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 New Turn in the Euro Zone Financial Crisis The eurozone financial crisis is set to deepen following this week’s release of debt projections for the Greek economy. Budget estimates show that instead of peaking at 167 percent of gross domestic product, as predicted last March when the so-called bailout package was put in place, the debt ratio will hit 189 percent this year, rising to 192 percent in 2014—well above the [...] by ZH It is only a matter of time before France announces to little fanfare that its GDP is about to be slashed, and that as a result the rating agencies put it on downgrade review, and blowing up the entire EFSF mechanism. But before that one needs to shake out the weaker hands, like Italy. For better or worse, that just happened. From Reuters: “Italian [...] How the U.S. Got $14 Trillion in Debt and Who Are the Creditors Who Holds the Debt $14.3 trillion When the Debt Was Accumulated The Public Foreign Countries U.S. Gov’t Includes debt held by individuals, corporations, banks and insurance companies, pension and mutual funds, state and local governments. China Japan Britain Oil-exporting countries Other countries Federal Reserve System Includes collateral for U.S. currency and store of liquidity for emergency needs. Social Security Trust Funds Surpluses generated by the program that have [...] by ZH In release timed perfectly so as not to interfere with the congressional vote last week, late on Friday the CBO put out its comparison of the Obama’s budget, proposed back in February, with the CBO baseline assumption. The bottom line, and probably the main reason for the implicit S&P downgrade of the US, is that comparison the President’s budget to the CBO baseline indicates that [...] The sheer depth and duration of the U.S. job-market slump has created all sorts of unique problems for the economy. Now, it’s hitting businesses in a new way, through the taxes they pay to support unemployment insurance. In 2010, the amount employers paid into state unemployment-insurance funds rose 34% as a share of total wages, the Labor Department estimates. Total wages also rose a bit, so [...] |
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