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Posts Tagged ‘Budget’

‘Big lender’ China urges US to avoid bankruptcy

Posted by Ram Kumar Shrestha on October 8, 2013

China's Vice Finance Minister Zhu Guangyao (Reuters)

China, the US government’s largest foreign creditor, is “naturally concerned about developments in the US fiscal cliff”, as Reuters quoted Vice Finance Minister Zhu Guangyao giving the Chinese government’s first public response to the Oct 17 US deadline for raising the debt ceiling.

China currently holds 22.85 percent of the US $16.7trln debt, which makes it the biggest US creditor.

Treasury Secretary Jacob Lew calculated the US would run out of money by October 17 and have less than $30 billion cash in hand if Congress fails to agree on its spending plans. Read the rest of this entry »

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EU mobilizes €120 billion for growth

Posted by Ram Kumar Shrestha on June 29, 2012

EU officials have agreed to spend €120 billion “for immediate growth measures” to aid the most vulnerable countries of the eurozone. The announcement comes during the latest EU summit that has started in Brussels.

European Council President Herman Van Rompuy made the announcement at a summit press conference on Thursday. The leaders of Spain and Italy were reportedly blocking a final agreement on a stimulus package until they won promises of immediate help in reducing their borrowing costs, AP reports.

However, after a tough night of bargaining, an agreement was reached that would allow loan money to be provided directly to troubled banks, circumventing European governments as middle men in the bailout process.

Allowing money to be funneled directly to the banks was seen as a way to keep investor interest rates down by removing the debt from European governments; loans provided to governments might cause investor doubt, therefore driving interest rates to unsustainable heights. The move was beneficial for Spain, which has been seeking €100 billion in loans for its troubled banks.

Another key part of the agreement was a reversal of EU policy stating that any new bailout applications would not be met with the same strict conditions that were imposed on previous bailout requests. This move was seen as one designed to placate Italy, who insisted that despite its troubled economy, it was not seeking a bailout at this time. Read the rest of this entry »

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Athens burns, buildings on fire as chaos, riots flare up (VIDEO, PHOTOS)

Posted by Ram Kumar Shrestha on February 13, 2012

The worst riot damage in years has struck Athens as MPs pass harsh new austerity measures. Dozens of historic buildings were set ablaze after riots turned chaotic overnight in Greek capital with protesters looting shops and clashing with riot police. Read the rest of this entry »

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5 Countries With the Highest Military Expenditure

Posted by Ram Kumar Shrestha on December 1, 2011

How much a country spends on its military budget is a reflection of a number of factors, including the size of the economy, the perceived military threat or opportunity, the influence of the private sector on government policy and the overall priorities of a society.

When we look at the absolute spending amount, the United States is by far the largest spender. According to theStockholm International Peace Research Institute (SIPRI) Yearbook 2011, America spent nearly $700 billion in 2010. This accounts for about 43% of the entire global military spending and is nearly 6 times more than the amount spent by the next largest, China. In fact, the United States spends more on its military than the total spent by the second largest (China), third largest (United Kingdom), fourth largest (France), fifth largest (Russia)… and fifteenth largest (Turkey) combined.

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So, while in absolute dollar amount the United States is an extreme outlier regarding its military spending, it is more appropriate to examine the normalized spending since comparing the absolute amount each country spends on its military another isn’t very fair. After all, we would certainly expect that a large country with one of the world’s largest economies like the Russian Federation would spend more than a small country like Lithuania. But what is the most appropriate way to normalize the spending?

If we look at the military expenditure per capita, we can control for differences in population between different countries. In this comparison we see once again that the United States is an outlier, spending an average of over $2,000 per person versus a global average that is about one-tenth that amount. Among the top 15 countries with the highest military expenditure, only two other countries had more than $1,000 per person spent on military, Saudi Arabia and Australia.

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‘EU’s actions could lead to revolutions in Greece and Portugal’

Posted by Ram Kumar Shrestha on October 16, 2011

The expanded bailout fund will not help if Italy or Spain is dragged into the economic crisis, and the austerity packages are driving Greece and Portugal to revolutions, warned British European Parliament member Nigel Farage.

“They are having austerity packages pushed upon them, which is forcing them into downward deflation, which in my opinion could lead to revolution in Greece and possibly in Portugal, too,” Farage told RT. “What we are doing is stupid, and very, very dangerous indeed.”

“If Italy goes down, they would need a couple of trillion to bail it out,” he said. “And what it the point of bailing these countries out anyway? Are these bailouts helping people in Greece or Portugal? No, they’re not!”

“What they are actually doing,” he continued, “is giving money to these countries to give back to our banks, who over-lent to them in the first place. I mean, the whole thing is mad. What these countries trapped inside this economic prison called the Eurozone need is to devalue.” Read the rest of this entry »

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If “America Can Do Whatever We Set Our Mind To,” How Come Our Leaders Won’t Set Their Minds on Jobs?

Posted by Ram Kumar Shrestha on May 10, 2011

Then why not to check their birth certificat­e and citizenshi­p like Obama’s?
Read the Article at HuffingtonPost

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The Complete Royal Wedding Ceremony

Posted by Ram Kumar Shrestha on April 29, 2011

Read the rest of this entry »

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