President Joe Biden has asked his negotiators to coordinate a call with House Speaker Kevin McCarthy for Sunday morning, U.S. time, after he concludes his G-7 meetings on the last day of the summit in Japan. The White House has engaged in a heated exchange with Republicans over the debt ceiling negotiations that stalled after […]
Congressional Republicans and President Joe Biden are expressing optimism about avoiding an economic catastrophe. What are both sides saying about the deal on the nation’s debt? Congressman Brian Babin (R-Texas) weighs in on the ongoing debt ceiling negotiations. He tells us Republicans don’t want to see a default. Donors reportedly want Florida Gov. Ron DeSantis […]
Has the debate over the debt ceiling always been so politicized? And what will happen as we inch closer to a potential default? Maya MacGuineas, president of the Committee for a Responsible Federal Budget, joins NTD to discuss the looming debt ceiling issue.
A continued breach of the U.S. debt ceiling could result in “significant disruptions” to financial markets and “severe damage” to the economy, including more than 8 million job losses, the White House has warned. In a report published on May 3, the White House Council of Economic Advisers stressed that a historic U.S. default on its […]
The cost of insuring exposure to United States sovereign debt rose on Wednesday to its highest level since 2011 after Treasury Secretary Janet Yellen warned that failure to lift the federal borrowing cap would trigger an economic catastrophe, suggesting investors are growing more nervous about the debt ceiling deadlock in Washington. Spreads on U.S. five-year […]
The probability of a catastrophic U.S. debt default has risen by 300 percent since the start of the year. A recent report from MSCI, an American financial service provider, warned about the tripling of a debt default and said that Congress must pass a spending bill to avoid a disaster in the next few months. “Implied default probabilities have […]
HONG KONG—Chinese state-backed Greenland Holdings Corp. Ltd. was on Wednesday downgraded to “selective default” by rating agency S&P Global, after the property developer extended the maturity of its $500-million bonds by one year. Shanghai-based Greenland is the first state-backed developer to extend a dollar-bond payment since the country’s property sector plunged into a debt crisis, […]
Russia is saying it may pay its foreign debt in rubles instead, not in their original currency, after Western sanctions freeze some of its assets. The war is hitting the neon supply in Ukraine and halting half the world’s output for chips. The crucial chip ingredient may have to be found elsewhere for now. China is locking […]
Evergrande and Kaisa are not the only Chinese real estate developers that defaulted recently. According to a letter by lender China Credit Trust, property developer Shimao Group defaulted on a loan after missing a payment to investors.
Evergrande is supposed to pay $83 million in bond interest on Thursday, and it has another $47 million due at the end of the month. Both bonds would default if it can’t pay the interest within 30 days. Evergrande is China’s second-largest property developer with $300 billion in outstanding liabilities. Two weeks ago, media reports […]
