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Banks wrestle with no-default help for Greece

Leading banks were meeting in Paris on Wednesday on how to support a new rescue for Greece, their spokesman told AFP shortly after a rating agency issued a new warning and another downgraded Portugal. The critical issue, which has delayed until September any eurozone decision on a new rescue for…

White House denies report claiming Geithner to resign

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner has not told President Barack Obama he would like to leave after a debt ceiling deal is reached, White House spokesman Jay Carney said on Tuesday. Sources familiar with Geithner’s thinking said last week he was considering stepping down once the country’s $14.3 trillion debt limit is raised. That must…

Cornyn: Constitutional argument for raising debt ceiling is ‘crazy talk’

Sen. John Cornyn (R-TX) said Sunday that it was a mistake to argue that it is unconstitutional not to raise the debt ceiling. Section 4 of the 14th Amendment reads: “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions…

Sources: Geithner mulls leaving position at Treasury

WASHINGTON (Reuters) – Treasury Secretary Timothy Geithner is considering stepping down later this year, but will not make a decision until contentious negotiations over the U.S. debt ceiling are completed, people familiar with his thinking said on Thursday. Geithner said he would remain in his Treasury post “for the foreseeable…

Geithner might resign after debt deal

WASHINGTON — US Treasury Secretary Timothy Geithner might leave his job after the White House reaches a deal with Congress over raising the US debt ceiling, Bloomberg reported Thursday. Geithner, one of the stalwarts of President Barack Obama’s administration and a key architect of its policies during the economic crisis,…

Cantor could rake in windfall if debt ceiling isn’t raised

Economists have said that failing to raise the debt ceiling could be catastrophic for the U.S. economy, but at least one lawmaker stands to gain financially if the country defaults on its debts. House Majority Leader Eric Cantor’s (R-VA) latest financial disclosure statement indicates that he owns up to $15,000…

GOP Senators propose alternatives to U.S. dollar

Senators Rand Paul (R-KY), Jim DeMint (R-SC) and Mike Lee (R-UT) introduced legislation this week that would eliminate all taxes on gold and silver coins, elevating them from the status of “collectables” to “legal tender” of the same status as Federal Reserve notes. Currently, only the state of Utah recognizes…

Obama warns of ‘significant’ default impact

President Barack Obama warned Wednesday that a failure to raise the US debt ceiling could trigger “significant” and “unpredictable” damage to the fragile US economy and smother job growth. “If the United States, for the first time, cannot pay its bills, if it defaults, then the consequences for the US…

U.S. growing impatient on Greece debt rescue effort

WASHINGTON (AFP) – The delay in finding a durable solution to the Greek debt crisis is causing impatience in the United States, where there is mixed support for any new bailout. The US has been watching the Greek situation for more than a year and now is paying closer attention…

Chinese cities owe $1.65 trln, some ‘may default’

BEIJING (AFP) – Chinese local governments held $1.65 trillion in debt by the end of 2010, the state auditor said on Monday, warning that there was a risk that some could default. Excessive borrowing by authorities to fund infrastructure and other projects has sparked fears among China’s leadership about the…

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