Canada Under Siege – Part 2 - The Economy

 

Source: World United News - YouTube

http://www.youtube.com/watch?v=o2K3x-Ci8O8

Watching the World descend into economic tyranny due to the IMF and Private for Profit only Banks, really angers the hell out of me, but being Canadian, it especially angers me for what is going on here in Canada…because our government is a party to the theft taking place right here…and that is regardless of what brand of politic sits in governance of our nation.

I was brought up believing that the Banking system in Canada was sound and far superior than the rest of the World simply because we had our own National Bank to issue our own money...and from 1935 to 1974 that was certainly true. But it has not been true since.

Born in Montreal Quebec, Canada in 1960, I’ve seen a lot of things happen to this great country of ours over the years, but I was extremely puzzled why, despite the abundance of our natural resources and government imposed high taxation that we had no money to function or healthy economy. One day I decided to find out why.

What I discovered was that there was a massive theft taking place right under our noses by the IMF and all the other private banks that secretly had embedded themselves into the fabric of our Canadian economy & community…What makes the massive banking crimes so maddening is that I also discovered that all the past and present, Federal & Provincial governments in Canada have had full knowledge of the theft and have been a party to it.

This theft has been going on since 1974 through Federal Conservative, & Liberal governments, and through the Provincial governments of the Conservative, Liberal, NDP, and Parti Quebecois parties. They ALL knew what was going on, and by their knowledge of these banking crimes, they have all committed treason against the people of  this nation for doing nothing about it. Maybe the Chamber of Commerce has something to do with it…since all political parties feast there.

By giving the power to create money to the IMF & its ring of Private Banks, and also by giving our natural resources to foreign business cartels, The Federal & Provincial governments have sold out the Canadian people!…est les Quebec libre aussi. We’re not so libre as we might like so we are all in this mess together.

The debt we owe today, with the National and Provincial debt combined, comes to around 1 Trillion dollars. The interest payment on 1 Trillion dollars if it was at 4% is 40 billion dollars. That works out to about 110 million dollars every day just to pay the interest on a loan that should never have been made in the first place!

The Bank of Canada:

The Bank of Canada was created in 1935 to restart the Canadian economy and regain the peoples trust through a Canadian centralized banking system. The issuance of our own currency, by our own National Bank came without interest or compound interest added, thus allowing Canada to prosper and not go into debt despite the huge work projects and social programs that were created to elevate society back from the trash heap.

Huge government programs were created to put people back to work and thus created some of the most important National Corporations between those thriving years of 1935 to 1974. These corporations were owned by Canadians under a banking system that used an interest free currency…everything belonged to us during that time, including the right to make our own budget.

Large-scale social programs such as Medicare, and social benefits for families…old age pensions all emerged out of this economic model…and it was a model that worked for everyone while it was in place.

The Personal Income Tax collected from individuals became the government’s biggest source of income to keep our own sovereign system in place. In essence, We worked and invested in our country at the same time. The nation prospered and provided us with a higher standard of living while not going into to debt.

All was well and fine until 1974 when the Government of Canada gave the IMF and private banks the power to create the Canadian dollar and to charge us compound interest on loaning us our own money. The result of this giveaway is that we no longer have control of our currency or our governing budget. It belongs to private banks and their centralized private I.M.F.

Since 1974, Federal and Provincial government budgets are borrowed from Private Banks with Compound interest attached. That means we lose large amounts of our wealth and hard earned money to pay back the compound interest that came with the loans…and since the money has to come from somewhere, Canadians became tax targets while at the same time we lose our social programs by government spending cuts directed and ordered by the IMF through banking blackmail. The international economic system is completely rigged…in other words, if you don’t do what the IMF tells you, your bond rating will be lowered and the interest on the loans will be increased…

Compound interest, by practice, steals all the money slated to maintain our infrastructure and social programs…as the interest on the loan builds, the debt increases, which then gives the governments the ok to increase our taxes, or borrow more money from the private banks. The whole charade sends the economy into perpetual inflation mode. This cycle has drastically lowered our standard of living since 1974 and All past & present governments are responsible and should be questioned on their knowledge of the theft taking place, or their incompetence of what was taking place….a thorough PUBLIC investigation into this is required at the very LEAST!

Shortly after the IMF took control of our monetary system, our National Corporations such as the Canadian National Railway, Air Canada, and Petro Canada, were sold by the Canadian government at the behest of those that control and loan us our money. Have a look into the Chamber of Commerce…there you’ll see where government business decisions come from. The Chamber of Commerce is a Private Club made up of Banks and Big Business Owners. Needless to say, National Corporations were sold to international private interests, And now they want to sell off programs by privatizing things like health care.

It is very important to note, that what disappeared with National Corporations such as Petro Canada, was the control of our natural resources and the profits they would have brought directly into the country’s coffers if we were not enslaved to the IMF and their scheme of compound debt. Instead, all profits from our natural resources go into the private pockets of the Corporate Share Holders while the rest of us pay increased taxes and allow them to steal it.

Corruption:

International Corporations pay rental fees to the Provincial & Federal Governments on the Canadian land they are raping…of course anyone in government that is pushing for corporate interests is on a committee that receives special compensation. To me this is nothing short of bribery…this type of behavior is shady, dishonest, and amounts to high treason against the people of Canada and should be publicly investigated with prison sentences for those found guilty. In light of these accusations I am making here, I find that the government is nothing more than a crime syndicate for big business, and it is time for these criminals to GO!

Now that the pillars of economic stability have been removed, Canadians find themselves at the mercy of the International banks that are TELLING us what to keep, what to sell and where to cut the budget. Our government not only sold us out, they refuse to change the economic climate for the betterment of its people…that means they do not work for the people of Canada but the private owners of the International Banks!

The next Canadian Federal election is in 2015 so we have time to organize the people of this country to take back our nation. To know which politician to vote for, make sure they are decidedly for removing the Private banks from issuing our money and to nationalize ALL our resources. It’s time to take our country back and this is the way to do it.

LINKS:

Canada Under Siege – Part 1 – The Tar Sands, Free Trade & Govt

http://www.youtube.com/watch?v=qpfOsf1f26I

Crime of the Canadian Banking System

http://www.snowshoefilms.com/
Oh Canada, Our Bought & Sold Out Land
http://www.youtube.com/watch?v=UbACCGf6q-c
Oh Canada Movie ORDER DVD
http://www.ohcanadamovie.com/
Press for Truth
http://www.pressfortruth.ca/
The Canadian Chamber of Commerce
http://www.chamber.ca/
Chambre de commerce et d’industrie de Quebec – (The Quebec Chamber of Commerce)
http://www.ccquebec.ca/
Bank of Canada – Official Website
http://www.bankofcanada.ca/
The Bank of Canada Act
http://laws-lois.justice.gc.ca/eng/acts/B-2/
Banknotes of the Canadian Dollar
http://en.wikipedia.org/wiki/Banknotes_of_the_Canadian_dollar
Canadian Banknote Company  - Owned by American Mega Corp. RR Donnelley
http://en.wikipedia.org/wiki/Canadian_Bank_Note_Company
BA International prints Canadian Dollars and is German Owned
Bloomberg - Company Overview of BA International Inc. – German Owned
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=11792219
Canadian Crown Corporation
http://en.wikipedia.org/wiki/Canadian_Crown_Corporation
Canadian National Railway – Privatized in 1995
http://en.wikipedia.org/wiki/Canadian_National_Railways
Air Canada – Privatized in 1988
http://en.wikipedia.org/wiki/Air_Canada
CBC
http://en.wikipedia.org/wiki/Canadian_Broadcasting_Corporation
VIA Rail
http://en.wikipedia.org/wiki/Via_Rail
Petro Canada – Privatized in 2009
http://en.wikipedia.org/wiki/Petro_canada

 

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Eurozone finance ministers approve bailout deal for Cyprus

 

French minister of Economy, Finances and Foreign Trade Pierre Moscovici (R) and International Monetary Fund chief Christine Lagarde (L) chat next to EU Commissioner for Economic and Monetary Affairs Olli Rehn (C) prior to an extraordinary Eurozone meeting on March 24, 2013 at the EU Headquarters in Brussels (AFP Photo / John Thys)

Source: Russia Today

http://rt.com/news/cyprus-eu-imf-bailout-764/

The Eurogroup has approved a deal on a 10 billion-euro bailout for Cyprus, struck early Monday in Brussels. Cyprus avoids exiting the eurozone, but will have its second largest bank closed with heavy losses expected for big depositors.

“The size of financial assistance will amount to 10 billion euro,” Eurogroup president Jeroen Dijsselbloem has announced at a press conference in Brussels after the eurozone finance ministers swiftly endorsed the plan.

“With this agreement we’ve put an end to the uncertainty that has affected Cyprus and the euro area over the last few days,”he added.

The new deal agreed between Cyprus and the Troika of international lenders - the EU, the ECB and the IMF - will set up a "good bank" and a "bad bank" and will mean that the country’s second largest bank Laiki will effectively be shut down.

Deposits below 100,000 euros will be shifted from Laiki to the Bank of Cyprus to create a “good bank.” Deposits larger than 100,000 euros will be frozen and used to resolve debts. It remains unclear how large the write-down on those funds will be.

The decision comes hours before the Monday deadline set by the European Central Bank, following heated talks between President Nicos Anastasiades and the Troika.

Earlier on Sunday the central bank in Cyprus has imposed an ATM withdrawal limit of 100 euros per day for the island's two biggest banks, in order to prevent a run on lenders.

Warren Pollock - market analyst and financial adviser says the financial turmoil in Cyprus is part of a broader crisis.

“In reality this is a global problem which has not been addressed since 2007-2008 and previous to that with the issuance of huge amounts of debt and leverage into the system both in Europe and in the United States,” he told RT.


“And when that debt goes bad, the only recourse which exists is to tap remaining collateral in the system which is the savings.”


Pollock believes that sooner or later this “sort of stealing” of savings may result in popular unrest. “We can definitely see smaller countries being the test to see whether savings could be stolen on a wider scale.”

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Cyprus imposes ATM withdrawal limit of €100 per day for island's two largest banks

 

People queue to withdraw their savings at a Cypus Popular Bank (Laiki Bank) ATM in Athens on March 22, 2013. (AFP Photo)

Source: Russia Today

http://rt.com/business/cyprus-bailout-withdrawal-banks-756/

The central bank in Cyprus has imposed an ATM withdrawal limit of 100 euros per day for the island's two biggest banks, in order to prevent a run on lenders.

A spokesman for the country's second largest lender, Cyprus Popular Bank, told Reuters that the new measure began at 1pm local time (11am GMT) and would remain in place until the bank reopens, or until confirmation of continued emergency funding from the European Central Bank. Cyprus Popular Bank had previously limited withdrawals to 260 euros per day.

A government official said the restriction also applied to the Bank of Cyprus.

It was initially reported that the measure was implemented on all banks in Cyprus, although it has now been confirmed that only the island's two biggest banks have been affected.

The news comes after Cypriot President Nicos Anastasiades took part in last-minute crisis talks with international lenders on Sunday, in an attempt to save the country from financial meltdown. The negotiations in Nicosia to seal a bailout from the EU and International Monetary Fund failed to reach a solution.

Anastasiades then headed to Brussels to hold talks with EU, European Central Bank and IMF leaders ahead of a crunch meeting of eurozone finance ministers.

Government spokesman Christos Stylianides said in a statement on Sunday that Anastasiades and his team have a "very difficult task to accomplish to save the Cypriot economy and avert a disorderly default if there is no final agreement on a loan accord."

The news comes just one day after Cyprus and the Troika agreed to a 20 per cent tax on deposits over 100,000 euros at the Bank of Cyprus and 4 per cent on deposits held at other banks.

"Unfortunately, the events of recent days have led to a situation where there are no longer any optimal solutions available. Today, there are only hard choices left," European Union Economic and Monetary Affairs Commissioner Olli Rehn said in a Saturday statement.

Cyprus is scrambling to come up with €5.8 billion by Monday, or face being kicked out of the Eurozone. The cash is a prerequisite for a further €10 billion in bailout funds.

Lawmakers' rejection of a previous proposal to tax all bank deposits prompted the European Central Bank to threaten to cut off emergency funding to Cypriot banks unless a deal was reached by March 25. Banks have been shut all week, and are due to reopen on March 26.

On Saturday, at least 1,000 bank workers in Cyprus hit the streets of the country’s capital of Nicosia. The demonstrators marched against the latest bailout measures taken by the country’s central bank.

Protesters carried banners that read, “Hands off provident funds” and “No to the bankruptcy of Cyprus.”

Turkey sends ‘stern warning’ to Cyprus over gas reserves

Meanwhile, Turkey has warned Greek Cyprus against using hydrocarbon reserves off the island to overcome its debt crisis without the consent of Turkish Cypriots. Ankara says such a move could result in an end to efforts to reunite Cyprus’ Turkish and Greek zones.

Turkey has contacted the US and plans to take the issue to the European Union, Today’s Zaman reported.

Ankara “had to issue a stern warning” regarding attempts to offer natural resources in exchange for foreign loans, a Turkish official said on Sunday.

Turkey has repeatedly warned the Greek Cypriot government against unilateral moves to extract natural gas and oil reserves off Cyprus, saying that Turkish Cypriots also have a say on the reserves.

The dispute recently escalated when reports surfaced that hydrocarbon exploration rights were part of Russia-Greek Cyprus talks last week over a possible deal which includes Russian financial help. However, the talks did not produce an agreement.

Russian Prime Minister Dmitry Medvedev expressed doubt on the inclusion of hydrocarbon reserves as a loan deal, saying there are concerns surrounding commercial viability and questions stemming from Turkish objections.

 

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Cyprus Americana: Humanity VS the Banksters

Source: SGT Report

http://www.youtube.com/watch?v=JyIYwKivBzs

Published on 17 Mar 2013

 

The Banksters in the EU have announced that they intend to STEAL cash from the savings accounts of the people in Cyprus, and give that cash to the criminal BANKS! This is an overt act of evil. It cannot stand. It is the epitome of everything we've been warning about for years. This is the proof that the real world war is the one of the Banksters VS Humanity. And the question now is, who's next?

Downton Abbey publicity pictures used with consent for promotional purposes. Music used with creative commons license.

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The content in my videos and on the SGTbull07 channel are provided for informational purposes only. Use the information found in my videos as a starting point for conducting your own research and conduct your own due diligence (DD) BEFORE making any significant investing decisions. SGTbull07 assumes all information to be truthful and reliable; however, I cannot and do not warrant or guarantee the accuracy of this information. Thank you.

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Global Economics: The Truth and a Warning

Source Video: World United News

https://www.youtube.com/watch?v=HHTpRDM96YQ

By: Stewart Brennan
http://worldunitednews.blogspot.com/

 

Every country will face a “Tipping Point” and breakdown of society in the near future due to the crushing economic austerity measures inflicted on the people by the brutal International Banking System that was conceived and designed to acquire wealth and power for an elite few.

When impoverished nations reach their economic tipping point, the governing power structure of those nations will have no options left. They will have to tell those in control of their economic system to bow down to major changes, or they themselves will face the consequences of their inaction.

At the moment, the choice to fix the broken system belongs to those in control of it. I.e.: The International Banking Cartel through the IMF, World Bank, and International Bank of Settlements…however, if the warning is ignored and the choices made by those who govern the system only ensure that the extremely wealthy survive these harsh economic times, then the responsibility to correct the economic disparity will shift to the impoverished masses by virtue of their will to survive.

Be assured that “Civil Unrest” will grow proportionally to the rise in poverty. All one needs for proof is catch a glimpse of what is unfolding in Egypt, Greece, or Spain to see the truth of these words…and there are many other nations at different stages of bankruptcy, poverty and austerity that is being forced upon them by the I.M.F (International Monetary Fund). The victims of the economic system will rise up in their millions because their very survival depends on a just system for all. 

However, the problem is not just that the IMF has taken control of every nations economic sovereignty but that the corporate power structure that comes with the Private banks has also taken control of the natural resources of most countries. 

Making matters worse for the people of the World is that the entire political system in every country, with few exceptions, has been seized at every level by the same corrupt banking system.

Even the opinions on mainstream news are bought and paid for by corporate interests. Don’t believe me? Well Just try to get a differing opinion aired to the public on these mediums and you’ll soon see that it becomes painfully obvious where these news corps feed, because you Will be denied your opinion, just as investigative journalism has been denied when it contradicts the banking or corporate plans of the extremely wealthy that control the mainstream press.

Personally, I no longer watch TV, read newspapers or listen to the radio airwaves anymore because they are arrogantly biased and illogically opposed to common sense.

Call it what you will, but be assured that everyone will wake up to these facts sooner or later and when they do, there will be hell to pay…the degree will depend on how far the banking cartel try to take their illusion.

The Solution:

Nationalize all the private banks in each country to end the existence of “The IMF, World Bank, and the Bank of International Settlements”. Then each country must Nationalize all their natural resources so that the profits go into the nations coffers that supports the communities and the social programs. Reorganize the political structure so that real qualified people govern the nation. Money must not be allowed to affect the political structure ever again.

The World is yours to build, we do not need Private Banks to control it.

Stewart Brennan

World United News
http://worldunitednews.blogspot.com/

Please visit these other websites:

Russia Today Official English Website

http://rt.com/
Press TV Official English Website
http://www.presstv.com/

Special thanks to the following YouTube Channels:

Russia Today - YouTube

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http://www.youtube.com/user/PressTVGlobalNews
Sinn Fein Ireland YouTube
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Etudiant Militant YouTube
http://www.youtube.com/channel/UCBejoIT2TX50_WQFp6LU56Q
Anonymous UK YouTube Channel
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Bahrain Revolution Media YouTube
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Music: John Palmer

John Palmer – ReverbNation

http://www.reverbnation.com/JPalmer
John Palmer – Official Website - Music
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Greek journalist acquitted of breach of privacy for Lagarde list

 

Greek editor of "Hot Doc" weekly magazine Kostas Vaxevanis waits outside a courthouse in Athens November 1, 2012 (Reuters / Yorgos Karahalis)

Source: Russia Today

http://rt.com/news/greek-journalist-acquitted-list-787/

Greek journalist Kostas Vaxevanis has been acquitted of breach of privacy. He was arrested after publishing a list of 2,000 Greeks with Swiss bank accounts in his Hot Doc magazine.

­His trial began earlier on Thursday for publishing the so called 'Lagarde list'.

Vaxevanis' defense centered around claims that he published the same list as the one that French authorities handed over to their Greek counterparts two years ago. His legal team also argued that no one had complained of privacy violation.

The Greek authorities said that there was no evidence that names mentioned in the list, businessmen, politicians and high-ranking officals, did actually break the law.

While the case was wrapping up, another journalist Spiros Karatzaferis, was also arrested in Athens.

His detention comes after threats to expose damaging allegations about the country’s economy. He claimed to have proof that the Greek deficit, which forced the embattled country to seek bailouts, was fraudulent. Karatzaferis insists he received this information from the hacker group Anonymous.

Two TV presenters were also recently suspended for criticizing authorities on-air.

Cases of what local journalists call increasing government censorship has sparked mass protest, started by state television staff.

Greek editor Kostas Vaxevanis makes statements outside a courthouse in Athens November 1, 2012 (Reuters / Yorgos Karahalis)

‘Journalists arrested for doing their job’- editor

­Before Kostas Vaxevanis was acquitted, RT talked to editor Tim Gopsill, who said that journalists in Greece are simply trying to do their job and are being arrested for it.

­RT:In light of these arrests, do you see a problem with media freedom brewing in Greece?

Tim Gopsill: I would say so, journalists in Greece are absolutely doing their job. The country is in crisis, people need to know what is going on.

RT:Do you think the quick and heavy-handed response of Greek authorities – when one of these journalists didn't even get to reveal the information he claims to have – proves that they have something they want to keep hidden?

TG: I would say so, yes. They are trying to close it down, aren’t they? Because what these journalists are doing is trying to reveal to the public the important information relating to the economic crisis. Kostas Vaxevanis’s exposé relates to the real crisis in Greece and in other countries too, which is tax avoidance and the export of capital, the taking the money out of the country, which is what happened to the Greek economy.

RT: Are you surprised by all this?

TG: Well, I am not surprised that the government is in absolute crisis in Greece. The economy is tottering, it is the most terrible social deprivation. It is a terrible time for Greek people and they are being treated very badly, not only by the Greek government but the whole EU financial establishment. They need to know the truth, but the thing is that avoiding the tax and taking money off the country is one of the main causes of the crisis. It is absolutely right that it should be publicized.

RT:Both these journalists were arrested within days of each other, while two TV presenters were also suspended for criticizing on -air the authorities. What can we read into the timing of all this?

TG: The timing is related to the economic position. It is getting closer and closer to a confrontation between Greece and the EU and eurozone. The eurozone is showing very little mercy to the suffering people. The bailout to Greece is not going to people’s pockets or to the income of the livelihood of the people. It is going to the banks, who rather rashly lent Greece money in the past.

RT: The journalists strike left Greeks with no news for 24 hours on Wednesday. That's when the politicians were debating new cuts for next year's budget. Was it playing into the lawmakers hands, as the public were left with no information on this divisive issue?

TG: What else can they do? All they can do is try to do their job, to tell the truth. But when they do they get arrested.

RT: But should they go on strike?

TG: Yes, I think so. They have got to put pressure on the government.

RT: All these events have drawn attention to the situation of media freedom in Greece. Have the authorities' efforts at guarding any secrets been counterproductive?

TG: I don’t see how they can get way with prosecuting these people. It is actually going to be a very interesting test of freedom in Greece, not just the press, but the court. I would expect that these journalists under what is the Greek version of the Human rights legislation that we have in this country, that we have around Europe, and the European convention and so on, will make sure that the court don’t convict them.

RT: Are other countries suffering from the crisis going to see more of this?

TG: If things get worse, yes.

 

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Greek police, firefighters, coast guards, medics protest against cuts

 

Greek police officers, firefighters, and coast guards protest outside parliament during an anti-austerity demonstration in central Athens on November 1, 2012.

Source: Press TV

http://www.presstv.ir/detail/2012/11/01/269989/1000s-of-greeks-hold-demo-against-cuts/

Thousands of Greek police officers, coast guards, firefighters, and medical professionals have held demonstrations to protest against the government’s austerity measures.

The protesters took to the streets in the capital Athens on Thursday, Reuters reported.

Thousands of police officers and coast guards from various Greek regions marched to parliament to protest against salary cuts expected to be included in a new austerity bill.

Next week, Greek Finance Minister Yannis Stournaras is likely to send the parliament a bill of labor reforms, which includes the officers' salary cuts.

In protest to the cuts, the police officers and the coast guards also handed out bowls of bean soup to the needy.

"[We say] 'No' to modern slavery. Our rage is overflowing. They lied to us again; those pre-election promises became dust after the elections, and will lead us to new medieval times," said Dimitris Sarantakis, the president of the Panhellenic Coast Guard Officers' Federation.

"Even if these measures pass the way they have arranged them, we will overturn them because we have not only reached our limits, we have now surpassed our limits," said Dimitris Vogiatzis, the president of the Police Officers' Federation.

A large number of Greek firefighters chanting anti-austerity slogans also marched on the parliament.

Earlier in the day, public hospital staff including doctors, nurses and ambulance drivers, walked off the job and staged a demonstration outside Greek Health Ministry headquarters. They said austerity cuts have weakened citizens' health and made their jobs more difficult.

They carried banners reading, "Austerity measures are bad for your health" and "Free public health care for all".

Greece has been at the epicenter of the eurozone debt crisis and is experiencing its fifth year of recession, while harsh austerity measures have left about half a million people without jobs.

One in every five Greek workers is currently unemployed, banks are in a shaky position, and pensions and salaries have been slashed by up to 40 percent.

Greek youths have also been badly affected, and more than half of them are unemployed.

The long-drawn-out eurozone debt crisis, which began in Greece in late 2009 and reached Italy, Spain, and France in 2011, is viewed as a threat not only to Europe but also to many of the world’s other developed economies.

Also on Thursday, a Greek court ruled that some of the spending cuts needed to secure more bailout funds for the near-bankrupt country are unconstitutional.

The Court of Auditors, which examines Greek laws before they are presented to parliament, said planned austerity measures such as raising the age of retirement to 67 and reducing pensions by 5 to 10 percent, could be against the constitution.

The court said the pension cuts for a fifth time since May 2010 violated many constitutional provisions, including the principles of individual dignity and equality before the law.

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Greece has finished talks with its creditors

 

Greek Prime Minister Antonis Samaras (AFP Photo/Eric Feferberg)

Source: Russia Today

http://rt.com/business/news/greece-troika-creditors-crisis-583/

Greece has finished marathon talks with the ‘Troika’ of creditors over its €31.5bln aid package, according to the Greek Prime Minister Antonis Samaras.

“Today we finished talks on the austerity measures and the budget. We did everything possible,” the Prime Minister said on Tuesday. "Should the agreement be approved [by the Parliament], and the budget adopted, Greece will remain within the Eurozone and will go out of the crisis.”

Samaras added that Athens had achieved “significant improvement” in the deal on offer, and warned of “chaos” if the measures were rejected by MPs.

At the moment Greece is seeking to receive another €31.5bln tranche out of the second bailout package amounting €130bln. In return the country should save €13.5bln in two years, with the exact ways of reaching the target remaining vague. The so-called Troika of creditors that includes the European Union, the International Monetary Fund and the European Central Bank may ask Greece to implement around 150 reforms within 2 years, Germany’s Spiegel said last week. This will include certain changes to minimum wage rules, as well as abolishing professional privileges.

The announcement from Samaras has caused immediate reaction from bloggers on the internet.Comments largely grin at the PM’s calling negotiations ‘successful,’ while in fact “the scale of the austerity that will be heaped on Greeks has increased by billions of euros since the measures were originally mapped out after Greece's second bailout back in March,” the Guardian blogger said.

Greece austerity package went from €11.5bln to €13.5B, €5.5bln of cuts in 2013 that turned into €9.5bln.

Labor reforms that had long remained an outstanding issue were agreed earlier on Sunday, with no detail revealed.

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Troika proposes 150 new reforms for devastated Greece - report

 

Demonstrators shout slogans during a demonstration against the government’s austerity measures in central Athens. (AFP Photo / Aris Messinis)

Source: Russia Today

http://rt.com/news/troika-greece-new-reforms-435/

While Greece claims the deal on its new rescue package is nearly final, the troika will reportedly require the country to implement 150 new reforms within two years.

­The reform proposals by the European Commission, the European Central Bank and the International Monetary Fund – which comprise the so-called “troika” – include loosening of hiring-and-firing laws, changing minimum wage rules and abolishing professional privileges, Germany’s Spiegel reports.

To control the implementation of the reforms, the troika proposes keeping bailout tranches in a special frozen account, releasing them only after the reforms are introduced.

The report also suggested that the troika proposed a debt restructuring, meaning that creditors would write off some of their Greek debt holdings, along with a two-year delay for budgetary consolidation.

German Finance Minister Wolfgang Schaeuble sharply criticized the idea, saying "that is a discussion which has little to do with the reality in the member states of the eurozone.”

He suggested, however, that Greece buy back some of its debt at discounted prices, Spiegel reported.

Private investors agreed to write off almost all of their Greek debt as part of a second bailout package, put together earlier this year.

Meanwhile, so-called "official sector" bondholders, including other eurozone countries, are still clinging to their share of Greek bonds.

The European Central Bank made it clear it would not write off its share of Greek debt, as this would mean financing Greece – which is forbidden, the report says.

Athens is looking forward to a €31.2 billion tranche from its current bailout package. Otherwise, the country may go bust as early as the end of November, according to Prime Minister Antonis Samaras.

Last week Finance Minister Yannis Stournaras asserted that almost all the conditions of the new deal had been agreed upon, saying the parties were still to discuss labor reforms and measures to reform products and services markets.

Earlier he had agreed to cut €6.5 billion in wages, pensions and benefits and to save €1.5 billion from reforms to the public sector. Some reports also said the pension age would be raised by two years, bringing it to 67, a move that would save Greece another $1 billion.

 

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IMF says public debt in developed countries at ‘wartime levels’

 

Christine Lagarde, managing director of the International Monetary Fund

Source: Press TV

http://www.presstv.ir/detail/2012/10/12/266215/public-debt-at-wartime-levels-imf-warns/

The International Monetary Fund (IMF) has warned that the public debt in developed countries stands at “wartime levels” and poses a major threat to the global economy.

“Without growth, the future of the global economy is in jeopardy, and perhaps the greatest roadblock will be the huge legacy of public debt, which now averages 110 percent in advanced economies, pretty much wartime levels,” said IMF Managing Director Christine Lagarde at the annual meetings of the International Monetary Fund and the World Bank in Tokyo on Friday.

“And this leaves governments highly exposed to subtle shifts in confidence,” she added.

“We have seen it. We are seeing it in the eurozone for instance. It also ties the governments’ hands, especially as they seek to build the infrastructure of the 21st century while keeping the policies, particularly the social promises of the 20th century.”

Lagarde further highlighted that decreasing public debt loads is of utmost importance, while noting it was “incredibly difficult without growth.”

On October 9, the IMF reported that the global economy could get worse due to the eurozone crisis and the US fiscal cliff in the future.

The report read, “A key issue is whether the global economy is just hitting another bout of turbulence in what was always expected to be a slow and bumpy recovery or whether the current slowdown has a more lasting component… The answer depends on whether European and US policymakers deal proactively with their major short-term economic challenges.”

The international organization also warned on October 10 that the global financial confidence is “very fragile,” calling on European policymakers to strengthen the financial ties within the euro area.

Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Spain, Portugal, Italy, and Ireland.

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US fiscal cliff, eurozone crisis threaten global economy: IMF

 

The headquarters of the International Monetary Fund (IMF) in Washington, the United States (file photo)

Source: Press TV

http://www.presstv.ir/detail/2012/10/09/265689/imf-warns-of-global-econ-deterioration/

The International Monetary Fund (IMF) has warned that the global economy could get worse due to the eurozone crisis and the US fiscal cliff in the future.

The warning came in an IMF report on Tuesday, ahead of the meeting of finance officials from the world’s leading economies, which will be held in Tokyo later this week.

"A key issue is whether the global economy is just hitting another bout of turbulence in what was always expected to be a slow and bumpy recovery or whether the current slowdown has a more lasting component…The answer depends on whether European and U.S. policymakers deal proactively with their major short-term economic challenges," the report read.

"In the United States, it is imperative to avoid excessive fiscal consolidation (the fiscal cliff) in 2013, to raise the debt ceiling promptly, and to agree on a credible medium-term fiscal consolidation plan,” it added.

The report also shows that the IMF has cut its growth forecast for global output in 2012 to 3.3 percent, down from a July estimate of 3.5 percent, with Asia still leading the group of expanding regions while the countries in the euro area witness a contraction this year by 0.4 percent.

IMF chief economist Olivier Blanchard has also criticized European leaders and the US policymakers for the way they have handled the crisis.

"Worries about the ability of European policymakers to control the euro crisis and worries about the failure to date of US policymakers to agree on a fiscal plan surely play an important role, but one that is hard to nail down," Blanchard said.

Experts say 90 percent of American families are facing unprecedented tax increases because the country is headed toward the edge of what's being described as a fiscal cliff.

Meanwhile, various eurozone member states have been struggling with deep economic woes since the bloc's financial crisis began roughly five years ago.

The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries.

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EU IMF give Greece until October 18 to implement reforms

 

President of the Eurogroup Council Jean-Claude Juncker (L) speaks with IMF cheif Christine Lagarde before a Eurogroup Council meeting in Luxembourg on October 8, 2012

Source: Press TV

http://www.presstv.ir/detail/2012/10/09/265651/greece-gets-deadline-for-reforms/

Greece's international creditors have given Athens until October 18, the start of next week's two-day European Union summit, to deliver on scores of broken promises in order to qualify for its next rescue loan payment.

"We stressed that before the next disbursement Greece clearly and credibly should demonstrate its commitment to fully implement the program -- and 89 prior actions from March should be implemented by the 18th of October at the latest," Eurogroup Chairman Jean-Claude Juncker said on Monday at the close of talks with eurozone finance ministers in Luxemburg, AFP reported.

Debt-stricken Greece has depended on bailouts from fellow countries in the 17-nation single currency bloc and the International Monetary Fund since May 2010. To get the loans, it implemented a series of deep income cuts and tax hikes, while increasing retirement ages and facilitating private sector layoffs.

IMF chief Christine Lagarde, who also attended the eurozone finance ministers meeting, said, "On Greece more work needs to be done… Acting means acting, not just speaking."

On Friday, Greek Prime Minister Antonis Samaras said that his country could not take more bitter medicine and if the next disbursement of 31.5 billion euros from a 130-billion second package of loans for the country did not arrive soon, the government will run out of cash next month.

The warning by Greece's bailout creditors came a day before German Chancellor Angela Merkel visits Greece to hold talks with Prime Minister Samaras and President Carolos Papoulias.

Merkel is likely to face angry protests in a country where many blame Germany for the Greek government's draconian austerity measures.

Public Order Minister Nikos Dendias appealed to protesters on Monday to "protect the peace, and above all our country's prospects and our international image."

Some 7,000 police officers will be deployed across Athens on Tuesday to maintain security during Merkel’s stay.

Greece has been at the epicenter of the eurozone debt crisis and is experiencing its fifth year of recession, while harsh austerity measures have left about half a million people without jobs.

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National Bank of Canada foreclosing Americans homes over credit card debt

Helen Jones of Oakland learned Credigy Receivables wanted to sell the house she had lived in for 37 years when a process server came to her door. At issue was a judgment against her ex-husband over debt he incurred after their divorce

Source: Press TV

http://www.presstv.ir/usdetail/265268.html

The National Bank of Canada is attempting to foreclose upon hundreds of American families’ homes in California over old credit card debts, according to a published report.

Bay Citizen reporter Rick Jurgens writes that the bank’s debt collection unit, Credigy Receivables, began filing foreclosure lawsuits recently that take advantage of a loophole in California’s laws that lets them go directly for a debtor’s home even if that property was not offered as collateral for a loan.

Jurgens explained that one of the people targeted by the new legal tactic is 71-year-old Helen Jones, an Oakland resident who lived in her home for 37 years before Credigy sued in 2010 over $1,636 in credit card debt her ex-husband ran up. She claimed the bank offered to settle the debt and drop the foreclosure for $7,000, and that she ultimately paid them $3,800 just to get it all over with.

They can get away with this because California has left the relatively new practice of third parties buying and selling debts virtually unregulated, creating legal space that lets banks go directly after valuable assets that were never offered as security for loans.

California State Sen. Mark Leno (D) filed a bill in 2011 called the “Fair Debt Buyers Practices Act” that sought to make third party collectors log the transactions that led to a consumer’s debts, rather than today’s common practice of purchasing a list of names and numbers without supporting information that proves the debt.

That bill passed the California Senate, but was relegated to a quiet death in an assembly committee after banking industry lobbyists voiced concerns. Raw Story

HIGHLIGHTS

A California Watch review of court records identified foreclosure lawsuits filed by Credigy since December 2009 in superior courts in Alameda, Fresno, Kern, Los Angeles, Marin, Orange, Sacramento, San Bernardino, San Francisco, San Mateo and Solano counties. californiawatch.org

The buying and selling of debts on the consumer level arose in the 1990s, after President Bill Clinton agreed with Republicans and signed a banking deregulation bill that allowed the merger of the consumer and investment banking sectors and enabled the creation of credit default trading on Wall Street. Rawstory.com

Collecting debts is big business in California. Firms that are engaged by creditors to collect overdue or defaulted consumer loans have more than 10,000 employees in the state, according to the state Department of Consumer Affairs. capoliticalnews.com

FACTS & FIGURES

More than four million Americans have lost their homes since the housing bubble began bursting six years ago. An additional 3.5 million homeowners are in the foreclosure process or are so delinquent on payments that they will be soon. Overall, 13.5 million homeowners are underwater, meaning they owe more than their home is now worth. NY Times

Housing remains the biggest impediment to economic recovery, yet Washington seems paralyzed. While the Obama administration’s housing policies have fallen short, Mitt Romney hasn’t offered any meaningful new proposals to aid distressed or underwater homeowners. NY Times

The Federal Reserve’s latest mortgage bond purchases so far are helping profit margins at lenders including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) more than homebuyers and property owners looking to refinance, Bloomberg reported in Late September

The United States housing bubble was an economic bubble affecting many parts of the United States housing market in over half of American states. Market Watch.

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Riot rage: Athens protesters throw firebombs, police shoot tear gas (VIDEO)

 

Source: Russia Today
http://rt.com/news/greece-strike-demonstration-athens-011/

A rally in the Greek capital turned violent when protesters in Syntagma Square lobbed Molotov cocktails at police, who retaliated by firing tear gas at the demonstrators.

It's as thousands gathered in front of parliament for the country’s biggest anti-austerity protest since the new government came to power.

Clashes erupted in different parts of Athens Syntagma Square, with demonstrators throwing fire bombs at police.

Witnesses reported smoke rising over the square as security forces dispersed most of the protesters. Some remained, and continued the demonstration.

The general strike halted transit and other industries nationwide.

Thousands of demonstrators also marched through the city of Thessaloniki. Greeks wrote on Twitter that large numbers of protesters are rallying peacefully in the streets.

Watch our live feed of the protest here.

The protest came after calls by the country’s two largest trade unions, representing half of Greece’s workers, for a 24-hour general strike. In Athens, over 50,000 people took to streets chanting: "EU, IMF Out!". Flights and trains were suspended, shops were shuttered and the hospitals were forced to rely on emergency staffing.

Some 3,000 police officers – double the usual number – were deployed in the capital of Athens to counter the protesters.

Greece recently enacted a new round of spending cuts, totaling €11.5 billion ($15 billion). The austerity measures are a precondition for another rescue loan from the European Central Bank; without the bailout, Greece could face bankruptcy in a matter of weeks.

"The new measures are unbearable, unfair and only worsen the crisis. We are determined to fight until we win," Costas Tsikrikas, head of the ADEDY public sector union told Reuters. "We call on all workers to join us in the march against the policies that the troika is imposing."

Greece is currently grappling with record unemployment levels, with over 30 percent of the country living below the poverty line.

The Greek government is planning to reduce pensions and increase the retirement age to 67 to cope with the country’s budget crisis.

Two weeks ago, anger over Greece’s new austerity measures spilled into the streets, with thousands protesting the drastic proposed budget cuts.

In Thessaloniki, Greece’s second-largest city, youths set fire to debris and burned an EU flag, and then clashed with riot police. Some 2,000 pensioners also marched through Athens to protest the newly introduced pension cuts.

Last February, the country witnessed days of violent clashes in several cities, with police using tear gas and protesters throwing petrol bombs and stones.

 

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