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The Totalitarian Heart of Hillary Clinton
  + stars: | 2023-10-07 | by ( James Freeman | ) www.wsj.com   time to read: 1 min
James Freeman is assistant editor of The Wall Street Journal's editorial page and author of the weekday Best of the Web column. He is the co-author of "Borrowed Time: Two Centuries of Booms, Busts and Bailouts at Citi," recognized as a New York Times Editors' Choice and a Financial Times Business Book of the Month. He is a contributor to the Fox News Channel and a host of "Deep Dive" on Fox Nation. Before joining the Journal in September 2007, James served as investor advocate at the U.S. Securities and Exchange Commission, where he encouraged the transformation of financial reporting technology to benefit individual investors. Follow James on Twitter @FreemanWSJ
Persons: James Freeman, Bailouts, James Organizations: Citi, New York Times, Financial, Fox News Channel, Fox Nation, U.S . Securities, Exchange Commission, Yale, Twitter
The percentage of Black workers in the auto industry today is more than double their share of the workforce overall. But the decline in US auto jobs and the erosion of unions have hit Black workers hardest. Black workers are likelier to belong to unions, in any industry, compared to White and Hispanic workers. Black union workers earn on average 16.4% higher wages than non-union Black workers, and they are likelier to have health care and retirement benefits, studies show. Hard-won gains disappearSoon after Black auto workers broke into better paying jobs, the US auto industry began its long decline, decimating Black communities in particular.
Persons: Lynda Jackson’s, Jackson, ” Jackson, ” Lynda Jackson, Lynda S, Emily Elconin, , Tiffanie Simmons, Simmons, Steven Pitts, Luke Sharrett, Tesla, , ” Pitts, Jim Crow, Henry Ford, Nelson Lichtenstein, “ Walter Reuther, Ford, Irving Haberman, Kevin Boyle, Boyle, Philip Randolph, Randolph, Franklin Roosevelt, Walter Reuther, , James Meredith, Martin Luther King, Jr, Roy Wilkins, Phillip Randolph, Walther Reuther, Martin Luther King Jr, Reuther, ” Boyle, Spencer Platt, Josh Bivens, Biden, Erica Smiley, ” Smiley Organizations: New, New York CNN, Chrysler, Ford, General Motors, United Auto Workers, UAW, Detroit’s, Processing, Bloomberg, Getty, Ford Motor, Economic Policy Institute, UC Berkeley Labor Center ., Tesla, Ku Klux Klan, University of California, America, Northwestern University, Jobs, Walther Reuther . Express, Hulton, Southern Christian Leadership Conference, The League, Revolutionary Black Workers, Black, Economic, Institute, P Global Market Intelligence, Justice Locations: New York, Alabama, Detroit, America, Ypsilanti , Michigan, Wayne , Michigan, Detroit , Michigan, White, Fremont , California, . Mississippi, sharecropping, Chicago , New York, Pittsburgh, Cleveland, AFP, Santa Barbara, Ford's, Rouge, Dearborn , Michigan, Washington, Birmingham, Selma, Black, Flint, Midwest, autoworkers
Paris Skouros pointed toward the sky outside his office in Athens on a recent weekday. Greece’s financial crisis almost ruined his firm, Skouros & Sons, an elevator company. Years of harsh austerity measures imposed by international bailouts had been wrenching, Mr. Skouros said, as new construction ground to a standstill. “During the crisis, we just wanted to survive,” Mr. Skouros said, as the sound of hammers hitting sheet metal rang out in his workshop. “Now we’re profitable, and business is so strong that we can’t find enough workers to keep up with demand.”Laden with debt it couldn’t pay back, Greece nearly broke the eurozone a decade ago.
Persons: Paris, bailouts, Skouros, Mr Organizations: Skouros Locations: Athens, , Greece
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina may have to give bailouts if Evergrande goes down, says China expert Dennis UnkovicDennis Unkovic, partner at Meyer, Unkovic & Scott, joins 'Power Lunch' to discuss China's Evergrande's tumbling stocks, the implications for the broader Asian real estate market, and more.
Persons: Evergrande, Dennis Unkovic Dennis Unkovic, Meyer, Unkovic, Scott Organizations: China Locations: China
New York CNN —The United Auto Workers union is expanding its strike against GM and Stellantis but said that progress in negotiations with Ford means it won’t expand the number of Ford workers on the picket lines. “At noon Eastern today, all parts distributions centers at General Motors and Stellantis will be on strike,” he said. Still the announcement of progress at Ford raised hopes that the strike, at least at there, could be brought to a relatively quick end. But the UAW’s expanded strike is now targeting the parts distribution centers for GM and Stellantis. As of 10:30 am ET, Stellantis (STLA) is up 0.98%; Ford (F) is up 3.57%; and GM (GM) is up 0.7%.
Persons: Shawn Fain, , , Fain, “ Ford, ” Ford, Ford, Bill Pugliano, ” Shawn Fain, Tesla Organizations: New, New York CNN, United Auto Workers, GM, Ford, UAW, General Motors, Ford Michigan Assembly Plant, Stellantis, Jeep, Dodge, Chrysler, Big, Facebook, UAW International Union Locations: New York, Wayne , Michigan, Wentzville , Missouri, Toledo –, North America, Virginia, California, America, Auburn Hills , Michigan
Is Seattle Ready to Stop Deteriorating?
  + stars: | 2023-09-21 | by ( James Freeman | ) www.wsj.com   time to read: 1 min
James Freeman is assistant editor of The Wall Street Journal's editorial page and author of the weekday Best of the Web column. He is the co-author of "Borrowed Time: Two Centuries of Booms, Busts and Bailouts at Citi," recognized as a New York Times Editors' Choice and a Financial Times Business Book of the Month. He is a contributor to the Fox News Channel and a host of "Deep Dive" on Fox Nation. Before joining the Journal in September 2007, James served as investor advocate at the U.S. Securities and Exchange Commission, where he encouraged the transformation of financial reporting technology to benefit individual investors. Follow James on Twitter @FreemanWSJ
Persons: James Freeman, Bailouts, James Organizations: Citi, New York Times, Financial, Fox News Channel, Fox Nation, U.S . Securities, Exchange Commission, Yale, Twitter
Ford also faces strike at Canadian plants Monday night
  + stars: | 2023-09-17 | by ( Chris Isidore | ) edition.cnn.com   time to read: +5 min
Unifor, the union that represents autoworkers in Canada, is preparing to go on strike against Ford on Monday night. The 3,400 Unifor members at the plant produce the Ford Edge and the Lincoln Nautilus SUVs. The two plants have a total of 1,700 Unifor members. It has not had a US strike since 1978, nor a Canadian strike since 1990. But Payne said her members at Ford are prepared to strike Monday night if the company doesn’t step up to its demands.
Persons: Ford, Lana Payne, “ We’re, ” Payne, , Jeff Schuster, , Payne, she’s, Unifor, ” Ford Organizations: New, New York CNN, United Auto Workers, Ford, CNN, UAW, Ford Edge, Lincoln Nautilus, Nautilus, – Ford, General Motors, North American, Jeep, Dodge, Chrysler, GlobalData, GM, Canadian, US Locations: New York, Canada, Toronto, Oakville , Ontario, Windsor , Ontario, Detroit, Windsor, Warren , Michigan, United States, Mexico, America
If Trump Is Going to Win Again...
  + stars: | 2023-09-16 | by ( James Freeman | ) www.wsj.com   time to read: 1 min
James Freeman is assistant editor of The Wall Street Journal's editorial page and author of the weekday Best of the Web column. He is the co-author of "Borrowed Time: Two Centuries of Booms, Busts and Bailouts at Citi," recognized as a New York Times Editors' Choice and a Financial Times Business Book of the Month. He is a contributor to the Fox News Channel and a host of "Deep Dive" on Fox Nation. Before joining the Journal in September 2007, James served as investor advocate at the U.S. Securities and Exchange Commission, where he encouraged the transformation of financial reporting technology to benefit individual investors. Follow James on Twitter @FreemanWSJ
Persons: James Freeman, Bailouts, James Organizations: Citi, New York Times, Financial, Fox News Channel, Fox Nation, U.S . Securities, Exchange Commission, Yale, Twitter
New York CNN —The United Auto Workers strike isn’t happening in a vacuum. From Hollywood writers to nurses, factory workers, and Starbucks baristas, thousands of workers have gone on strike in recent months to demand higher pay and improved benefits and working conditions. Members of the United Auto Workers union line up to enter a membership meeting in advance of the September 14 expiration of their union contract with Stellantis, Ford, and General Motors on September 10, 2023, Detroit, Michigan. Workers gained power during the pandemic as Covid-19 cast a spotlight on essential workers’ sacrifices and the vast disparities among America’s workforce. A striking SAG-AFTRA member pickets with other SAG-AFTRA members and striking WGA (Writers Guild of America) workers outside Warner Bros.
Persons: Paul Frangipane, , Joseph McCartin, Jim West, , ” McCartin, Mario Tama, ” Gallup, Ronald Reagan, Reagan, Dennis Caruso, EPI, Michael M, Shawn Fain, Fain Organizations: New, New York CNN, United Auto Workers, Starbucks, Teamsters, UPS, Labor, Bloomberg, Getty, Georgetown University, Economic, Institute, Ford, General Motors, Stellantis, ZUMA Press Wire Workers, Workers, SAG, WGA, Guild of America, Warner Bros, Gallup, Union, International Brotherhood of Teamsters, Air, NY, , Companies, Cornell University Institute of Labor Relations, Sinai, UAW Locations: New York, Brooklyn, Detroit , Michigan, Burbank , California, United States
But there’s a good chance at least some of them, at a mix of plants and companies, will walk out. Those limited, targeted strikes could be enough to grind production to a halt at America’s three unionized automakers. One advantage for the union of a targeted strike is the potential to save resources and extend a possible walkout. Striking union members are eligible for $500 a week from the union’s strike fund. The companies did not respond to questions Wednesday about their plans if faced with the targeted strikes Fain described on Wednesday.
Persons: Shawn Fain, Fain, Jeff Schuster, , Schuster, Jim Farley, Farley, Bill Ford, ” Farley, , ” Ford, can’t, “ We’re, Patrick Anderson, Anderson, That’s, Ford Organizations: Detroit CNN, General Motors, Ford, United Auto Workers, UAW, America ’, GlobalData, GM, Detroit Auto, Jeep, Dodge, Chrysler, Anderson Economic Group, Fiat Chrysler, PSA Group Locations: America, Detroit, North America, Michigan, Edmunds, That’s, European
US auto labor talks intensify near strike deadline
  + stars: | 2023-09-12 | by ( David Shepardson | ) www.reuters.com   time to read: +4 min
REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsWASHINGTON, Sept 12 (Reuters) - Talks between the Detroit Three automakers and United Auto Workers union are nearing a Thursday night deadline to reach a deal on a new contract before a potential walkout by 146,000 U.S. autoworkers. Coordinated strikes would mark the first-ever simultaneous labor stoppage at all three Detroit automakers and one of the largest U.S. industrial labor actions in recent years. LAST DAYS BEFORE DEADLINEThe UAW on Friday had rejected revised offers from Stellantis, General Motors (GM.N) and Ford Motor (F.N). GM said Tuesday CEO Mary Barra decided not to attend Business Roundtable meetings in Washington on Wednesday and Thursday because of the labor talks. "She changed her plans in order to stay close to the labor negotiations process," GM spokesperson Jeannine Ginivan said.
Persons: Rebecca Cook, Shawn Fain, Nancy Pelosi, Pelosi, Fain, We've, Bernie Sanders, Mark Reuss, Mary Barra, Barra, Jeannine Ginivan, Stellantis, David Shepardson, Ben Klayman, Nick Zieminski, Deepa Babington Organizations: UAW, General Motors Detroit, Hamtramck, REUTERS, Rights, Detroit Three, United Auto Workers, autoworkers, General Motors, Ford Motor, Chrysler, Detroit, Anderson Economic Group, GM, Ford, CNN, Automotive, Business, Reuters, Thomson Locations: Hamtramck , Michigan, U.S, Stellantis, Michigan, Detroit, Washington
He admits the union’s demands are “ambitious” but he insists they’re justified given the automakers’ strong profits in recent years. The automakers have balked at most of the union’s demands, according to the UAW. RaisesThe union demands an immediate 20% raise, and then four additional raises of 5% each. The UAW wants a return of traditional pension payment plans and retiree health care for all UAW members. GM put the cost of the six-week strike by the UAW in 2019 at $2.9 billion.
Persons: Shawn Fain, they’re, Fain, , Wheaton, It’s, Patrick Anderson, Anderson, ” Anderson, , ” Wheaton, Cornell’s Wheaton, , What’s, Gavin Strassel, Walter Reuther Organizations: New, New York CNN, United Auto Workers, UAW, Ford, Jeep, Dodge, Chrysler, Cornell University’s, Industrial and Labor Relations, GM, Anderson Economic Group, Pensions, Workers, Big Three, Anderson Economic, Walter, Walter Reuther Library, Wayne State University, Hollywood Locations: New York, Buffalo, Michigan, Wheaton, Belvidere , Illinois, Stellantis, Ohio, Detroit
But not all unionized workers have equal access to their employer’s DB plan. One sticking point in the UAW negotiations is to restore access to company pension plans that had been closed to anyone hired after the union accepted deep concessions in its 2007 contract. Why employers moved away from traditional pensionsMany employers started making the shift to 401(k) plans and other DC plans in the 1980s. The PBGC protects pension benefits and continues to pay retirees should their employer or its DB plan become insolvent. Retirement readiness at risk for millionsSimply having access to a workplace retirement plan isn’t enough to guarantee a secure retirement.
Persons: “ We’ve, , Karen Friedman, That’s, , Craig Copeland, Copeland, won’t, , Friedman, nonparticipants, — CNN’s Chris Isidore Organizations: New, New York CNN, United Auto Workers, Big Three, Pension, Center, Bureau of Labor Statistics, DB, UAW, General Motors, Chrysler, Congressional Research Service, Research Institute, , federal, Guaranty Corp, Workers, Social Security, Vanguard, Security Locations: New York
‘A 25-Minute Flight on 20 Minutes of Fuel’
  + stars: | 2023-09-06 | by ( James Freeman | ) www.wsj.com   time to read: 1 min
James Freeman is assistant editor of The Wall Street Journal's editorial page and author of the weekday Best of the Web column. He is the co-author of "Borrowed Time: Two Centuries of Booms, Busts and Bailouts at Citi," recognized as a New York Times Editors' Choice and a Financial Times Business Book of the Month. He is a contributor to the Fox News Channel and a host of "Deep Dive" on Fox Nation. Before joining the Journal in September 2007, James served as investor advocate at the U.S. Securities and Exchange Commission, where he encouraged the transformation of financial reporting technology to benefit individual investors. Follow James on Twitter @FreemanWSJ
Persons: James Freeman, Bailouts, James Organizations: Citi, New York Times, Financial, Fox News Channel, Fox Nation, U.S . Securities, Exchange Commission, Yale, Twitter
In contrast, when UPS was faced with a possible August 1 strike, the company and the Teamsters union both repeatedly said they were close to a deal. Those two sides eventually averted a strike with a deal overwhelmingly approved by the membership. No predictions a deal is closeThe current contracts between the United Auto Workers union and the three automakers all expire at 11:59 pm on September 14, raising the possibility of one or more strike on September 15. The move had relatively limited legal significance since the National Labor Relations Board won’t rule on it before the September 15 strike deadline. A summer of strikesDespite the deal that averted a strike at UPS, this has been a summer of strikes.
Persons: Joe Biden, I’m, ” Biden, Spokespeople, Stellantis –, Shawn Fain, , ” Fain, , Gerald Johnson, Fain, Biden, he’s, hasn’t, Wheaton, , , Betsy Klein Organizations: New, New York CNN, Labor, , Motors, Ford, CNN, UPS, Teamsters, United Auto Workers, UAW, Jeep, Dodge, Chrysler, National Labor Relations Board, GM, , Guild of America, SAG, Cornell University, Cornell University’s Industrial, Labor Relations Locations: New York, Philadelphia, Buffalo, Wheaton
Strike votes concluded Thursday among about 145,000 UAW members at General Motors, Ford and Stellantis, the company that sells vehicles under the Ram, Dodge, Jeep and Chrysler names. Even with a recent increase in strikes across the US, most labor negotiations conclude with an agreement and not a strike. Union President Shawn Fain and the UAW are talking up an ambitious set of goals in this year’s negotiations. The workers at those plants are not going to be employees of GM, Ford or Stellantis. And the plants either are paying or are expected to pay far less than UAW members make at the assembly, engine and transmission plants covered by these three contracts.
Persons: Ram, Shawn Fain, Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, Jeep, Chrysler, Union, UAW, GM, , EV, LG, Samsung Locations: New York, EVs, Warren , Ohio
Some investors and economic analysts are sceptical that expansion will lead to increased foreign direct investment (FDI) within the bloc. Still, BRICS leaders and other investors touted the increased economic heft from the expansion. Increasing use of national currencies to reduce U.S. dollar dependence was another goal BRICS leaders discussed at the summit in Johannesburg. And with oil producer heavyweights among the newcomers, investors said this would feed speculation that Saudi Arabia might increasingly switch to non-dollar-denominated currencies for oil trade. "The short-term consequences could be seen in oil," said Kaan Nazli, a portfolio manager at asset manager Neuberger Berman in London.
Persons: Brazil Luiz Inacio Lula da Silva, China Xi, Cyril Ramaphosa, India Narendra Modi, Sergei Lavrov, Viktor Szabo, Li Kexin, Ola El, Chris Turner, Jakob Ekholdt Christensen, Hasnain Malik, abrdn's Szabo, Kaan Nazli, Neuberger Berman, Rachel Savage, Karin Strohecker, Bansari Mayur, Marc Jones, Jorgelina, Emelia Sithole Organizations: Russia's, Iran, United Arab Emirates, abrdn, Emerging Markets, ING, Reuters Graphics, China, International Monetary Fund, Thomson Locations: China, India, Sandton, Saudi Arabia, UAE, Iran, JOHANNESBURG, LONDON, Argentina, Brazil, Russia, South Africa, Ethiopia, Egypt, Johannesburg, United States, Saudi, London, Van Eck, New York, Copenhagen, Dubai, Bangalore, Rosario
An economic crisis in China is unlikely to have major impact on the US, Paul Krugman said. A crisis could actually benefit the US by lowering inflation, according to the top economist. For one, the US has very little exposure to China's economy, both in terms of investment as well as trade. In fact, an economic crisis in China could slightly benefit the US, if reduced demand for commodities helps ease prices and inflation. But in economic terms, we seem to be looking at a potential crisis within China, not a 2008-style global event."
Persons: Paul Krugman, Krugman, Hong King, It's Organizations: Service, New York Times Locations: China, Wall, Silicon, United States, Hong, that's, Beijing, Germany, Japan
Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/ File Photo Acquire Licensing RightsBEIJING, Aug 20 (Reuters) - China will coordinate financial support to resolve local government debt problems, the central bank said in a statement on Sunday, as policymakers look to shore up an increasingly shaky economic recovery and reassure worried investors. Financial departments should coordinate support to resolve local debt risks, enrich tools to prevent and resolve debt risks, strengthen risk monitoring and firmly hold the line on avoiding systemic risk, according to the PBOC statement. Bloomberg reported on Aug. 11 that China will offer local governments a combined 1 trillion yuan ($137 billion) in bond issuance quotas for refinancing. "Financial support to the real economy must be strong enough" while major banks should increase lending, the statement said.
Persons: Jason Lee, Fitch, Pan Gongsheng, Xiao Yuanqi, Li Chao, PBOC, Ellen Zhang, Siyi Liu, Ryan Woo, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, Communist Party, Bloomberg, PBOC, National Financial Regulatory, China Securities Regulatory, Thomson Locations: Beijing, China, Rights BEIJING
Playing a quiet but important role in shaping the governor's remarks was the Washington-based Heritage Foundation, America's top conservative think tank, according to two people with knowledge of their interactions. The range and frequency of those discussions with DeSantis' campaign have not been previously reported. In addition to Carmack, the policy director, at least seven other Heritage staffers have taken positions in the DeSantis campaign. Whether DeSantis' connection to the think tank has been helpful for his campaign is an open question. Following the controversial March 13 statement, Heritage officials had a suggestion for the campaign, according to one person with knowledge of the discussions.
Persons: Ron DeSantis, Kevin Roberts, Tucker Carlson, DeSantis, Donald Trump, Bryan Griffin, Heritage, Griffin, Generra Peck, Trump, Noah Weinrich, Weinrich, Roberts, Dustin Carmack, Carmack, Steve Bradbury, Bradbury, Joe Biden's, David Dewhirst, Gram Slattery, Ross Colvin, Daniel Flynn Organizations: Florida, The Heritage Foundation, Gaylord National Resort, Center, REUTERS, Sarah, Fox News, Heritage Foundation, Senior Heritage, Heritage, Republican, TALLAHASSEE, Mar, Trump, Justice Department, Department of Education, FBI, Department of Transportation, Democratic Party, Top Heritage, Economic, Reuters, Republican Party, Fox Nation, Thomson Locations: National Harbor, M.D, WASHINGTON, Florida, Ukraine, United States, Washington, U.S, Russia, China, Milwaukee, Tallahassee , Florida, Tallahassee
New York CNN —Evergrande’s US bankruptcy serves as a cautionary tale about the growth-at-all-costs model that underpinned China’s spectacular growth over the past 30 years. For decades, Evergrande, once one of China’s most successful real estate developers, gobbled up debt as China’s economy exploded. A wave of defaults followed, and China’s vast real estate market has yet to recover. Evergrande's decline has become a cautionary tale about the breakneck growth that defined China's economy for three decades. China’s economy is strugglingIt’s hard to overstate the importance of the property market China.
Persons: Evergrande, Xi Jinping, Organizations: New, New York CNN, Getty Locations: New York, AFP, China, Beijing
Country Garden: How bad is China's property crisis?
  + stars: | 2023-08-17 | by ( Clare Jim | ) www.reuters.com   time to read: +5 min
HONG KONG, Aug 17 (Reuters) - The debt crisis at Country Garden (2007.HK), China's largest property developer before this year and once considered a financially sound company, has triggered fresh contagion fears just two years after China Evergrande Group (3333.HK) defaulted. S&P Global Rating said on Wednesday it could adjust its forecast for property sales to a "descending staircase" figure from an "L" shaped recovery, if Country Garden officially defaulted. However, it emerged when the property market and the economy are in much worse shape. Evergrande was already insolvent at the time of default, but Country Garden currently still has more assets than liabilities. Analysts warn that Country Garden could become insolvent if it had to write off large inventories, and run into negative equity if its asset values dropped over time.
Persons: Evergrande, Moody's, Lehman, Clare Jim, Sumeet Chatterjee, Stephen Coates Organizations: HK, China Evergrande, Local, Beijing, International, International Monetary, WILL, Communist Party, Thomson Locations: HONG KONG, Evergrande, China, Beijing
Democratic Rep. Summer Lee has over $200,000 in student debt from college and law school. She said that millions of borrowers will soon have to adjust their lives to afford another monthly bill. "I either took this loan debt or I didn't get this education, I missed this educational opportunity," she continued. "The reality is that we're on-ramping millions of borrowers right back into a debt servitude," she said. At the end of June, the Supreme Court struck down President Joe Biden's broad plan to cancel up to $20,000 in student debt for federal borrowers.
Persons: Summer Lee, Lee, Donald Trump, , Joe Biden's, Biden, it's Organizations: Democratic, Service, Democratic Rep, Pennsylvania State University, Howard University School of Law, Education Department, Higher, Education, Republican Locations: Wall, Silicon, Pennsylvania
A video from a 2019 Greta Thunberg interview shows the Swedish climate activist saying that bank bailouts are evidence that the world has enough money to address climate change. A clip shared out of context from this interview showing Thunberg saying, “if we can save the banks, then we can save the world,” has circulated online with the suggestion that her priorities had shifted from the planet to saving banks. “The only way to save the planet is to save the banks,” reads a Facebook post (here). “The money is there, if we can save the banks, then we can save the world… I mean, if there is something we are not lacking in this world, it’s money,” Thunberg said. A cropped clip showing Greta Thunberg saying, “if we can save the banks, then we can save the world,” was not a statement in defense of banks.
Persons: Greta Thunberg, , Thunberg, Naomi Klein, ” Thunberg, Read Organizations: Twitter, Global, Intercept, Reuters Locations: Swedish
EU banks face liquidity checks next year after 2023 crises
  + stars: | 2023-08-03 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. The need for credible options was reinforced after the Swiss central bank stepped in with a liquidity backstop for Credit Suisse in March, before it was taken over by rival UBS (UBSG.S). Liquidity refers to readily available cash or short-term debt with a ready buyer to fund a bank's day-to-day operations without having to sell assets. "Strategies and actions suggested by institutions to support liquidity in resolution remained limited and mostly focused on accessing central bank facilities," EBA said in its report. Tapping private markets for liquidity, however, may be difficult for a stressed bank coming out of resolution, and even getting central bank liquidity can be hard without enough collateral, the EBA noted.
Persons: Kai Pfaffenbach, Huw Jones, Alexander Smith Organizations: European Central Bank, REUTERS, Union, Credit Suisse, UBS, European Banking Authority, Silicon Valley Bank, EU, EBA, Thomson Locations: Frankfurt, Germany, Swiss, Switzerland, Silicon, United States
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