Page 46 - Debt Restructuring News Today

>> but when we go to the states to do interstate commerce, we are treated as a foreign country. were limited in both respects. >> talk about the fiscal oversight board called promisa. when it was described to me, wait, obama appointed some people to be in charge of you? they have elected you governor. >> its grate new world in that respect. we have a board now to set barriers to how much we can spend. weve had a tradition of overspending. ♪ >> allegedly to help fix the crisis, the federal gove...

Glam. conjure up the ghosts of the nazis. the leading magazine points out that nazi symbols have been anti-austerity demonstrations. pointing to posters and character surs at rallies in portugal, spain, italy and of course greece. during the debt negotiations that greek government approved a video that played inside subway trains in athens. it included footage of occupation of greece and texts that stated we claim what germany owes us. newspapers in greece have often compared germanys position o...

Of greece with text that read, we claim what germany owes us. newspapers in greece routinely compared germanys positions on its debt restructuring to nazi policies. one can disagree with certain german policies, the emphasis on austerity, for example, but it is shameful to use that to stoke up old hatreds that have no basis in todays world. modern germany has tried as hard as any nation ever has to repent for its past. it has behaved as an exemplary liberal democracy and model global citizen. it...

Racing against time. alexis tsipras has only 48 hours to convince parliament to push these measures through or the banks will run out of cash. >> translator: i have the feeling, the confidence and the hope that the 35 billion euro development package which we managed, along with the debt restructuring and the secure financing for the next three years will create the feeling among markets and investors that a grexit is a thing of the past. >> reporter: no grexit, but banks are still closed at lea...

Spoke to are just resigned to it. >> i think it was necessary. it was almost the best possible under the circumstances. >> reporter: now its leader is racing against time. alexis tsipras has only 48 hours to convince parliament to push these measures through or the banks will run out of cash. >> translator: i have the feeling, the confidence and the hope that the 35 billion euro development package which we managed, along with the debt restructuring and the secure financing for the next three ye...

One important point here. we know that the greeks have re repressed restructuring. if europe can give greece debt restructuring, perhaps tsipras can bring this to his people. he has to first bring it to parliament and voting on this. also the opposition. after that, john he has european parliament and national parliaments have to vote. will germany oppose this deal? we are not out of the woods yet. >> and after all this greek has to get going in the right direct economically. that could be next ...

Now we are seeing this new proposal that certainly introduced more austerity. again, what is the mood among people with this new plan that certainly does then to more austerity in years ahead? >> yeah very good question. very good question, george. i think it wont be very well received. already i had a very heated discussion this morning with a taxi driver who said these are shocking proposals. why are we going back to the cycle of austerity. theyve had enough. we cannot take any more basically ...

Like grant to the poor pensioners. he will get rid of that by the year 2019. other points raising retirement age. we knew he was happy to do that. that is going to go ahead. raise in corporation tax to 28%. another key line. europe wanted it. greece didnt but now they have conceded on that front. they also agred cuts to military spending. roughly 300 million euros over the next two years and all of this reform the system improving the tax system and battling tax evasion. many people saying here ...

The bottom falls out of the greek economy. cnns isa soares has more from athens. good morning, isa. >> reporter: good morning, john and christine. today is all about deal or no deal. we are waiting. greeks will be waiting to find out what their prime minister tsipras put forward in the proposals. will they go far enough? he requested a three-year bailout. the amount we are not sure but suggestions are anything around 50 billion. that is exactly what the imf said the country needs to survive for ...

A cabinet meeting today where they discuss the proposals. tsipras has the backing of leaders. this is the time for the country to come together. it seems we are getting the signs he is serious about this. he said he will be putting pension reforms through and tax reforms. reforming the pension system. he asked for a three-year bailout. we expect that to be around 50 billion euro. the imf said that is how much money it needed. it would be the third bailout in six years. we also know that greece h...