Cyprus lands in Europe's "Bailout Crosshairs," as the BIS says "Hold the Presses!"
Welcome to Capital Account. On Friday, we had a week to save Europe, now we’ve got three days according to George Soros! He said the upcoming summit later this week could be a fiasco and fatal to the future of the Euro. George Soros is changing his rhetoric a little. Remember, in the beginning of June he said Europe had three months to get it together.
Meanwhile, Spain has formally requested its bank bailout. Cyprus has now requested EU bailout aid citing spillover from Greece. Greece’s new finance minister resigns and Merkel puts the breaks on Eurobonds – once again. The Bank of International Settlements – the central bank of central banks – says that their money printing buddies may need to think about giving the presses a rest, lest they run out of ink! So what exactly can one more EU summit solve? We’ll try and answer that question with our guest Edward Harrison, founder of Creditwritedowns!
And amidst the local debt crises affecting cities and states across the United States, a suburb in Georgia has adopted a different model of government. It has no long-term debt, no pension obligations. We’ll look at the privatization of city hall during today’s episode of “Loose Change!”