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Treasury Secretary Lew says administration will start procedures to avoid defaulting on debt

The Canadian PressMay 17, 2013 14:45
WASHINGTON - Treasury Secretary Jacob Lew is telling Congress that the administration will begin taking steps next week to avoid a default on the nation's debt until Congress votes to raise the government's borrowing limit. Lew said those measures should provide enough manoeuvring room to let the government keep borrowing until after Labor Day. Private economists have estimated that the government may be able to keep from breaching the debt limit until late October or November. In part, that's because the government in recent months has collected more revenue than expected.

US Treasury: no impact from debt cap before Sept

Agence France-PresseMay 17, 2013 14:01
US Treasury Secretary Jacob Lew said on Friday that the government will not feel the pinch from a cap on debt before September, as net new borrowings were to halt this weekend. "Extraordinary measures" to sustain the government without being forced to slash spending or default on the debt due to the borrowing limit "will not be exhausted until after Labor Day," or September 2, Lew told Congress. pmh/dc

US Treasury: no impact from debt cap before Sept

Agence France-PresseMay 17, 2013 14:01
US Treasury Secretary Jacob Lew said on Friday that the government would not feel the pinch from a cap on debt before September, as net new borrowings were to halt this weekend. "Extraordinary measures" to sustain the government without being forced to slash spending or default on the debt due to the borrowing limit "will not be exhausted until after Labor Day," or September 2, Lew told Congress.

Petrobas raises $11.0 bn in mega investment drive

Agence France-PresseMay 14, 2013 06:30
Brazilian oil group Petrobas said on Tuesday that it had raised $11.0 billion on the corporate bond market, marking a record high amount for such an issue in an emerging economy. The company, controlled by the Brazilian state, is carrying a heavy amount of debt, but it will use the money to help finance investment of $237 billion from 2012-2016 to develop oil reserves off Brazil's shoreline. This year alone, Petrobas intends to borrow about $20 billion, the group's finance director said last month.

Slovenia considers privatizations to avoid bailout

May 8, 2013 17:27
By Marja Novak LJUBLJANA (Reuters) - Slovenia is looking to sell its largest telecoms operator and second largest bank, sources said, as it steps up efforts to shore up its finances and avoid an international bailout. The country is racing to convince investors it has a credible strategy for raising the funds it needs to stay solvent, and is due to adopt an economic reform program on Thursday before presenting it to the European Commission.

US consumers cut back on credit card use in March, borrow more to attend school and buy cars

The Canadian PressMay 7, 2013 19:24
WASHINGTON - Americans cut back on using their credit cards in March, suggesting many were reluctant to take on high-interest debt to make purchases. Consumer borrowing rose just $8 billion in March from February to a seasonally adjusted $2.81 trillion, the Federal Reserve said Tuesday. It was the smallest increase in eight months. The gain was driven entirely by more loans to attend school and buy cars. The category that measures those loans increased $9.7 billion to $19.6 trillion.

Consumer watchdog expands probe into auto lender industry: WSJ

May 7, 2013 13:33
(Reuters) - The Consumer Financial Protection Bureau (CPFB) expanded its probe into the car loan industry by issuing subpoenas to auto lenders over the sale of financial products like extended warranties, the Wall Street Journal reported on Thursday, citing people familiar with the investigation.

Slovenia PM vows to meet EU deadline for economic plan

Agence France-PresseMay 6, 2013 18:16
Slovenia vowed Monday to meet a week's end deadline set by Brussels to produce a plan on how to fix a shaky banking system and avoid becoming the next eurozone economy requiring a bailout. "We still have a draft, but by Thursday or, at the latest, by Friday, we will have it completed and corrected," Alenka Bratusek told reporters after meeting members of her coalition. The centre-left premier argued that the budget adopted by the previous centre-right government had led to a situation which was "bad, much worse than originally planned."

US Treasury considering possible reduction in size of some of debt auctions with revenue up

The Canadian PressMay 1, 2013 09:30
WASHINGTON - The Treasury Department says it could begin decreasing the size of some of its debt auctions in coming months based on an improving deficit situation that will allow it to pay back some of the national debt this quarter.

Slovenia finance ministry sees privatisation plan in May

April 25, 2013 08:30
LJUBLJANA (Reuters) - Slovenia's finance ministry said on Thursday it expects to submit a privatisation plan to the government in the second week of May to help the country to avoid needing an international bailout. The news contradicted a statement by Prime Minister Alenka Bratusek that a privatisation plan would be revealed as early as this week, which could add to investor frustration over the slow pace of developments and lack of details.
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