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Keyword: economicholocaust

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  • Nestle chief warns of new food riots

    The head of the world's biggest food company Nestle said on Friday that rising food prices have created conditions "similar" to 2008 when hunger riots took place in many countries. "The situation is similar (to 2008). This has become the new reality," the Swiss giant's chairman Peter Brabeck-Letmathe told the Salzburger Nachrichten daily in his native Austria in an interview. "We have reached a level of food prices that is substantially higher than before. It will likely settle down at this level. "If you live in a developing country and spend 80 percent of your income on food then of...
  • IMF Official Floats Euro Zone Bond-Buying Idea, Backs Away

    10/05/2011 8:03:31 PM PDT · by dynachrome · 3 replies ^ | 10-5-11 | reuters via cnbc
    An International Monetary Fund official said Wednesday, the global lender could buy Spanish or Italian bonds alongside a euro zone bailout fund, but he later appeared to back away from his own suggestion. Antonio Borges, the IMF's European head, told a news conference the IMF could possibly "invest alongside the European Financial Stability Facility (EFSF) . We would certainly be ready to play that role." Earlier in the day, he said Europe needs between 100 billion and 200 billion euros ($134 billion to $266 billion) to recapitalize its banks to win back investor confidence. Later, however, Borges issued a statement...
  • Paris prepares a plan to help its banks (nationalization of 2 or 3?)

    10/05/2011 4:21:46 PM PDT · by dynachrome · 6 replies
    Le Figaro ^ | 10-5-11 | Marie Visot
    Paris prepares a plan to help its banks The Agency for State Holdings (EPA), meanwhile, has been working for several days in a scheme that would allow the French to enter the capital of financial institutions. In the heart of summer, the little phrase from the Executive Director of the IMF, Christine Lagarde , the need for recapitalization of banks in Europe had created an uproar on this side of the Atlantic, both in government than among bankers. In France, especially, we stick tooth and nail for several weeks this summer's strategy, namely the implementation of the plan to rescue...
  • Police may be called in to break up sit-ins (Greece)

    10/03/2011 5:33:07 PM PDT · by dynachrome · 25 replies ^ | 10-3-11 |
    Deputy Education Minister Evi Christofilopoulou suggested that police might be mobilized to break up hundreds of sit-ins at schools on Monday a few hours after hundreds of pupils protesting cutbacks clashed with riot officers in central Athens ----------------------------------------------------Christofilopoulou added that a controversial scheme, finalized by the government on Monday, to put 30,000 civil servants on labor standby status, which would see them receiving a heavily docked wage for 12 months before early retirement or dismissal, would also apply to schoolteachers. Unionists accused the ministry of “artificially inflating teacher numbers.”
  • Greek tax, customs workers and taxis on strike

    09/13/2011 6:32:27 AM PDT · by dynachrome · 5 replies ^ | 9-12-11 | AP via CNBC
    ATHENS, Greece - Union opposition to the Greek government's austerity program intensified Monday as tax collectors went on strike, and power workers vowed to sabotage a new emergency property tax aimed at plugging a budget gap spotted by international creditors. Tax and customs workers walked off the job for two days to protest cuts in their bonus pay while the power company union said it would "not allow the company to be used as a tax-collecting mechanism" for the property levy, which will be included on household electricity bills and is expected, together with fresh public sector cuts, to reap...
  • Italy's debt costs approach red zone

    12/29/2010 12:28:17 PM PST · by bruinbirdman · 15 replies · 6+ views
    The Telegraph ^ | 12/29/2010 | Ambrose Evans-Pritchard
    Italy's borrowing costs have jumped to the highest level since the financial crisis over two years ago, raising concerns that Europe's biggest debtor may slip from the eurozone's stable core into the high-risk group on the periphery. Yields on 10-year bonds rose 10 basis points to 4.86pc after a poor auction of short-term debt in Rome. The Italian treasury had to pay 1.7pc to sell €8.5bn (£7.2bn) of six-month bills in a thin post-Christmas market, up from 1.48pc a month ago. The spike in rates came as money supply data released by the European Central Bank showed that real M1...