debt - Garner Ted Armstrong Evangelistic Association

German lawmakers approve huge 2026 budget with billions in new debt

DPA — Mon, 01 Dec 2025 20:28:30 +0000

Germany’s budget for 2026 was approved by lawmakers in the lower house of parliament on Friday, with expenditure of €525 billion ($608 billion).

The plans include more than €180 billion in borrowing, greater than at any time in German history other than during the coronavirus pandemic.

“This budget once again has record investments,” said Finance Minister Lars Klingbeil during the debate in parliament. “However, it is also important that the investments now flow quickly,” added the Social Democrat, who is also vice chancellor.

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Source: https://finance.yahoo.com/news/germany-unveils-debt-laden-budget-100651022.html

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French PM Bayrou proposes slashing two public holidays to reduce national deficit

Jean-Philippe Liabot & Gavin Blackburn | Euronews — Tue, 15 Jul 2025 22:09:05 +0000

France’s public deficit hit 5.8% of GDP in 2024, totalling €168.6 billion, a figure well above the maximum allowed by EU rules.

France’s Prime Minister François Bayrou has outlined plans to cut €43.8 billion from the national budget, warning that debt presents a “mortal danger” for the country.

The cuts involve reducing the number of people employed in the civil service and a so-called “solidarity contribution” for “the wealthiest”, as well as scrapping tax breaks for business expenses for pensioners.

He also proposed getting rid of two public holidays, citing Easter Monday and 8 May as possible contenders to be scrapped.

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Source: https://www.euronews.com/my-europe/2025/07/15/french-pm-bayrou-proposes-slashing-two-public-holidays-to-reduce-national-deficit

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There may be little to recover in the $300 billion Evergrande debt saga

Huileng Tan and Nidhi Pandurangi | Business Insider — Mon, 29 Jan 2024 21:23:50 +0000

China Evergrande — the world’s most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts.

The order came more than two years after Evergrande sent the country’s property sector into a tailspin.

Liquidators will now take control of the company’s assets and prepare to sell them in order to repay the company’s debts, which total $300 billion.

An offshore investor named Top Shine Global brought the winding-up lawsuit against Evergrande in 2022. Its proceedings were adjourned multiple times as Evergrande sought more time to restructure its debts.

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Source: https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1

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The post There may be little to recover in the $300 billion Evergrande debt saga first appeared on Garner Ted Armstrong Evangelistic Association.

Exclusive: China orders indebted local governments to halt some infrastructure projects-sources

Reuters — Fri, 19 Jan 2024 23:38:16 +0000

an 19 (Reuters) – China has instructed heavily indebted local governments to delay or halt some state-funded infrastructure projects, three people with knowledge of the situation said, as Beijing struggles to contain debt risks even as it tries to stimulate the economy.

Increasing its efforts to manage $13 trillion in municipal debt, the State Council in recent weeks issued a directive to local governments and state banks to delay or halt construction on projects with less than half the planned investment completed in 12 regions across the country, the sources said.

Beijing has been tightening curbs on debt in recent months to defuse risks to the world’s second-largest economy and its financial stability, while also trying to stimulate growth that has long relied on infrastructure investments by local governments.

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Source: https://www.reuters.com/world/china/china-orders-indebted-local-governments-halt-some-infrastructure-projects-2024-01-19/

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Argentina and China formalize currency swap deal

Reuters — Mon, 09 Jan 2023 18:23:14 +0000

BUENOS AIRES, Jan 8 (Reuters) – Argentina and China have formalized the expansion of a currency swap deal, allowing the South American country to increase its depleted foreign currency reserves, the Argentine central bank said on Sunday.

Argentina’s government needs to rebuild reserves to cover trade costs and future debt repayments, and more reserves are a key objective of a major debt deal with the International Monetary Fund (IMF).

President Alberto Fernandez announced the deal in November last year and said at the time it was worth $5 billion.

The heads of the Argentine and Chinese central banks “confirmed that the deal for the swap of currencies between both institutions has been activated and committed to deepening the use of (Chinese yuan) in the Argentine market,” the central bank said in a statement.

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Source: https://www.reuters.com/markets/currencies/argentina-china-formalize-currency-swap-deal-2023-01-08/

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Joe Biden Health Business AP Top News U.S. News Texas Education COVID-19 St. Louis Student loans Congress Government and politics Appeals court ruling keeps Biden student debt plan on hold

JIM SALTER | AP News — Mon, 14 Nov 2022 23:43:12 +0000

ST. LOUIS (AP) — President Joe Biden’s plan to forgive student loan debt for millions of borrowers was handed another legal loss Monday when a federal appeals court panel agreed to a preliminary injunction halting the program while an appeal plays out.

The ruling by the three-judge panel from the 8th U.S. Circuit Court of Appeals in St. Louis came days after a federal judge in Texas blocked the program, saying it usurped Congress’ power to make laws. The Texas case was appealed and the administration is likely to appeal the 8th Circuit ruling as well.

The plan would cancel $10,000 in student loan debt for those making less than $125,000 or households with less than $250,000 in income. Pell Grant recipients, who typically demonstrate more financial need, would get an additional $10,000 in debt forgiven. The cancellation applies to federal student loans used to attend undergraduate and graduate school, along with Parent Plus loans.

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Source: https://apnews.com/article/biden-business-education-st-louis-student-loans-cf8136bfc75bd70839e9326cabbbf029?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_08

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The post Joe Biden Health Business AP Top News U.S. News Texas Education COVID-19 St. Louis Student loans Congress Government and politics Appeals court ruling keeps Biden student debt plan on hold first appeared on Garner Ted Armstrong Evangelistic Association.