Hard hitting global and local news
Read this article: Five Chicago Suburbs Headed for Bankruptcy (More Illinois Cities Will Follow)
See the article here: Chicago PMI Unexpectedly Crashes: New Orders, Production and Employment Down by More Than 10%
See original article: Introducing the Zero Labor Factory (90% Free Actually); Robots at Chili’s, Applebees, Panera
Tweet Not Toast Of The Not Knowing A little more on the lawsuit flop against John Mashey – Stoat has posts (one of them with a brilliant headline), and John M links to his lawyers’ brief arguing for dismissal . If you thought the summary of the flaws in the case looked bad, read the full brief. The jaw drops.
The ECB is attempting to stem the flow by not upping emergency liquidity assistance (ELA) as noted yesterday in Run on Greek Banks Accelerates; ECB Halts Emergency Funding Hike; Untangling the Lies Everyone Prepared? When the ECB and Germany say they are prepared for Grexit, do they include taxpayers who will have to foot the bill for default? My friend Lars from Norway pinged me with this observation today…
Taken from: "Bond Girl" on Chicago and the Quality of Credit Analysis in the Municipal Bond Market
CNBC reports Greek Bank Outflows Accelerate, Reached 5 Billion Euros in April . Greek banks have seen deposit outflows accelerate over the past week as fears rise that the euro zone country will default on debt, two banking sources said on Wednesday. The spike follows a steady outflow of money from Greek lenders this year as Athens and its creditors struggle to agree an aid-for-reforms deal before Greece runs out of money
Taken from: Greece Says Creditor Agreement Deal Close, Senior Eurozone Official Says "I Wish it Were True"