A weekly section discussing how general events can influence the near-term future of cryptocurrency sector
Greece Needs Another Bailout to Payback IMF
Greece continued to get dipped under the pressure of the loans it received from the International Monetary Fund (IMF). The government there said that they were unable to generate funds from June’s pension funds and salaries and further sought reimbursement of €1,600 million they owe to the IMF.
Brazil Tax Authority Examining Swiss Bank Accounts
Brazil Tax Authorities are reportedly inspecting the data of a total of 1,702 HSBC accounts that belong to their citizens. It has been said that the holders of these accounts have unlawfully held around $5.4 billion of black money — a case that directly offends the Brazil’s anti money laundering law. The operation has been conducted after forming a consent with the French ministry.
HSBC Fears Next Economic Meltdown
HSBC official Stephen King recent said in a report that the world authorities are running out of tools to tackle the next global economic meltdown. In his reasons, he referred to the zero interest rates, alongside the debts that are already too high in the developed countries. There is a very little room for fiscal stimulus, he said.
China Takes a Step Towards Cleaning Local Debt Mess
Chinese Central Bank PBOC has approved a plan that sought to clean up the nation’s debt mess. As per the available reports, the central bank chief Zhou Xiaochuan has accelerated the monetary easing when local authorities decided to issue more than $286 billion worth bonds. As the loan rate declines, it will the banks that will benefit the most from the central shark, for they are the biggest buyers of the government debt.