Bernanke: We're Here To Help (Forbes)
The Multilateral Debt Relief Initiative (MDRI) is an extension of HIPC. The MDRI was agreed following the G8's Gleneagles meeting in July 2005. It offers 100% cancellation of multilateral debts owed by HIPC countries to the World Bank, IMF and African Development Bank.
Bernanke: We're Here To Help (Forbes)
Transcript of last Fed meeting show bankers acknowledging that they might have to change .
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Money Makeover: Lenexa family finds credit card debt tough to curtail (The Kansas City Star)
Eric Riester and Stacy Madmon-Riester realized early on that one of America's most popular debt-reduction strategies — finding cheaper credit cards — wasn't working for them.
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Home Depot Cuts Unit's Sale Price 18% to $8.5 Billion (Update1) (Bloomberg.com)
Aug. 28 (Bloomberg) -- Home Depot Inc., the world's largest home-improvement retailer, agreed to cut the sale price for its construction-supply unit by 18 percent to $8.5 billion after the U.S. credit squeeze curbed demand for leveraged-buyout debt.
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Home Depot Cuts Supply-Unit's Sale Price 18% to $8.5 Billion (Bloomberg.com)
Aug. 28 (Bloomberg) -- Home Depot Inc., the world's largest home-improvement retailer, agreed to reduce the selling price for its construction-supply unit by 18 percent to $8.5 billion after the U.S. credit squeeze curbed demand for leveraged-buyout debt.
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TCCS launches fundraising campain (Bristol Herald Courier)
Tri-Cities Christian Schools launched a strategic growth campaign Monday, the first of its kind in the institution’s 35-year history. The campaign, announced during a news conference, is called Help Tri-Cities Christian Schools Train Tomorrow’s Christian Leaders.
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Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way (Benton Evening News)
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt."
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Home Depot Cuts Supply Unit Price to $8.5 Billion (Update3) (Bloomberg.com)
Aug. 27 (Bloomberg) -- Home Depot Inc., the world's biggest home-improvement retailer, agreed to sell its construction- supply unit for $8.5 billion, cutting the price by 18 percent after the U.S. credit squeeze curbed demand for leveraged-buyout debt, three people familiar with the agreement said.
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Stelco shares up 39.7 per cent after US$1.1B offer by U.S. Steel (CP via Yahoo! Canada News)
TORONTO (CP) - Stelco Inc. (TSX:STE) and the company that's proposing to buy it for US$1.1 billion plus assumed debt, U.S. Steel Corp., will face major competitive challenges from offshore rivals that produce steel slab at lower prices, a steel analyst says.
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Child Support Fee to Reduce Federal Deficit (FOX 12 Idaho)
Boise, Idaho -- A new federal law is going into effect this fall that will take money away from kids to pay off the nation's debt. Some valley parents, who rely on that child support, are outraged that they'll be receiving $25 less a year to "support" the federal deficit, instead of their children.
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Stocks tumble as Fed minutes fail to provide clue to rate cuts;C$ slides (CP via Yahoo! Canada News)
TORONTO (CP) - Stock markets sold off Tuesday after investors felt let down that the latest minutes from the U.S. Federal Reserve's interest rate meeting earlier this month failed to provide a clue as to when the central bank might move to cut interest rates.
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Bernanke: We're Here To Help (Forbes)
Opponents of debt relief argue that it is a blank cheque to governments, and fear savings will not reach the poor in countries plagued by corruption. Others argue that countries will go out and contract further debts, under the belief that these debts will also be forgiven in some future date. They use the money to enhance the wealth and spending ability of the rich, many of whom will spend or invest this money in the rich countries, thus not even creating a trickle-down effect. They argue that the money would be far better spent in specific aid projects which actually help the poor. They further argue that it would be unfair to third-world countries that managed their credit successfully, or don't go into debt in the first place, that is, it actively encourages third world governments to overspend in order to receive debt relief in the future. Others argue against the conditionalities attached to debt relief. These conditions of structural adjustment have a history, especially in Latin America, of widening the gap between the rich and the poor, as well as increasing economic dependence on the global North.
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