“According to the Chicago Sun Times citing year-end audits, Obama’s former right hand man, Rahm Emanuel, closed the books on 2012 with $33.4 million in unallocated cash on hand — down from $167 million the year before — while adding to the mountain of debt piled on Chicago taxpayers. In addition to a liquidity problem, Chicago may also be quite insolvent as the city’s total long-term debt soared to nearly $29 billion.”
CYPRUS TAXES 47.5% OF ALL DEPOSITS >100K
“Cyprus and its international lenders have agreed to convert 47.5 percent of deposits exceeding 100,000 euros in Bank of Cyprus to equity to recapitalize it”
>> I find it hard to be bullish EUR with their bail in rules !
“(Reuters) – India’s Lanco Infratech Ltd (LAIN.NS) has started a process to restructure debts totaling 75 billion rupees ($1.3 billion) after economic weakness impacted the performance of some of its businesses such as power and engineering and construction.
If the process is approved by its lenders, Lanco would be the second debt-laden company to go for a major loan restructuring within nine months, after lenders to wind turbine maker Suzlon Energy (SUZL.NS) in November agreed to restructure about 110 billion rupees of its debt.”
>> Note than Lanco had acquired Griffin Coal in 2011 which is supposed to be standalone from the restructuring efforts, if approved.
US GDP ACCOUNTING CHANGES
“Wednesday when the Commerce Department releases decades of revised data that will include R&D as a category of investment. Under the new framework, R&D added about $300 billion to GDP in 2010.”
rally as speculation that the Federal Reserve will hold off on
curbing stimulus drove prices toward the biggest gain in 18
months. Goldman Sachs Group Inc. expects the rally to reverse.