Bombardier To Outsource Canadian Jobs As It Waits For Bailout: Report

TORONTO — The federal innovation minister says the government is taking into account the possibility Bombardier may outsource jobs when determining whether to give up to US$1 billion to the aerospace manufacturer for its CSeries planes.

Taxpayers in the dark over billions spent on auto bailouts, auditor says

OTTAWA—A federal watchdog is urging the government to publicly report on its billion-dollar contributions to bail out automotive firms in the 2009 recession, saying that even today Canadian taxpayers remain in the dark about how much they might have lost on the deals.

In a report released Tuesday, auditor general Michael Ferguson reviewed Ottawa’s efforts to join with Ontario and the United States to help keep General Motors and Chrysler afloat during the recession.

Greek Bailout Vote To Test Syriza Party Rebellion

ATHENS, Greece (AP) -- Greek lawmakers launched a late-night debate Wednesday on further reforms demanded by international creditors in return for a third multi-billion-euro bailout, with attention focusing on government dissenters who have vowed to reject the measures.

Despite the revolt in Prime Minister Alexis Tsipras' own party, parliament is expected to approve the draft legislation in a vote early Thursday - the second such crucial test in a week - again with broad support from pro-eurozone opposition parties. Failure to do so would derail the bailout and rekindle fears over Greece's future in the shared euro currency.

Greek debt crisis: reforms will fail, says ex-finance minister Yanis Varoufakis

Economic reforms imposed on Greece by creditors are going to fail, according to the country’s outspoken former finance minister.

Yanis Varoufakis told the BBC that Greece was subject to a programme that will “go down in history as the greatest disaster of macroeconomic management ever”.

His warning came as Greece’s prime minister, Alexis Tsipras, reshuffled his cabinet barely 48 hours after dissidents broke ranks over the bailout deal for the country.

Alexis Tsipras reshuffles cabinet to get rid of bailout dissidents

The Greek prime minister has sought to rid his government of hardline leftists who oppose further austerity, reshuffling his cabinet barely 48 hours after dissidents broke ranks over a draconian bailout deal for the debt-stricken country.

In a move aimed squarely at displaying his determination to forge ahead with spending cuts and reforms, Alexis Tsipras replaced leading government ministers. The shakeup marked a decisive split from militants in his radical left Syriza party who had voted against tough measures demanded in return for rescue funds from the EU and IMF.

Europe Moves To Restore Funding To Greece After Bailout Vote

ATHENS, July 16 (Reuters) - Europe moved to re-open funding to Greece's stricken economy on Thursday after the parliament in Athens approved a new bailout program in a fractious vote that left the government without a majority.

The European Central Bank increased emergency funding for Greek lenders, although capital controls will have to remain in place to avoid a run on the banks when they reopen on Monday.

European Union finance ministers also approved 7 billion euros ($7.6 billion) in bridge loans to keep Greece afloat, allowing it to make a bond payment to the ECB next Monday and clear its arrears with the International Monetary Fund.

Overspending, Austerity, Euro's Flaws: Why $335 Billion In Bailouts Failed To Save Greece

FRANKFURT - After two bailouts totalling 240 billion euros ($335 billion Cdn) and six years of depression, spending cuts and lost jobs, Greece teeters on the edge of collapse.

How did it come to this? Why couldn't all that money and all that sacrifice turn around a country that makes up less than two per cent of the 19-country eurozone economy?

On Sunday the country will hold a referendum on whether or not to accept the tough creditor conditions attached to loans needed to avoid default and a banking collapse.

EU ministers refuse bailout extension for Greece as referendum looms

Europe’s single currency entered the stage of rupture for the first time in its 16-year life on Saturday night when 18 governments told Greece its bailout package would be terminated within days. The country plunged towards financial collapse after its leftwing prime minister, Alexis Tsipras, abandoned negotiations and called a referendum on his lenders’ terms for continuing the lifeline.

An emergency meeting of eurozone finance ministers took place in Brussels on Saturday evening without Greece for the first time since the crisis began in 2010. It turned into a crisis planning session devoted to quarantining Greece and insulating the rest of the eurozone from the impact of anticipated financial mayhem.

Why A Bailout Deal That Keeps Greece In Europe May Endanger Greek Democracy

An emerging bailout deal between Greece and its creditors likely would continue the status quo of austerity. This ongoing economic pain may embolden Greek authoritarian political forces that have ties to Russia, experts say.

Greece is still negotiating with lenders over how budget-tightening in a bailout deal will be distributed. But the country has already agreed to targets that economists have said will depress Greece’s economy, regardless of who shoulders them. Without a bailout deal or an extension of payment deadlines, Greece will default on installments due in the next few weeks.

Greece's Bailout Money Doesn't Really End Up In Greece

In 2010 and 2012, Greece accepted bailout deals from European creditors totaling hundreds of billions of euros in order to prevent the collapse of the Greek banking system. The funds kept Greece from a potential default that would force it out of the eurozone, but most of the enormous sum of money involved in the bailouts ultimately didn't end up funding public services or directly going to the Greek people.

Greece Under Fire From Creditors As Bailout Talks Drag On

RIGA, Latvia (AP) — Greece's European creditors sought to douse talk that they are making plans for a potential Greek exit from the euro and expressed hope Saturday that recent criticism may prompt the country to push ahead with an economic reform plan needed to unlock rescue loans.

In the Latvian capital of Riga, the eurozone's top official, Jeroen Dijsselbloem, said he hoped "some extra urgency" will be injected into the process following the "critical" meeting of the eurozone's 19 finance ministers the day before.

Greek Prime Minister Rules Out Third Bailout

ATHENS, Greece (AP) — Greece's new radical left government has no intention of seeking another bailout deal from international creditors and will spend coming months trying to ease the terms of its current commitments, the financially struggling country's prime minister said Friday.

Alexis Tsipras remarks came hours after lawmakers in Germany, a key rescue loan provider, overwhelmingly approved the four-month extension of Greece's extant deal.

"The bailout agreements are over, both in form and in essence," Tsipras told a cabinet meeting. "Some people are betting on a third bailout in June ... but we will disappoint them."

Greece Misses Deadline In Bailout Talks

ATHENS, Feb 23 (Reuters) - Greece will present its economic reform plans to the euro zone on Tuesday, a government official said, missing a Monday deadline for the list which is a condition for extending the country's financial lifeline.

The official gave no reason for the delay but said euro zone finance ministers would consider Greece's plans, which include a crackdown on tax evasion and corruption, as scheduled on Tuesday afternoon.

Hank Greenberg Sued The Government For Bailing Out AIG, And He Actually Might Win

Of all the crazy things people have said about former AIG chief Maurice "Hank" Greenberg's lawsuit against the government, the craziest was that he just might win.

It's sounding less crazy all the time.

The possibility of a Greenberg victory at trial, which began six weeks ago is no longer unthinkable. According to a Bloomberg report, Greenberg has a real shot of winning his argument that the U.S. government bailed out the insurance firm he founded on "unfair" terms. Greenberg and his star lawyer, David Boies, may walk away with a $25 billion judgment in the case.

Bizarre Trial Accuses Government Of Illegally Bailing Out AIG

A bizarre reminder of some of the most terrifying moments in U.S. financial history just kicked off in Washington: Former AIG CEO Hank Greenberg's hubris-filled case against the government went to trial on Monday. Greenberg claims that the 2008 bailout AIG received from the government was illegal, and he's demanding $25 billion in damages.

After Cyprus Bailout Deal, Europe's Problems Worse Than Ever

Cyprus may have been saved from disaster, but don't be fooled: Europe is still a hot mess.

In the middle of the night on the continent, officials managed to hastily stitch together a plan to rescue Cyprus and keep it from leaving the eurozone. The deal came just hours before a European Central Bank deadline that could have left Cyprus cut off from short-term capital, beginning the potential unraveling of the entire currency union. It also came just about one week after another hastily stitched-together bailout deal sparked outrage in Cyprus and around the region and created the need for desperate last-minute talks in the first place.

Cyprus racing to complete alternative rescue plan

NICOSIA, CYPRUS — Politicians in Cyprus were racing Saturday to complete an alternative plan raising funds necessary for the country to qualify for an international bailout, with a potential bankruptcy just three days away.

Finance Minister Michalis Sarris said “significant progress” had been made, and that new legislation raising funds could be completed and debated in Parliament as early as Saturday evening, although the timing was not certain.

Don’t Blink, or You’ll Miss Another Bailout

MANY people became rightfully upset about bailouts given to big banks during the mortgage crisis. But it turns out that they are still going on, if more quietly, through the back door.

 The existence of one such secret deal, struck in July between the Federal Reserve Bank of New York and Bank of America, came to light just last week in court filings.

Orrin Hatch Defends Costly Amgen Provision In Fiscal Cliff Deal

WASHINGTON -- Utah Sen. Orrin Hatch angrily defended the inclusion of a controversial provision in the fiscal cliff deal that will pay major dividends to a single biopharmaceutical company, Amgen. The top Republican on the Senate Finance Committee, Hatch teamed with panel chairman Max Baucus (D-Mont.) to include a host of tax extenders, credits and other provisions that added billions to the price tag of the bipartisan bargain.

Bailout Costing Taxpayers Billions, TARP Watchdog Warns

Guess what, American taxpayer: More than four years after the financial crisis started, you are still on the hook for a nearly $15 billion investment in a subprime mortgage lender.

That's just one of a litany of troubling facts in a new report by Christy Romero, the Special Inspector General for the Troubled Asset Relief Program, which pumped more than $600 billion into failing banks and other companies during the crisis. The report details the many billions of taxpayer dollars still sunk into hundreds of struggling banks, some of which are still failing, and the risks still festering that could create a future crisis.