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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Something is rotten in the state of the Vatican

So, God and the Bank of Italy are having a stand-off. The Vatican, which is not on the EU’s white list of financially compliant states, is out of cash. Italy’s central bank refused authorization of the Deutsche Bank-run ATMs:

Italy’s central bank has blocked all electronic payments through cash machines and by credit cards in Vatican City following the world’s smallest state’s failure to fully comply with international anti-money laundering rulesread article

And if you’re wondering why we’ve heard so little out of Spain recently, then it might be because the country was busy using its Social Security Reserve Fund where it would otherwise have had to ask for foreign help. The fund, which said in 2010 that it may invest in Spanish debt, has now become a lender of last resort for the government: around 90% of the fund has gone towards Spain’s unpaid bills, eliminating the guarantee of [any] future pension paymentsread article 

Swiss bank Wegelin & Co, Switzerland’s oldest financial institution, will close its doors after 271 years in business. The bank pleaded guilty in a case brought against it in the Manhattan District Court for helping American clients to evade taxes on $1.2bn. The bank had been indicted in January 2012 and will now pay almost $60m in legal costs, including restitution, civil forfeiture and fines. Credit Suisse and Julius Baer are also under investigation on the same matter. read article

It took the Federal Trade Commission more than 1.5 years to look through all of Google’s search business looking for wrong-doing and antitrust violations. Now it’s official, Google has a clean slate. The investigation kicked off after Google’s competitors, such as Microsoft, claimed that Google services would have a preferred ranking in search results. read article

Otherwise, America’s car industry registered its best year since 2007, while that of France is seeing a 15-year low (on that note: “Nothing says Happy New Year like a burning car“). China‘s automotive industry crept on the front pages by doing nothing.

In the background, Venezuela’s president-re-elect Hugo Chavez is suffering form a respiratory infection that keep him from recovering fully from the cancer surgery he had in Cuba. Even though Chavez has not spoken or appeared in public in three weeks, it’s planned that he will be (re-)sworn in as Venezuela’s president on 10 January. In case new elections were necessary, they would have to be held within a month. read article

Weekend reading

– The Economist on the big international topics in 2013watch video

– So middle class, this world we live in, read article

– A case study of Germany’s bipolar voting behaviorread article

– Corporate welfare and the fiscal cliff deal, read article

Have a good one.
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7 Responses

  1. princess1960 says:

    hello a new one tittle or this was before and i did not give atenttion ? DEAD STAR ECONOMICS
    NOW in theme
    Vatican for my opinion is they have ..laundry money ..so is not something intristing ..i dont’ trust ..(logic) they have STATE inside the state ..they use money how wanted ..
    -AUTO business is with profit (good) ” we sale the houses and live in car ..
    my Q is how is posible in end of this year all most be come up?
    in the same time we all have speak for unemployment for inflation ..for finance bankare problem ?(ah UFO) ..I FINDED
    Venezuela H.Chaves ..iam sorry for him ..human sens just ..
    life have surprises ..politice power ..in balance with illness power
    GER MERKEL ..i think she will winn next election (not because she was good ,,but because congres of GER have approvided every thing she do)
    older bank in SW 1747-2013 come the end too for the scandals our generation (like to do) corruption ..
    thank you have nice weekend

  2. Rafael Segura i Garcia says:

    If people behaved honestly there would be little need for any religion,because this would be heaven on earth.

  3. desert voice says:

    Whatever irregularities there may have been, they have nothing to do with Christianity! I see it more as the problem of Vatican being largely run by Italians. There is need for internationalization. I recall my terrible experience when I went to the Vatican printinb office, to buy a rare book. In the time I waited for it, one hour or so (yes, the Italians make everyone wait: average time for a post stamp purchase is one hour), in that time, I was inundated of barrages of foul language coming from the people working at the office! I couldn”t believa that I was in the heart of Christianity! Those peole, by their accents, were without douby Italians!

  4. H Galea says:

    To Desert voice, you heared foul language, So I did at a very young age, this time in church and by whom, the very one who preachs about God. They are a bunch of double faced money suckers nothing more or less.Wonder what the Vatican does with all that money, perhaps turned into bullions, it’s easyer to count it.

  5. Trev Adams says:

    Don’t dare equate Catholicism with Christianity, they have nothing in common. A Christian has an intimate relationship with Jesus. He is the Saviour and Redeemer of all, if they choose to believe. The catholic church is a corruption of Christianity. If you don’t believe me read the book “A woman rides the beast,” and this will explain it in plain language.

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