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Germany rules out Greek debt writedown

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German Finance Ministry spokesman Martin Jaeger. Germany has ruled out any restructuring of Greece’s debt to international creditors, despite a report by the International Monetary Fund (IMF) which shows the cash-strapped country is in dire need of debt cancellation. An analysis by the IMF, which was released in Washington on Thursday, showed that Greece needed an extra EUR 50 billion (USD 56 billion)... 

Bailout referendum rallies gather thousands in Athens

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Two rival rallies took place in Athens on Friday. Police estimate that 25,000 came out to support the ‘No’ camp, which calls for the rejection of a new bailout deal with creditors in Sunday’s referendum, while 20,000 gathered to back the “Yes” vote. Greece’s Prime Minister, Alexis Tsipras, who called the referendum last week to add more weight to his position in talks with creditors, addressed... 

Greece after 5 years of belt tightening

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The EU and its financial institutions have been pushing an austerity policy on Greece for the last five years. High unemployment, more taxes, billions of euros fleeing, and an increase in suicides mean Greeks on Sunday have to decide if enough is enough. What happened? In January, the left-wing Syriza party led by Prime Minister Alexis Tsipras promised to end years of austerity measures without leaving... 

​Greece becomes first developed nation to default on international obligations

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The International Monetary Fund has confirmed that it didn’t receive the €1.6 billion payment from Athens that was due by the end of June 30, Brussels time, making Greece the first developed country to default on its international obligations. IMF spokesman Gerry Rice said in a statement that Greece had asked for a repayment extension earlier Tuesday and that the fund’s board will consider... 

Kiev Should Fix Its 'Chronically Broken Economy' Instead of Any Debt Talks

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The International Monetary Fund (IMF) has recently called on Ukraine and its creditors to continue negotiations on the country’s debt, but the editor-in-chief of the business and finance media company thinks that Kiev should instead concentrate on “fixing what is absolutely, chronically broken economy” and launch immediate reforms. The International Monetary Fund (IMF) has called on Ukraine... 

Russia halts gas supplies to Ukraine after pricing talks fail

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Russia’s gas giant, Gazprom, has announced that it is halting natural gas supply to the war-stricken Ukraine after pricing talks between two neighbors failed. “Ukraine did not pay for July gas supplies,” Gazprom chief, Alexei Miller, said in a statement on Wednesday, adding, “Gazprom has halted gas supplies to Ukraine from 10 a.m. (0700 GMT) July 1.” The Russian official... 

European banks lose €50 billion as Greek debt deadline nears

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The market value of European banks has shrunk by more than €50 billion after Greece shut down its banks until July, 6, the day after the referendum on the bailout deal is held. The Stoxx 600 Banks Index fell by 4.4 percent, the biggest daily decline since November 2011, Bloomberg reports. Among the biggest losers is Portugues Banco Comercial down 9.1 percent, and Italy’s Banca Monte dei Paschi... 

Greek PM announces closure of banks and stock market

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Greece has announced the temporary closure of banks and stock market as leaders of the US and Germany weigh in on the country’s debt crisis. The Bank of Greece has recommended a “bank holiday and restriction of bank withdrawals” on Monday, Greek Prime Minister Alexis Tsipras announced in a statement on Sunday. Athens stock market would also stay closed and capital controls are to... 

Greek pensioners protest against austerity deal

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Angry pensioners have hit the streets of the Greek capital, protesting against the reports of a new austerity plan being ushered onto them. It comes as Greece and its lenders debate the nation’s €240 billion debt. Demonstrators say they feel betrayed by Syriza’s measures of the upcoming deal, which, according to AP, suggests increasing the contributions that employees pay for pensions,... 

German heavy truck maker to lay off 1,800 employees by 2017

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A truck manufactured by Germany’s MAN SE. The company has decided to lay off 1,800 jobs. Germany’s MAN SE has decided to lay off as many as 1,800 jobs in the next two years as part of its cost-cutting policies. The respected truck maker said in a statement that it plans to “realign” some its divisions in Germany, Austria and Poland “avoiding duplication of work … streamlining its indirect... 

Top CEO pay has increased by 54% since 2009

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The pay of top CEOs from the 350 largest companies in the US has increased by 54.3 percent from 2009, to an average of $16.3 million per year – six times greater than that of the top 0.1 percent of wage earners, according to new study. According to the study by the progressive think tank Economic Policy Institute, $53,200 was the average annual salary of the worker in 2009 and it has remained stagnant... 

Child poverty in UK set for biggest rise

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A child playing in the streets in Brierfield in Lancashire where nearly 35% of children live in poverty. Child poverty rate in Britain is reportedly heading towards its largest increase in a generation, reversing over a decade of progress that began in the late 1990s, leading independent experts say. The bleak projection emerged Saturday just before the release of government statistics that are expected... 

US will supply gas to Ukraine, Europe in 2 years - John McCain

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The US will be able to supply natural gas to Ukraine and Europe within two years, Senator John McCain pledged in Kiev. The American politician believes that only gas reliance prevents European countries from hardening sanctions against Russia. “The United States will supply natural gas to Ukraine and other parts of Europe in two years,” McCain said on Saturday, RIA Novosti reported. McCain headed... 

Moscow Furious After Both Belgium And France Freeze Russian State Assets

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Russia has summoned the Belgian ambassador to Moscow and threatened to “respond in kind” after bailiffs instructed nearly 50 Belgian companies to disclose Russian state assets, a move which reportedly sets the stage for the seizure of Russian property in connection with the disputed $50 billion Yukos verdict. Essentially, Russia was required to submit a plan for a €1.6 billion payment pursuant... 

Ron Paul Says Day of Reckoning is Near As "Very Big Crash" Approaches

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As the stock market surged close to all-time highs and the Federal Reserve hinted it wouldn’t raise interest rates, former Rep. Ron Paul (R-Texas) reiterated his fears that the US economy is not sustainable, predicting a huge crash in the near future. “I look at the markets as being unstable, which means some days they go up a lot and some days they go down rapidly, but they don’t advance... 
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