Monday, Nov 29th

Last updateWed, 14 Feb 2018 7pm

Strict Standards: Only variables should be assigned by reference in /home/times/public_html/ct2/modules/mod_janewsticker/helper.php on line 239
You are here: Home Canadian Times Finance

Strict Standards: Only variables should be assigned by reference in /home/times/public_html/ct2/plugins/content/jabookmark/jabookmark.php on line 68


Greece agrees to tough new reforms to receive a third bailout, avoid total economic collapse

Marathon overnight negotiations by the leaders of the 19 euro zone states over a third bailout for Greece in five years finally ended Monday with an announcement that harsh new conditions are to be imposed on Athens in return for it to be allowed to keep the euro as its currency and avoid total economic collapse.

If the Greek parliament approves hardnosed reforms that were, effectively, an ultimatum issued in Germany's name by the EU, formal negotiations could begin that would prevent Greece from being suspend from the eurozone and provide the country with as much as 86 billion euros in fresh loans on top of the 323 billion euros that it has already received in two previous bailouts.

In return, the Frankfurt-based European Central Bank is expected to continue sending emergency to Greek banks that have been seriously depleted by a run on accounts and measures would also be introduced to capitalize the banks, which have almost no funds left.

Read More

'Underperformer' Ontario's Credit Rating Downgraded By S&P

It's not likely to be the next Greece or anything, but Ontario's debt burden is becoming riskier, says one of the major credit ratings agencies.

Standard & Poor's has downgraded Ontario's debt to A+ from AA-, saying the province "will continue to make slow progress" in paying down what it owes.

"The downgrade reflects our view that Ontario is a sustained and projected underperformer on its budgetary performance and debt burden versus domestic and international peers," S&P said in a statement.

Read More

NDP will double carbon levy by 2017

Alberta is asking industry to cut emissions and pay more for pumping greenhouse gases into the air.

Environment Minister Shannon Phillips said on Thursday that by 2017, large emitters will have to reduce greenhouse gases by 20 percent and carbon levies will double from $15 a tonne to $30 a tonne.

"We are serious about making progress," said Phillips.

Read More

Greece enters uncharted phase in death spiral as government cuts citizens off from funds

Grim uncertainty reigned in the Greek capital Sunday as Athenians quietly trudged from bank to bank searching for ATMs that were still dispensing euros.

Their luck will certainly be worse today as Greece enters a new, totally uncharted phase in its financial death spiral.

The country's banks and stock markets will be closed for at least several days and strict capital controls are to be introduced, the government said, after a weekend of high drama here and at the European Union's headquarters in Brussels that began when talks regarding the country's bailout package stalled on Friday.

Read More

Conservatives say Liberals miscalculated cost of Trudeau tax plan by $1-billion

The Harper government claims the $2-billion hole in the Liberal Party's child benefit plan has grown by another billion dollars because they have miscalculated the cost of cancelling the existing Conservative program.

As a taxable benefit, the Liberals have ignored the nearly $1 billion in tax revenue generated by the government's existing child benefit measure, the government said - a charge the Liberals deny.

However, Jack Mintz, director and Palmer chair at the University of Calgary School of Public Policy, said that according to the federal budget document, the $1 billion in lost revenue was not taken into account by the Liberals. "It looks like somebody goofed. It seems to be a screw-up."

Read More