Early Headlines: 'Cruel Germans', Greek Banks to Reopen, Russian Missile Downed MH17, Earth Deep Freeze by 2030? and More

July 17th, 2015
in News, econ_news, syndication

Early Bird Headlines 17 July 2015

Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.


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  • Greece bailout revives image of the ‘cruel German’ (The Washington Post) A divided Germany rose from the ashes of the Nazi defeat in World War II, weathering the Cold War to transform into one of the good guys. Modern Germany quickly molded itself into the standard-bearer of global pacifism, a hotbed of youth culture and the tree-hugging Lorax of nations in the fight against climate change. But, just like that, the image of the "cruel German" is back.


  • Greek banks due to reopen on Monday as crisis eases (The Orange County Register) The acute economic crisis that has gripped Greece for weeks eased markedly Thursday as European officials dismantled key obstacles to desperately needed loans and the country's banks prepared to reopen Monday, three weeks after locking their doors. The unusually positive signals came hours after Greece's Parliament reluctantly approved austerity measures required as a condition of a $96 billion bailout deal, the country's third financial rescue in five years. The Parliament's endorsement won rare praise from European creditors but has created deep divisions in the Greek government and a sense of despair among the Greek people.
  • On the Euro Summit’s Statement on Greece: First thoughts (Yanis Varoufakis) A succinct discussion in bullet form. Two notable soundbites: (1) The bailout agreement of 2010 was a "New Versailles Treaty" which will "haunt Europe"; and (2) the events this week is "nothing short of the culmination of a coup".



China defaults to rise as corporate debt burden climbs: S&P (The Business Times)

China's corporate debt market, already the largest in the world, has continued to worsen as the world's second-largest economy slows, and defaults are expected to increase, rating agency Standard & Poor's said in a report on Thursday.

Sovereign support could be forthcoming in the case of state-owned enterprises but its scope and effectiveness was uncertain, S&P said, while pointing to the recent state intervention during the stock market turmoil, the ratings agency said. "The Chinese central government's 'capitalism with Chinese characteristics' has led to the corporate sector (including state-owned enterprises) incurring more debt than the sovereign," the agency said in a report, noting that the corporate debt burden was eight times government debt.

China's corporate debt-to-GDP rose to 160 per cent to US$16.1 trillion in 2014, twice that of the United States, from about 120 per cent in 2013, and was expected to worsen since corporate debt would outpace GDP growth in coming years.



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