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“In an environment of record low borrowing rates and significant spare capacity in the economy, this meant fiscal policy was well placed to continue to support the recovery,” the minutes said.

The Per Capita survey, which has been running for the past decade, found a spike since the start of the pandemic in the proportion of people supportive of governments borrowing money for long-term investments.

In February, a third of the 1550 people quizzed supported such borrowing, a similar number were opposed while the remaining were unsure.

By August, the number supporting long term borrowing had climbed to 48.3 per cent while those opposed had dropped to a survey-low of 23 per cent. About 29 per cent were still unsure.

“In the wak…

Read the full article at: https://www.smh.com.au/politics/federal/treasurer-wins-support-to-use-debt-to-build-australia-out-of-recession-20200915-p55vqn.html

Thank you for inviting me today to discuss the response to the coronavirus (COVID-19) crisis, with a particular focus on Greece.

The pandemic has caused significant disruption and hardship in nearly every aspect of our lives, and it will take time to heal the damage that has been done.

The euro area economy has been severely hit. Today I will argue that while Europe has responded to a major challenge, it is not out of the woods yet. In Greece, European and domestic policies have together played a crucial role in absorbing the shock, but further efforts will be needed.

At the same time and as Hippocrates, the father of medicine, once said: “Healing is a matter of time, but it is sometimes also a matter of opportunity”. Europe – and Greec…

Read the full article at: https://www.bis.org/review/r200915b.htm

Henry Boot has put its affordable housing company Starfish Commercial into a creditors voluntary liquidation.

The firm, which it acquired just over a year ago, has been hit hard by the coronavirus crisis, a statement from the contractor said.

Whilst we have been encouraged by recent increases in activity within our construction division, which is now at over 90 per cent of pre-[COVID-19] levels, unfortunately, we have not seen the same level of recovery in Starfish, it said. Furthermore, there is no visibility as to when it might reach a sustainable level.

Last month, Henry Boots half-year results saw an 80.3m drop in revenue and 16.9m fall in pre-tax profit. It warned at the time that redundancies would follow, though the company decli…

Read the full article at: https://www.constructionnews.co.uk/financial/henry-boot-puts-affordable-housing-company-into-liquidation-15-09-2020/

Like many people in these strange and unwelcome times, Brienna Prowler has been making ends meet by running up hefty balances on her credit cards.

Specifically, shes carrying a combined $15,000 in family medical bills on her Chase and Barclays cards bills she cant pay down since losing her gig as a bartender because of the pandemic.

Prowler, 36, says shes never missed a payment. She has a good credit score (over 700). However, both her cards have annual interest rates topping 23%.

I asked Chase and Barclays if they would lower my rate, at least for a while, the Simi Valley resident told me. They both said there was nothing they could do.

The frustration was plain in her voice.

At the rate theyre charging me, its diff…

Read the full article at: https://www.latimes.com/business/story/2020-09-15/coronavirus-credit-cards

TORONTO, Sept. 15, 2020 (GLOBE NEWSWIRE) — A new national survey by Credit Counselling Canada paints a picture of confusion about where consumers feel they can turn for help if they hit debt rock bottom. The study also addresses consumer sentiment on issues ranging from a lack of ethics, transparency and accessibility to trusted debt-help resources across the country.

The Got Debt? Poll, an Angus Reid survey of 1,510 Canadians, was conducted on behalf of Credit Counselling Canada, the foremost national association and accrediting body of non-profit credit counselling service agencies.

The study reveals that while Canadians can identify and agree on the warning signs of…

Read the full article at: https://www.globenewswire.com/news-release/2020/09/15/2093646/0/en/Debt-rock-bottom-Four-in-10-Canadians-don-t-know-where-to-turn-for-help.html

Translated into western culture via Haitian voodoo and West African mythology, the living dead have certainly been reanimated in a plethora of movies and television series over the last couple of decades.

Now they are slouching further into the corporate world.

“In the corporate world, a zombie is defined as a company which hasnt actually died but is not earning enough cash profit to meet its interest payments.

According to British think tank Onward, one in every five firms in the Old Dart is a zombie and the figure is, well, rising up.

Zombies are bad, according to Onward, causing slower employment growth that could mean over 400,000 fewer jobs created in a recovery that takes over twice as long, and lower productivity leading to GBP41…

Read the full article at: https://bluenotes.anz.com/posts/2020/09/andrew-cornell-column-zombie-corporates?adobe_mc=MCMID=57994931573662167747978708078606479228|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1600164000

GUWAHATI: Rajya Sabha MP from Congress, Ripun Bora on Tuesday raised the issue of the Nagaon and Cachar paper mills in Parliament urging that the revival of the two public sector entities, which have been non-functional since the past four years, would help stabilise the states economy.

The mills have been in a non-functional state for the past four years. From 2016 till date, the state and central governments have time and again been giving assurances to give a special package for revival of the two paper mills. But nothing has been done till today, Bora raised the issue during the Zero Hour session in Rajya Sabha.

Meanwhile, the employees have not been getting salaries for four years and 70 workers have died so far for want of salary …

Read the full article at: https://theshillongtimes.com/2020/09/15/cong-mp-ripun-bora-raises-mills-revival-issue-in-parliament/

A bankruptcy court in Bangkok has given Thai Airways the green light to go ahead and restructure the airline. Akin to the Chapter 11 process in the United States, insolvency experts will attempt to steer the embattled airline out of its financial strife. But with US$11 billion in debt and having defaulted on loans and bonds worth around one-third of the airlines assets, its going to be a rough ride ahead for Thailands national airline.

Another step in the long road ahead for Thai Airways

On Monday, Bangkoks Central Bankruptcy Court allowed an application to proceed with a formal restructuring process…

Read the full article at: https://simpleflying.com/thai-airways-restructuring/

Online service SoloSuit wants to help Americans who are being sued for a debt fight back using automated tools. The company, which is launching its service nationwide today at TechCrunch Disrupt 2020, guides users through preparing a response to their lawsuit, optionally having a consumer protection attorney look over the entire document on their behalf, then handing the printing and court filing.

The idea for Solosuit came from founder, George Simons, who had bought a car during his first year of law school and struggled to find an attorney who would help him out. That prompted the realization that there are likely millions of people across the U.S. who also can’t find attorneys to take cases for a variety of reasons. For example, they …

Read the full article at: https://au.news.yahoo.com/solosuit-launches-app-help-u-184847987.html