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NEWS ABOUT: bailout

Portugal Gov't Verges on Collapse

Country could soon go the way of Greece, Ireland

(Newser) - Today promises to be a tumultuous day in Portugal, with all signs pointing to the resignation of Prime Minister Jose Socrates and the collapse of his minority Socialist administration. The country’s parliament is expected to vote down Socrates’ austerity plan, a move the prime minister contends will force the... More »

Treasury to Sell Off $142B in Toxic Assets, Make Billions

'Notably improved' market means $15B-$20B profit for taxpayers

(Newser) - The Treasury Department will start selling the $142 billion portfolio of mortgage-backed securities, the "toxic" assets it bought up during the financial crisis , the Wall Street Journal reports. The securities are mostly 30-year, fixed-rate mortgage-backed securities guaranteed by either Fannie Mae or Freddie Mac. And having bought the securities... More »

Cantor: No Bailouts, Bankruptcy for States

States already have tools to fix budget woes, majority leader says

(Newser) - Lawmakers from both sides of the aisle are in favor of changing the rules to allow cash-strapped states to seek bankruptcy protection , but House Majority Leader Eric Cantor is pooh-poohing the idea. Cantor says states already have the power to balance their books through cutting spending, raising taxes, or renegotiating... More »

Irish Lawmakers OK $90B Bailout—Barely

Despite cries from opposition, motion passes 81-75

(AP) - Irish lawmakers have voted to take the $90 billion international bailout fund, an emergency measure designed to keep Europe's debt crisis from getting worse. Prime Minister Brian Cowen won today's motion on an 81-75 vote. He argued that Ireland had no choice but to take loans from the European Union... More »

Taxpayers Will Score $12B on Citigroup Bailout: Treasury

Government strikes deal to sell remaining 2.4B shares

(Newser) - Taxpayers will wind up making out like bandits on their $45 billion bailout of Citigroup. The Treasury Department has struck a deal to sell its remaining 2.4 billion shares of Citigroup for $4.35 a share, it announced yesterday, bringing the total money made off such sales to $57... More »

EU Agrees to $113B Ireland Bailout

New rules for future emergencies also sketched out

(AP) - European Union nations agreed today to give $113 billion in bailout loans to Ireland to help it weather the cost of its massive banking crisis, and sketched out new rules for future emergencies in an effort to restore faith in the euro currency. The rescue deal, approved by finance ministers... More »

Europe Markets in Turmoil Over Debt Worries

New concerns (and rumors) center on Portugal, Spain

(Newser) - Authorities across Europe rejected a report that a Portuguese bailout would cut the risk of Spain needing similar action, the Wall Street Journal reports. A German paper had cited German finance ministers in the matter, but the ministry, Portugal, Spain, and the European Commission all said Portugal wasn’t being... More »

Spanish Bailout Could Be Too Much for Euro

Nation's collapse represents 'systemic risk' for EU

(Newser) - The eurozone has bailed out troubled member states with success thus far, but Europe now faces a graver economic threat then ever before: the possibility of a major economic collapse in Spain. The busts in Greece and Ireland (and now possibly Portugal) have all been manageable because the economies in... More »

Bailout of Ireland Looks Likely

EU fears a delay will bring another Greece-like crisis

(Newser) - Ireland is under heavy pressure to take a bailout before its financial troubles spread to other members of the European Union, reports the Wall Street Journal . Dublin is balking because of the handcuffs and political embarrassment that would come with it, but EU authorities don't want to a repeat of... More »

Enough With the Bush Nostalgia

He did a lot of things wrong, and some Republicans 'haven't forgotten'

(Newser) - With President Obama’s approval ratings in the toilet and George W. Bush’s highly-publicized Decision Points out today, it’s easy to get caught up in a bit of “Bush nostalgia.” And yes, W’s “candor, decency, self-effacement, and clear love of country stand in stark... More »

Bailed-Out Companies Throw Cash to GOP

Even though Dems led push for TARP

(Newser) - Despite being bailed out by the government—and, in some cases, still owing money to the government—many companies are donating heavily to candidates. And many of those candidates are Republicans, even though it was mostly Democrats who supported the TARP program, the Washington Post reports. The 23 companies that... More »

Tab for Fannie, Freddie Could Soar to $259B

That would be nearly twice what they've received so far

(AP) - The government spelled out today just how much the most expensive rescue of the financial crisis will end up costing taxpayers—as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac. By contrast, the combined bailouts of financial companies and the auto industry have cost taxpayers roughly... More »

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

(Newser) - So it's not exactly zero, but the $388 billion the feds dumped into bailouts is going to end up with a final price tag of ... $29 billion, reports the New York Times. Most of Treasury's losses are focused in housing rescues ($46 billion) and the Detroit bailout ($17 billion), while... More »

AIG Reaches Deal to Repay Government

US will eventually no longer own the company

(AP) - AIG said today it's reached a deal to repay billions of dollars it received during the credit crisis. The plan could return a profit to taxpayers who footed the bill for AIG's near collapse in September 2008 and will eventually remove the government as majority owner. AIG became a lightning... More »

AIG Exit Plan Speeds Up Taxpayer Payback

Sale of US shares could start next year

(Newser) - The Treasury and AIG are negotiating a plan that will allow the government to sell off its massive stake in the insurance company and repay taxpayers in full—over several years. Under the plan, the US would convert its $49 billion in preferred shares into common shares, likely increasing the... More »

US Bailout Funds Aided Foreign Firms

Watchdog says TARP spending aided France, Germany

(Newser) - A big slice of the $700 billion in bailout funds the US poured into the financial system ended up helping foreign companies, according to a report from a congressional watchdog agency. Because the Treasury Department failed to gather enough information on the flow of money, it ended up taking on... More »

Homeowner Bailout May Be on the Way

Insiders think Fannie and Freddie will forgive mortgage debt

(Newser) - Another enormous bailout may be in the works, this time for underwater homeowners, writes Reuters blogger James Pethokoukis. Rumor has it that the Obama administration will sidestep Congress and order lenders Fannie and Freddie to forgive some of the mortgage debt of Americans who owe more than their homes are... More »

Eurozone Sets Up $1 Trillion Bailout Fund

Europe hopes 'umbrella' will boost sagging currency

(Newser) - Eurozone nations are setting up a trillion-dollar "umbrella" fund to restore investor confidence and halt the euro's plunge. Finance ministers say the bailout fund will be available to any eurozone nation risking debt default, AP reports. Investors fear Spain or Portugal are likely to follow Greece into needing a... More »

Flights Grounded, 3 Killed in Greek Strike, Protests

Violence hits Athens just as Berlin weighs $28B loan

(Newser) - Greece was paralyzed by a 24-hour general strike that grounded all air traffic today, and 3 people died in a fire set by protesters trying to storm the parliament, MSNBC reports. Street battles were breaking out in the capital just as Angela Merkel was busy asking the German parliament to... More »

Republicans Want to Abolish Financial Firemen

McConnell is doing Wall Street's bidding

(Newser) - Mitch McConnell wants to abolish fire departments—they just bail out burning buildings. We won’t get out of this mess until the biggest buildings are allowed to burn! That’s essentially what McConnell’s latest assault on financial reform amounts to, writes Paul Krugman in the New York Times ... More »

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