The Hellenic Radio (ERA): News in English, 09-06-17

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] Dramatic Impacts of Global Financial Crisis

US President Barrack Obama launched strong criticism against Wall Street shortly before announcing regulatory changes for Wall Street âincluding safeguards for consumers and checks for CEO pay- designed to shore up confidence in US financial markets and block another potentially devastating financial catastrophe. However, macro-economic data in Europe and the US are still mixed although international organizations express optimism. In Spain worst hit by the financial crisis, the eye-popping sums that Real Madrid is spending to get football stars Ronaldo and Kaka triggered widespread outrage by the about 4 million unemployed Spaniards.

US President Barrack Obama launched strong criticism against Wall Street shortly before announcing regulatory changes for Wall Street âincluding safeguards for consumers and checks for CEO pay- designed to shore up confidence in US financial markets and block another potentially devastating financial catastrophe. However, macro-economic data in Europe and the US are still mixed although international organizations express optimism. In Spain worst hit by the financial crisis, the eye-popping sums that Real Madrid is spending to get football stars Ronaldo and Kaka triggered widespread outrage by the about 4 million unemployed Spaniards. Spanish Finance Minister appealed to banks to grant loans to families and middle-size business as easy as they grant loans to Real.

Obama claimed that his plan is the most comprehensive since the Great Recession in the 30's.

In drafting the new set of regulations, Obama said, his administration sought "a careful balance" between Wall Street's independence and the urgent need for regulation

"It is an indisputable fact that one of the most significant contributors to our economic downturn was an unraveling of major financial institutions and the lack of adequate regulatory structures to prevent abuse and excess," Obama said. "A culture of irresponsibility took root from Wall Street to Washington to Main Street," fueled in part by an intricate, computerized global economy that far outpaced laws drafted after the Great Depression more than 70 years ago.

UK numbers 2.200.00 unemployed with unemployment rate among young adults 18-24 reaching 16.6%. British Airways has asked employees to agree to a salary cut to avoid new lay offs

In the same line Sarkozy-Lula

Deutsche Welle in its website gathers thatthe financial crisis has brought closer Socialists and Conservatives referring to the example of Conservative French President Nikola Sarkozy and Socialist Brazilian President Lula da Silva who confirmed coincidence of views at the Conference of the World Labour Organization.Specifically, the French President added hat markets could not dictate their selections to society.

Sources: ÍÅÔ-ÁNA-ÌPA-French

News item: 23773

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