Emergency Economic Stabilization Act
Some Detroit advocates question why feds won’t bailout bankrupt city
Detroit residents and officials are struggling with the Congress’ steadfast refusal to offer the recently bankrupt city any bailout money, especially while most have memories of the 2008 federal bailout of the auto industry including Michigan-based General Motors and Chrysler.
Cyprus Rejects E.U. Bailout Deal
Lawmakers in Cyprus turned down a â?¬10 billion package from the European Union yesterday, calling it not a bailout but blackmail. It would have taxed ordinary bank deposits and left bondholders alone, a widely-criticized move that all but ensured its defeat. The European Central Bank had threatened to “halt liquidity” if Cyprus didn’t push through the […]
Top of the Hour: EU Approves Greek Bailout, Morning Headlines
Finance ministers from the Eurozone have approved a second bailout to save Greece from bankruptcy. After 13 hours of negotiations mostly hinging on how much of Greece’s debt will be reduced EU leaders agreed to a massive $172 billion bailout package. The head of the International Monetary Fund, Christina Lagarde, says the deal allows Greece […]
Details on the Greek Bailout
How much will it cost Europe to keep Greece out of bankruptcy? $172 billion, that’s how much. EU finance members gave approval to a second bailout package in Brussels overnight but Athens has to accept deep spending cuts and permanent monitoring. The chairman of the Euro group says the deal would secure Greece’s future in the […]