In a hearing on Wednesday, US District Court Judge Laura Taylor Swain told Puerto Rico's government, creditors and a federal oversight board that for 120 days all debt suits will be on hold and sent to mediation. Puerto Rico is attempting to resolve more than $72 billion in debt.
On Friday, former Credit Suisse banker Andrew Pearse pled guilty in US Federal Court for accepting millions of dollars in a fraud scheme that led to a $2 billion Mozambique loan scandal and debt crisis in the East African country.
Karl Polanyi condemned profit greed and deregulated markets. Today's capitalismcritics are his heirs and don't know it. An unfettered capitalism is responsible for the world coming out of joint. "Finance capital was put in the driver's seat."
The Managing Director of the International Monetary Fund, Christine Lagarde, announced that she is resigning. Lagarde is pursuing her nomination to lead the European Central Bank. Her resignation takes effect on September 12th.