bailout

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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...

AIG: OK, We Won&#39;t Sue You, America
AIG: OK, We Won't
Sue You, America

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...

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...

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...

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,...

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...

US Planning $1B Egypt Bailout
 US Planning $1B Egypt Bailout 

US Planning $1B Egypt Bailout

Diplomats aim to keep Egypt stable, friendly by shoring up economy

(Newser) - American diplomats are close to finalizing a $1 billion bailout package to help save an Egyptian economy battered by political upheaval, reports the Wall Street Journal . The aid package, which includes debt relief and assistance for small- to medium-sized Egyptian businesses, was first announced last year but has been on...

German Lawmakers OK Eurozone Rescue Fund

New fiscal compact still needs Constitutional Court approval

(Newser) - Fresh off of making some big concessions at the European Union summit in Brussels, Angela Merkel rushed back to Germany yesterday to ensure the EU fiscal pact and the permanent eurozone bailout fund were passed by parliament, reports Reuters . But with Germany's opposition parties agreeing to the "fiscal...

Cyprus Wants a Bailout, Too
 Cyprus Wants a Bailout, Too 

Cyprus Wants a Bailout, Too

After Fitch cuts its credit rating

(Newser) - Another day, another European Union bailout. This time Cyprus is the one lining up for a handout, Bloomberg reports. Officials today officially asked European authorities for access to the euro bailout fund, saying they were being hammered by contagion from Greece, the government said in an emailed statement.

What Bailout? Spain's Debt Costs Skyrocket

Investors not reassured

(Newser) - Spain's bank bailout hasn't exactly put the markets at ease—indeed, it may have done the opposite. Spain's 10-year borrowing costs closed at a euro-era high of 6.72% yesterday, the Wall Street Journal reports. Indeed, bond yields rose across Europe, with Italy's hitting 6.26%,...

EU: We May Limit ATM Withdrawals if Greece Bails

Visa-free Euro travel could end too, officials warn

(Newser) - Europe is readying a to-do list in case Greece tries to leave the euro—like limiting the size of Greek ATM withdrawals, ending visa-free EU travel, and clamping down on eurozone capital. Finance officials say they don't expect Greece to bail, but anything is possible with the radical-left SYRIZA...

Spanish Protesters Hit Streets Over Bailout

A handout for rich, nothing for poor, they say

(Newser) - Banks and euro backers are relieved about the up-to-$125 billion Spanish bailout , but not everyone is so thrilled. A throng of protesters hit the streets in Madrid yesterday to protest billions going to prop up Spanish banks instead of helping people suffering because of the mad risks taken by financial...

Spain: Yep, We Need a Bailout

Eurozone minsters offer up to $125B for 'bailout lite'

(Newser) - Spain made it official today: The nation's beleaguered banking system needs a cash infusion from the European Union, the Wall Street Journal reports. Finance Minister Luis de Guindos named no price, saying two independent firms will dig through the country's banks and formulate a number. But in a...

Spain Wants a &#39;Bailout Lite&#39;
 Spain Wants a 'Bailout Lite' 

Spain Wants a 'Bailout Lite'

It would only request rescue funds for its banks, not the government

(Newser) - Spain is about to become the latest European nation to ask for a bailout, but only for its struggling banks, not for the government itself, sources tell Reuters . Reuters is calling the approach a "bailout lite," one would put less strain on European rescue funds that may still...

Spain Takes Over 'Poster Child' Bank

Part-nationalization to cause huge losses for Bankia investors

(Newser) - Merging seven struggling banks in Spain appears to have created a big, struggling bank instead of the healthy institution authorities were hoping for. The Spanish government is now grabbing a controlling 45% stake in Bankia, the nation's fourth-largest lender and the one with the most exposure to the country'...

US Senate Bails Out Own Barbershop

Senators throw $230K at beloved shop

(Newser) - The US Senate bailed out its own barbershop after it ran nearly $300,000 in the red last year—despite $27 cut-and-blow-drys, $105 highlight jobs, and 27,000 annual customers, The Daily reports. “There’s no way to sugarcoat” the problem, says Senate Sergeant at Arms Terrance Gainer. "...

Eastwood: I'm Not Politically Affiliated With Obama

Chrysler ad a political football

(Newser) - God bless America ... and the Chrysler bailout ... seemed to be the message that left football fans misty-eyed after Clint Eastwood's Super Bowl Chrysler ad. It's "halftime" in America, and we're all pulling together for a brighter economic future, says the gravelly-voiced star. But Eastwood was opposed...

Portugal May Need a 2nd Bailout

Country's troubles likened to Greek crisis

(Newser) - In order to pay back $11.6 billion in debt, Portugal needs to re-enter capital markets next year—and as it stands, that's looking like a tall order. The deadline isn't until September 2013, but the International Monetary Fund could call on the country to release a financial...

S&P Downgrades Eurozone Bailout Fund

Says it could return it to AAA if sacrifices are made

(Newser) - Rating agency Standard & Poor's says it has downgraded the creditworthiness of the eurozone's bailout fund by one notch to AA+. The downgrade, which follows ratings cuts for AAA-rated France and Austria , could hurt the European Financial Stability Facility's ability to raise cheap bailout money.

ECB Makes Massive $639B Loan to Banks

For a period of three years

(Newser) - The European Central Bank loaned a massive $639 billion to 523 banks for an exceptionally long period of three years to steady a financial system that is under pressure from the euro zone debt crisis. It is the biggest ECB infusion of credit into the banking system in the 13-year...

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