by the Association of Hellenic Tourism Enterprise, Kathimerini newspaper reports. Most of these are believed to be apartments, villas and luxury villas that secure bookings online.
Greece to vote on second set of reforms-Greek Parliament on the night of the referendum on 5 July, which rejected austerity-By Eric Maurice-JULY 22,15-EUOBSERVER
BRUSSELS, Today, 09:15-The Greek government submitted new reforms to parliament on Tuesday (21 July), to be voted on Wednesday as part of the prior actions required by Greece's creditors to start negotiations on a new bailout.The two new measures are the transposition of the 2014 EU directive on bank recovery and resolution (BRRD) and the adoption of the Code of Civil Procedure, which the 12 July euro summit statement said will "accelerate the judicial process and reduce costs".With the directive, shareholders and lenders will have to bail in banks in case of failure and deposits will be guaranteed up to €100,000. According to the ANA-MPA news agency, a bill on permanent licenses for private TV stations and on the National Commission for Telecommunications and Post (EETT) could also be submitted to MPs.The government removed two other reforms from the bill: the phasing-out of early retirement and a tax on farmers.Both measures are disputed within Syriza, the left-wing party of Greek PM Alexis Tsipras. Thirty eight Syriza MPs voted against a first set of reforms on 15 July and Tsipras seems to have preferred not risking a new rebellion the second time around.The tax on farmers is also controversial with the main opposition party, the conservative New Democracy, who helped the government pass the first bill on 15 July.-Consultation-As also required by Greece's partners at the euro summit, the creditors institutions - the EU, the European Central Bank (ECB) and the International Monetary Fund (IMF) - "have been consulted" before the bill was sent to parliament, an EU official told EUobserver.The institutions expect that "the legislation on early retirement and farmers will be adopted in the next package due in the first week of August," the source said.In an opinion published Monday, the ECB "welcome[d] the draft law" but said "it does not opine on whether the draft law effectively discharges the obligations of the Greek State to implement the BRRD in Greek law"."By requiring the ministry of finance's prior consent [on some specific decisions], the draft law seems to go beyond … the BRRD", the ECB said.-Coup-Meanwhile, preliminary talks between Greek authorities and the institutions have started at technical level to elaborate working methods for the bailout talks. Greek media reported that representatives for the institutions are already in Athens, in a revival of the troika which the Greek government had pledged to keep out.In a speech at a meeting of the World Hellenic Inter-parliamentary Association, the speaker of the Greek parliament, Zoe Konstantopoulou, called on the Greek diaspora to resist a "coup".The euro summit agreement signed by Greece "challenges the democracy in our country, the free will of the Parliament, the freedom of conscience and expression of parliamentarians, their ability to discuss," said Konstantopoulou, a representative of Syriza's leftist hardliners.-Alternative-For his part, Tsipras confronted his critics in an unofficial paper circulated by government sources on Tuesday evening."I read about heroic statements, but I have heard no alternative proposal towards the blackmailing dilemma of the 12th of July", Tsipras was quoted as saying."If some believe that an alternative leftist plan is Schaeuble’s [the German finance minister's] plan, or grabbing the stock of European Central Bank notes, or giving IOUs to pensioners, let them explain to the Greek people", Tsipras was quoted as saying in what appears as a first direct attack on his former finance minister, Yanis Varoufakis.On Tuesday, the Standard & Poor's rating agency raised Greece's rating from CCC- to CCC+, where Greek bonds are still considered as "vulnerable to non-payment".
New Greek bailout talks to begin after bank resolution laws passed-The Canadian PressBy The Associated Press | The Canadian Press – Tue, 21 Jul, 2015-yahoonews
ATHENS, Greece - Greece's government spokeswoman says talks with the country's creditors for a new multibillion-euro rescue package will begin right after parliament approves laws on propping up and winding up banks.Olga Gerovasili said in a statement Tuesday that the vote on the bank laws will take place Wednesday. She said negotiations on the new bailout will conclude on Aug. 20.Gerovasili said Greece already met other conditions outlined by creditors for bailout talks to begin when lawmakers voted through package of measures including wide-ranging sales tax hikes.She said a vote on pension reform has been pushed back with the creditors' consent and insisted that there won't be any vote on changing how farmers are taxed.
Quantitative easing 'not on the table,' Finance Minister Joe Oliver says-The Canadian PressBy Michelle Mark, The Canadian Press | The Canadian Press – july 22,15-yahoonews
TORONTO - Finance Minister Joe Oliver says he doesn't see any need for quantitative easing, despite concerns that the country may have fallen into a recession."We don't see any need for quantitative easing in this environment," Oliver said Tuesday at Ryerson University in Toronto, where he was promoting an expanded free trade agreement with Israel."I mean, after all, we've seen 90,000 jobs created this year, and we look forward to a positive year of growth."Quantitative easing is not on the table."Some experts have wondered about the possibility of quantitative easing after the Bank of Canada cut its key interest rate last Wednesday by a quarter of a percentage point to 0.5 per cent.Quantitative easing is a monetary policy that would see the Bank of Canada purchase government securities or other securities in an effort to increase the supply of money and stimulate the economy.Other areas of the world have used the measure when they have fallen on hard times.The European Central Bank has been buying 60 billion euros a month in government and corporate bonds, and the U.S. Federal Reserve implemented a $85 billion a month bond-buying program to kick-start its economy before ending the program late last year.The debate over quantitative easing has sparked controversy in the past.Oliver's predecessor drew criticism in October 2013, when former finance minister Jim Flaherty described the American policy as "the printing of money" and said he never supported it. That was despite appearing to back the Federal Reserve's decision in 2010.Flaherty also signed off on a similar policy in 2009 during the height of the financial crisis, although it was never implemented.In reducing its overnight rate last week, the central bank also predicted a contraction in the second quarter due to lower oil prices and slumping exports — which, if true, would mean that the country fell into a technical recession, though Bank of Canada governor Stephen Poloz hasn't used the r-word.Poloz said he sees reason to believe there will be renewed growth in the third quarter, but he added that if matters don't unfold as anticipated, the Bank of Canada has room to manoeuvre as well as other "tools" in its monetary policy toolbox.
Federal government to run $1B deficit based on Bank of Canada forecast: PBO-The Canadian PressBy Andy Blatchford | The Canadian Press – JULY 22,15-YAHOONEWS
OTTAWA - The Bank of Canada's latest economic forecast puts the federal government on track to run a $1-billion deficit in 2015-16, casting doubt on Ottawa's promise to balance the election-year books, says a new analysis by the parliamentary budget office.The results of the calculations, based on the downgraded projection released last week by the central bank, also trim the government's expected surpluses over the next two years.The bleaker fiscal outlook, released Wednesday, surfaces as political parties are pitching economic policies to voters ahead of the October election.In its April budget, the Harper government predicted a string of surpluses, starting with $1.4 billion for this election year. The government forecast surpluses of $1.7 billion in 2016-17 and $2.6 billion in 2017-18.But the budget office projects the government producing a $1-billion shortfall in 2015-16 followed by smaller surpluses of $600 million and $2.2 billion over the next two years.Their calculations used fresh projections by the Bank of Canada, which last week lowered its outlook for economic growth in 2015 to 1.1 per cent, down from 1.9 per cent earlier this year.The budget office also factored in positive offsets that have appeared since the release of the spring budget: lower interest rates and higher gross domestic product inflation. Their results use up the government's $1-billion annual reserve set aside for contingencies.Canada's economy has been struggling, leading some to speculate whether it has slipped into recession.It contracted in the first quarter of the year at an annualized rate of 0.6 per cent — in large part due to the steep drop in oil prices and the failure of other sectors to pick up the slack.The analysis was produced by the independent office following requests by NDP MP Nathan Cullen and Liberal MP Scott Brison."The Conservatives staked their whole brand on a balanced budget while slashing services for Canadians — but they failed to build a balanced economy and will leave Canadians with another budget deficit," Cullen said Wednesday in a statement."It's Canadians that are paying the price for Conservative mismanagement."Despite months of poor economic data, the Harper government says it remains confident it will run a surplus this year."We remain on track for a balanced budget in 2015," Rob Nicol, the prime minister's chief spokesman, said in a statement following the release of the parliamentary budget office's report.Nicol noted the Finance Department's latest fiscal monitor, also made public Wednesday, shows Canada posted a $3.95-billion surplus for April and May — the first two months of the 2015-16 fiscal year.That two-month surplus includes a $1-billion boost from the spring sale of the government's remaining shares in General Motors.The Conservatives, including Prime Minister Stephen Harper, have said Canada is feeling the sting of economic problems around the world, including the crisis in Europe and slower-than-predicted growth in the United States.But on Tuesday, Finance Minister Joe Oliver predicted the Canadian economy would make a late-2015 comeback."Every economist that I've spoken to — certainly the 15 private sector economists whose forecasts we use as well as the Bank of Canada and the (International Monetary Fund) — all forecast positive growth for Canada this year," Oliver told reporters."We are very comfortable, very comfortable we're going to achieve a budgetary surplus this year."Follow @AndyBlatchford on Twitter
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