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Feds: No Bailout for Puerto Rico

But White House may support allowing bankruptcy

(Newser) - Puerto Rico can't pay its debts , and the federal government has made it clear that it's not going to shell out $72 billion to cover them. "There is no one in the administration or in DC federal government that's contemplating a federal bailout of Puerto Rico,... More »

US Quietly Earmarks Money for ObamaCare Insurers

It's a safety net to cover any losses; Republicans cry foul

(Newser) - ObamaCare just became a win-win proposition for insurance companies. Tucked into hundreds of pages of new rulings on the Affordable Care Act last week was a promise to pay insurers for any losses they incur by providing coverage on government exchanges, the LA Times reports. The Obama administration inserted the... More »

Super Bowl Shows Value of Losing

John Tamny sees a conservative lesson in Pete Carroll's comeback

(Newser) - The Seahawks' dominance last night put Pete Carroll "in an elite circle of the all-time greatest football coaches," but he wasn't always held in such high esteem, writes John Tamny at Forbes . "Failure made Pete Carroll." Carroll, you'll recall, was fired after just one... More »

Ireland to Be 1st in Eurozone to Exit Bailout

By end of year as the country passes its latest EU/IMF test

(Newser) - In "a much-needed success story" for the EU, Ireland looks on course to become the first eurozone country to exit its bailout program —a $114 billion aid deal to be complete by the end of 2013, Reuters reports. The European Union and International Monetary Fund said the country... More »

Banker Blew $381K in Bailout Cash on Posh Condo

Pleads guilty, will face a year in prison—at most

(Newser) - Your daily blood boil: A former bank executive has pleaded guilty to using bailout money to buy a waterfront condo. In 2009, Darryl Layne Woods bought the luxury digs with some $381,000 of the $1 million given to Mainstreet Bank in Ashland, Mo., where he was the chairman at... More »

Save Detroit. Sell It to Canada

Land, art, giraffes—everything must go, writes John H. Fund

(Newser) - How can we save Detroit? Maybe with the mother of all yard sales, suggests John H. Fund in the American Spectator . The Detroit Institute of Arts' collection is worth some $2.5 billion, Belle Isle could be sold to investors as a "mini-Hong Kong" for $1 billion, and even... More »

Uncle Sam Will Lose Money on GM Bailout

Current stock prices show $11B loss

(Newser) - Hoping Uncle Sam will break even on the General Motors bailout? You might just have to keep on hoping. GM stock needs to sell at $95.51 per share for that to happen and that's three times the current price—even after a 25% climb this year— NBC News... More »

Cyprus Banks Finally Reopen —for 6 Hours

Customers face heavy restrictions on transactions

(Newser) - After nearly two weeks shut amid a bailout scramble , Cyprus has just cautiously reopened its banks for six hours today—but it's not exactly business as usual. Trucks full of cash arrived at the central bank last night as rifle-bearing police and a helicopter stood guard. Private security guards... More »

Cyprus Keeping Banks Closed Until Thursday

Transaction limits staying in place after bailout

(Newser) - Cypriots hoping to get their hands on what is still technically their money are going to have to wait at least another couple of days. The government has ordered the country's banks, which have been closed since March 15, to stay closed until Thursday to prevent a run on... More »

As Deadline Looms, Cyprus Prez Threatens to Quit

Fraught negotiations under way in Brussels with European finance ministers

(Newser) - Things are getting testy in Brussels, where Europe's financial powers that be are hunkered down in furious negotiations to determine Cyprus' fate ahead of tomorrow's deadline to finalize a $10 billion bailout. Cyprus President Nicos Anastasiades has threatened to quit, reports Reuters , in a fraught meeting with Eurogroup... More »

Cyprus Given Monday Deadline

European Central Bank says its emergency funding will expire then

(Newser) - As Cyprus works on a "plan B" today to fund a bailout , the European Central Bank says its emergency assistance will expire Monday, so there had better be a deal in place, the Wall Street Journal notes. That could be possible: The head of the country's central bank... More »

Cyprus' Banks Might Never Reopen, Warns Germany

Cypriot officials acknowledge tomorrow's planned opening may not occur

(Newser) - On the heels of yesterday's crushing rejection of its controversial bank deposit tax, the what-the-heck-is-Cyprus-going-to-do watch continues. The BBC reports that President Nicos Anastasiades is in crisis talks with party leaders and examining "alternative plans." The country's banks remained closed through tomorrow, and officials now say... More »

Cyprus' New Gambit: Spare Smallest Savers

Government rep says the levy will still likely die

(Newser) - The proposed bank deposit tax that has enraged Cypriots and spooked bank customers across Europe looks likely to die today, even with a last-minute tweak that would spare the smallest savers, Reuters reports. Draft legislation sent to parliament amends the previous plan by exempting accounts containing less than about $26,... More »

Panicked Cyprus Stalls, Braces for Bank Run

Country considers levy of up to 15%

(Newser) - Things are getting crazy in Cyprus, which has again postponed a vote that could levy a tax on bank depositors to fund the nation's bailout, the BBC reports, this time until tomorrow. Its effects, however, are already rippling through Europe, where stock markets and the euro have plummeted, and... More »

Cyprus Stalls Vote on Bailout Tax

Lawmakers bitterly decrying terms of $13B IMF deal

(Newser) - Cyprus' parliament today postponed until tomorrow a vote on a controversial levy on all bank deposits that the cash-strapped country's creditors had demanded in exchange for a $13 billion bailout. The announcement set off an immediate scramble among top European officials, with reports that the European Central Bank was... More »

AIG: OK, We Won't Sue You, America

Board will not join shareholders' lawsuit

(Newser) - AIG's board of directors has apparently decided that another onslaught of bad publicity isn't worth any price. American International Group decided today that it will not join a shareholder lawsuit against the government that bailed it out, reports the Wall Street Journal . That the board was even considering... More »

AIG Mulls Suing the Feds ... for Bailing It Out

Firm may join shareholder lawsuit over bailout terms

(Newser) - AIG has been running "Thank you America" ads after paying off its $182 billion bailout, but it's also considering suing the very government that kept it afloat, reports the New York Times . The insurance giant's board will meet tomorrow to debate joining a shareholder lawsuit that claims... More »

US Hawks Last AIG Shares, Pushes Profit to $22.7B

Treasury to bring in $7.6B in sale today

(Newser) - The US is getting ready to sell off Uncle Sam's remaining shares in AIG—and when it's all over, the government's bailout of the company will have resulted in a $22.7 billion return, the Treasury Department says. It's selling some 234 million common shares today... More »

Euro Zone Launches Bailout Fund ... Just in Case

Spain says it doesn't need it yet

(Newser) - The Euro zone officially launched its 500 billion euro bailout fund today, but finance ministers said that its first intended beneficiary, Spain, didn't need help just now after all. "Spain needs no aid program," German Finance Minister Wolfgang Schaeuble told reporters. "Spain is doing everything necessary,... More »

US Selling Off $18B Stake in AIG

With sale, US will be minority shareholder for first time since bailout

(Newser) - The US government is selling another $18 billion in AIG, a move that will make it a minority stakeholder for the first time since bailing out the insurance giant in 2008, reports the Wall Street Journal . Four other sales since March 2011 have reduced the government's stake in AIG... More »

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