bailout

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White House to USPS: No Bailout for You

Lawmakers knocked aid down to a loan

(Newser) - The Postal Service is in serious need of money; marketing and first-class mail have dried up since the pandemic began. And the $2.2 trillion economic stimulus package obliged, until President Trump found out. Administration officials told lawmakers the president wouldn't sign the legislation, which at the time included...

GOP Stimulus Plan: $1.2K for Adults, $500 Per Child

Cash payments have opposition among Republican senators

(Newser) - Senate Majority Leader Mitch McConnell on Thursday presented the third part of the legislation intended to help the economy recover from the pandemic, built around payments of $1,200 to anyone with an income up to $75,000. The amount of the payment would decline as household income neared $99,...

Airlines Ask US for $50B
Airlines Ask
US for $50B
Mar 16, 2020 5:50 PM CDT

Airlines Ask US for $50B

As pandemic slashes traffic, industry negotiates with government for cash, loans

(Newser) - "We’re going to be in a position to help the airlines very much," President Trump said Monday when asked about possible government aid in the wake of the huge drop in passenger bookings. The airlines have now put an amount on that promise: $50 billion. That's...

Before We Bail Out Airlines, Let's Change the Rules

'NYT' columnist isn't shedding tears for the industry amid the coronavirus outbreak

(Newser) - Nobody is using the word "bailout" yet, but it's just a matter of time before the government acts to shore up the US airline industry in the midst of the coronavirus outbreak, writes Tim Wu in the New York Times . Not so fast, he adds. "As the...

Greece's Crisis Ends, but He Still Wakes Up to 'Nightmare'
The World's 'Biggest-Ever
Financial Rescue' Is Over
the rundown
Aug 20, 2018 11:00 AM CDT

The World's 'Biggest-Ever Financial Rescue' Is Over

8-year bailout era is officially over in Greece

(Newser) - "I wake up in the morning to a nightmare. How will I manage my finances and my responsibilities? This is what I wake up to every morning." That reality is not set to change for Yorgos Vagelakos, an 81-year-old retiree living in Athens—even as Greece's reality...

Site of US' Worst Nuke Meltdown Would Like a Bailout

Owner of Three Mile Island says it will shut plant down in 2019 without a rescue

(Newser) - The owner of Three Mile Island, site of the worst US commercial nuclear power accident, says it'll shut the plant in 2019 without a financial rescue from Pennsylvania. Exelon Corp.'s move comes after what it called more than five years of losses on the single-unit power plant...

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,...

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...

Super Bowl Shows Value of Losing
 Super Bowl 
 Shows Value 
 of Losing 
OPINION
Feb 3, 2014 1:40 PM CST

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...

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...

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...

Save Detroit. Sell it to Canada
 Save Detroit. 
 Sell It to Canada 
OPINION
Aug 21, 2013 12:51 PM CDT

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...

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...

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...

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...

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...

Cyprus Preps Bailout 'Plan B'

 Cyprus Given Monday Deadline 
UPDATED
Mar 21, 2013 7:45 AM CDT

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...

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...

Cyprus Poised to Dump Bank Deposit Tax
Cyprus' New Gambit:
Spare Smallest Savers
UPDATED
Mar 19, 2013 7:43 AM CDT

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,...

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...

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