Outstanding loans for companies and households stood at a record 207 percent of gross domestic product at the end of June, up from 125 percent in 2008, data compiled by Bloomberg show.
via China’s Debt-to-GDP Ratio Just Climbed to a Record High – Bloomberg Business.
Wow. The Saudis once had literally more money than they could spend. I believe I once read a figure of generating something like $600 million a day from oil exports.
Saudi Arabia has borrowed $4bn from local markets in the past year, selling its first bonds for eight years as part of efforts to sustain high levels of public spending as oil prices slump.
via Saudi Arabia borrows $4B as oil price reality hits home.
LOL.
Columbus has terminated its contract with red light camera company Redflex after its former CEO pleaded guilty to bribing city leaders, including some in Columbus and Cincinnati.
via Columbus terminates contract with red light camera company | News Radio 610 WTVN.
IMF’s analysis of Greek debt sustainability is getting a little coverage now.
“The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date – and what has been proposed by the ESM,” the IMF said, referring to the European Stability Mechanism bailout fund.
via Exclusive – Greece needs debt relief far beyond EU plans: secret IMF report | Reuters.
Don’t call it that.
This is systematic corruption involving dozens of police officers and prosecutors that went on for well over two decades. At a minimum, there should be mass firings of cops and disbarments of prosecutors, past and present. A system that still retained some integrity would also have the worst offenders in handcuffs.
via The jaw-dropping police/prosecutor scandal in Orange County, Calif. – The Washington Post.
QuantumTom