The giant infrastructure lender has had to be propped up by India’s government
Tag: bailout
A bail-out for IL&FS raises wider worries about non-bank lenders
CAN a big financial firm’s credit rating fall from AAA one month—good enough for pension funds and life insurers—to junk the next without causing a crash? India’s government decided it did not want to find out. Last week it granted Infrastructure Leasing and Financial Services (IL&FS), one of India’s biggest shadow banks, a parachute. Plenty […]
The IMF agrees to beef up Argentina’s bail-out
An extra $ 7bn, paid out faster
The IMF agrees to beef up Argentina’s bail-out
All smiles: Dujovne and Lagarde THE three-year, $ 50bn credit line agreed on with the IMF on June 7th was intended to halt Argentina’s currency crisis. The peso had lost a quarter of its value against the dollar since the start of the year as investors fled to safe havens. It kept sliding. On August […]
Greek bailout disaster: EU vultures picked bones clean & moved on to next victim – Keiser Report
RT’s Keiser Report looks into media reports hailing the end of austerity in Greece, contradicted by the harsh reality of decades of painful austerity still ahead. Greece’s former finance minister Yanis Varoufakis posted a sobering tweet, pointing out that his country had “entered 32 years of permanent harsh austerity while the world media celebrated the […]
Greece exits its bail-out programme, but its marathon has further to go
“NO ONE buys furniture in a crisis,” laments Konstantinos Vourvoulakis. He and his father used to sell handmade furniture, but as customers became strapped for cash, they shut up shop in 2014. A chatty man with a sunny disposition, he started driving a taxi instead, ferrying tourists around Athens and offering travel tips. But he […]
Coal, nuclear plant operator files for bankruptcy, asks Trump for a bailout
Enlarge / SHIPPINGPORT, PENNSYLVANIA – OCTOBER 27: A view of the inactive cooling towers at FirstEnergy Corporation’s Bruce Mansfield coal-fired power plant October 27, 2017 in Shippingport, Pennsylvania. (Photo by Robert Nickelsberg/Getty Images) (credit: Getty Images) On Saturday, power corporation FirstEnergy placed its coal and nuclear generation units under chapter 11 bankruptcy. Although coal and […]
MoD begs Treasury for multibillion-pound bailout to halt military austerity
A multibillion-pound bailout is being sought by the UK Ministry of Defence (MoD). It is feared the British military will be devastated by the latest round of austerity measures. A full review of current army, navy and Royal Air Force (RAF) strength must be undertaken so troop numbers are not slashed further and vital equipment […]
A state bail-out of Monte dei Paschi draws near
Not the world’s oldest customer HELP is at hand for the world’s oldest bank. On June 1st the European Commission said it had agreed in principle to a bail-out by the Italian government of Monte dei Paschi di Siena, founded in 1472. For years Monte dei Paschi, Italy’s fourth-biggest bank by assets, has lurched from […]
Why China may be headed for a massive bank bailout
Reuters SHANGHAI/BEIJING (Reuters) – Moody’s Investors Service downgraded China’s credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. The one-notch downgrade in long-term local and foreign currency issuer ratings, to […]
