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New York City rationing toilet paper at Coney Island - (www.nypost.com) The city is so hard up for cash that it's rationing toilet paper in women's public restrooms -- to the point where bathroom attendants are doling out a few measly squares per patron -- along the world-famous Coney Island boardwalk. The Post witnessed stone-faced Parks Department employees leave toilet-paper dispensers empty last week and instead force astonished female beachgoers to form "ration lines" in the bathrooms. Regina Ballone, 25, of Brooklyn visited a boardwalk bathroom at West 16th Street Wednesday and was "grossed out" at the thought of someone else handling her toilet paper. "Never in my life have I experienced anything like this," she said. "I walked toward a stall, and a bathroom attendant stopped me by shouting, 'Hey, mami! There's no toilet paper here,' and she whipped out a big roll for me to grab some." Beachgoers also have been forced to line up for their paltry allotment of the city's cheap, single-ply toilet paper at the boardwalk's other women's restroom at Stillwell Avenue. Benedikte Friis and Ann Damgaard, both 22, from Denmark, said they enjoyed visiting Coney Island last week -- except when it came to the bathrooms.
Greek Debt Plan May Lead to Selective Default: S&P - (www.bloomberg.com) Standard & Poor’s said the debt rollover plan for Greece may temporarily place the country in “selective default” if the French plan allowing bondholders to roll over their debt is implemented. The French proposal would qualify as a distressed debt restructuring because it offers creditors “less value than the promise of the original securities” and would therefore put Greece in default, S&P said in a statement today. Europe is inching toward a goal of getting banks to roll over 30 billion euros ($44 billion) of Greek bonds, instead of opening a hole for the official lenders to fill. French banks, with the biggest holdings in Greece, worked out a rollover formula that is serving as an example elsewhere, with two options for bondholders to replace their maturing securities.
Carmakers and White House Haggling Over Mileage Rules - (www.nytimes.com) The Obama administration and the auto industry are locked in negotiations over new vehicle mileage and emissions standards that will have a profound effect on the cars Americans drive and the health of the auto industry over the next decade and beyond. Depending on the stringency of the standard, the deal could also reduce global warming emissions by millions of tons a year and cut oil imports by billions of barrels over the life of the program, cornerstones of President Obama’s energy policy. The administration is proposing regulations that will require new American cars and trucks to attain an average of as much as 56.2 miles per gallon by 2025, roughly double the current level. That would require increases in fuel efficiency of nearly 5 percent a year from 2017 to 2025.
Banks cutting principal on some mortgages: report – (www.rawstory.com) Bank of America Corp and JPMorgan Chase & Co have started modifying tens of thousands of mortgages where the banks deem the loans especially risky, even if the borrowers have not asked, theNew York Times reported on Sunday. In some cases, the paper said, the banks are slashing the amount borrowers owe, citing one case in Florida where a woman's principal balance was cut in half. The paper said the banks are targeting holders of pay option adjustable-rate mortgages, a type of loan where borrowers have the option of skipping some principal and interest payments and having the amount added back onto the loan. Such "option ARM" loans were seen as especially high risk in the wake of the financial crisis; the two banks collectively still have tens of billions of dollars of such loans in their portfolios. One law professor quoted by the Times said the banks were behaving in contradictory ways, modifying some loans that should not be and not modifying some loans that should be.
OTHER STORIES:
Profit-taking may loom as investors eye economic data - (www.latimes.com)
Hedge Funds Seeking Gains in Greek Crisis - (www.nytimes.com)
Greece needs Herculean reforms to secure bailout - (www.reuters.com)
Thaksin sister prepares to lead Thailand after stunning win - (www.reuters.com)
China’s Services Slowdown Adds to Concern That Economy’s Growth Is Slowing - (www.bloomberg.com)
India tries to boost manufacturing - (www.washingtonpost.com)
Republicans Might Accept ‘Mini’ Deal on Debt Ceiling, Senate’s Cornyn Says - (www.bloomberg.com)
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