China
State Official Hints Beijing May Bailout Greece - (www.zerohedge.com) "I
believe there are two ways to give Greece Chinese aid. First, within the framework
of the international aid through EU countries. Second, China could aid Greece
directly. Especially considering the Silk Road Economic Belt and the Asian
Infrastructure Investment Bank. China has this ability," Fan Mingtao
director of the Quantitative Finance Department at China's Institute of
Quantitative and Technical Economics told Sputnik China. It would be difficult
to imagine a more fitting pilot program for the world’s newest supranational
lender than a rescue package for the birthplace of Western democracy which has
been brought to its knees by that most Western of all multilateral
institutions, the IMF.
Puerto Rico Bonds Fall to Record Low as Debt
Crisis Worsens - (www.bloomberg.com)
Puerto
Rico bonds tumbled for a second day, extending the biggest selloff in at least
two decades, after Governor Alejandro Garcia Padilla moved to restructure the
junk-rated island’s $72 billion of debt to ease a fiscal crisis. The
commonwealth’s newest general obligations dropped 5 percent Tuesday to the
lowest since they were first sold in March 2014. That followed a 6.5 percent
decline for Puerto Rico securities Monday, the biggest one-day loss since at
least 1998, according to J.R. Rieger, vice president of fixed-income indexes at
Standard & Poor’s in New York. The governor’s statement Monday that Puerto
Rico can’t afford to repay all of its debts raised the specter of an
unprecedented restructuring in the municipal-bond market. Garcia Padilla’s push
to delay some debt bills surprised investors, coming just two months after he
said it would be a mistake to default on the commonwealth’s debt. “A lot of
uncertainty and a lot of problems that investors saw longer term have been
accelerated,” said Guy Davidson, head of munis in New York at AllianceBernstein
LP, which manages about $32 billion in local debt.
Greece Misses $1.7 Billion IMF Payment, Joining
Zimbabwe's Ranks - (www.bloomberg.com)
Greece became the first advanced economy to
miss a payment on IMF debt, joining the historical ranks of delinquents from
Cuba to Zimbabwe after the Mediterranean nation’s bailout talks with creditors
collapsed. The International Monetary Fund’s board has been informed that
Greece is now in arrears, spokesman Gerry Rice said in a statement, after a 6
p.m. Washington deadline Tuesday for Greece’s $1.7 billion payment, coinciding
with the expiration of the nation’s European bailout. Greece’s request for an
extension will go to the fund’s board “in due course,” Rice said.
The European Central Bank must now consider the effect of any missed payment on
the solvency of Greek banks when they discuss emergency assistance on
Wednesday. The outcome may affect Greece’s euro membership. Klaus Regling, the
head of the main euro-area bailout fund, has said it has the option of
demanding accelerated debt payments from Greece if it doesn’t pay the IMF.
Yelp
Plunges 11%, Halted After CEO Gives Up Trying To Find Buyer
- (www.zerohedge.com) Two short months ago, Yelp's share price
collapsed following dismal earnings. Within days the company had an idea for
pumping its stock back up - announce the investigation of a possible sale...
Now weeks later, the CEO has been forced to admit: YELP CEO SAID TO DECIDE
AGAINST FINDING A BUYER FOR NOW. We are sure there was just so much demand
and that the company had so much organic growth ahead that he decided against
it... traders are not amused - Yelp is down 8% and halted.
Airlines
owe fliers $10 billion - (money.cnn.com) A
penny, or $450, for your troubles? That's the business of AirHelp: getting
fliers money for airline woes. From delays to cancellations to overbooked
flights, more than 26 million people experience airline grievances every year.
More than 8 million of them are eligible for compensation as a result, but less
than 2% get the money they're entitled to. "When airlines say, 'Sorry,
it's due to weather,' they have to prove it," said Nicolas Michaelsen,
co-founder of AirHelp. On overbooked flights, for example, many
fliers are willing to accept vouchers. But they might actually be entitled to
much more. AirHelp has
a fully automated system that deciphers the validity of a claim based on
everything from flight info to air traffic control data.
Merkel Says New Talks Must Wait After Greece Blows Off IMF
Payment - (www.bloomberg.com)
Greece Misses Debt Payment, Deepening a Crisis - (www.nytimes.com)
Puerto Rico Bonds Fall to Record Low as Debt Crisis Worsens - (www.bloomberg.com)
Greece Misses Debt Payment, Deepening a Crisis - (www.nytimes.com)
Puerto Rico Bonds Fall to Record Low as Debt Crisis Worsens - (www.bloomberg.com)
1 comment:
Wow, that is a huge number. More than 26 million people experience airline grievances. Glad that flight delay compensation services are there to help us.
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