Tag Archive | "debt"

WATCH: Three Newark attackers held for beating naked boy over $20 debt

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Three men have been arrested after a video that went viral showed them beating a boy they forced to strip naked. The beating occurred on the streets of Newark, N.J.. As The Daily Dot reports, the young boy was whipped over a measly $20 debt the victim’s father owned one of the thugs. The three attackers have [...]

WATCH Occupy movement to buy up one million worth of debt to bail people out

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A group of campaigners has launched an online campaign to relieve debtors of their bills. The project named The Rolling Jubilee was developed to “help folks in need,” writes David Rees, one of the project’s organizers on his blog. The Telegraph reports: Individuals or companies can buy distressed debt from lenders at knock-down prices if the [...]

Mortgage debt forgiven by new Ecuador law

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QUITO, Ecuador – It has been reported that Ecuador’s legislature has passed legislation that would require banks to forgive any outstanding debt on mortgages for first-time home buyers of properties worth up to $146,000 if they default and forfeit a home. The measure, aimed at discouraging a real estate bubble of the type that has [...]

Indebted EU countries gradually need to approach spending cuts

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WASHINGTON – It has been reported that the head of the International Monetary Fund on Monday urged indebted countries in Europe and elsewhere to reduce their budget deficits only gradually to avoid further damaging their economies. Christine Lagarde said in a speech in Zurich that steep cuts tend to slow an economy, particularly if a [...]

Investors demand Portugal higher interest rates in latest debt auction

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LISBON, Portugal – Portugal has raised the 1.5 billion euros ($1.98 billion) it wanted in a short-term debt auction but investors demanded higher interest rates on the loan in a reminder that the country’s debt problems remain a long way from being solved. Portugal needed a 78 billion euro bailout rescue a year ago when [...]

Investors demand Italy higher returns in latest bond auction

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MILAN – Italy’s borrowing costs are continuing to rise amid renewed uncertainty about its debt load and growth prospects. Italy easily sold 4.88 billion euros ($6.41 billion) in bonds in four denominations on Thursday, but investors demanded higher returns. The Treasury sold 2.88 billion euros in three-year bonds at a yield of 3.89 percent, up [...]

Saab reports whopping debt

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STOCKHOLM – The value of bankrupt Saab Automobile’s assets covers less than a third of its debts and only some preferential creditors will get any money back, the company’s trustees said Tuesday. A summary of Saab’s balance sheet showed the company has debts of 13 billion kronor ($1.9 billion) and assets of around 3.6 billion [...]

Sarkozy promised $52 billion in spending cuts

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PARIS – It has been reported that Nicolas Sarkozy, fighting for a second term as French president, is promising to cut €40 billion ($52 billion) in public spending and raise €13.5 billion ($17.6 billion) in new taxes in the coming years. Sarkozy, a conservative, says balancing the budget by 2016 is “an absolute imperative.” He [...]

Mandaric interested in taking over Glasgow Rangers

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GLASGOW, Scotland – After being cleared of two counts of tax evasion last week, former Portsmouth and current Sheffield Wednesday chairman Milan Mandaric is interested in buying Rangers. As BBC Scotland reports, Mandaric is one of the parties interested in the Scottish club. Mandaric has been at the helm of Sheffield Wednesday since December 2010 [...]

Greece inches closer to debt deal

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ATHENS, Greece – Greece’s coalition government led by interim prime minister Lucas Papademos has reached a tentative deal on the terms that will unlock a 130 billion euro bailout deal. The deal would prevent the southern European country from defaulting on its debt though one issue revolving around pension cuts is still at stake. “There [...]

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