Here’s what you need to know this morning:
- Greece has returned to crisis mode this morning with news that the country’s debt spreads have reached all time highs. The IMF is now locked in negotiations with the EU for the next 10 days, thrashing out the details of a rescue package. Speculators were given 12 days to continue to play the market before they stepped in, according to a Greek publication.
- Flight patterns across Europe are starting to return to normal as airports in the UK reopened for the first time. The estimated cost of the the disruption to world trade is now being counted, with the airlines suggesting losses of $1.7 billion alone.
- The fallout from Goldman’s SEC charges continues with John Paulson, the hedge fund trader short in the ABACUS deal, explaining the less than nefarious reasoning behind his desire to short the securities, noting his understanding of an out of control mortgage market.
- Chrysler has announced a post bankruptcy loss of nearly $4 billion, as the bailed out automaker attempts to reorganize its business. The firm also noted a profit of $197 million during the first quarter.
- General Motors has completely paid of the U.S. and Canadian government’s loans to the company, totaling $4.7 billion for the U.S. and $1.1 billion to Canada. The Canadian and U.S. governments still have equity holdings in the automaker.
- Senate Democrats are moving to squash U.S. debt in an apparent move ahead of increased scrutiny prior to the midterm elections. The group is calling for a deficit reduction to 3% of GDP by 2015, a figure .9% lower than the Obama administration’s plans. They have drafted a new budget to support these cuts.
- The IMF continues to expand upon its calls for international taxes to be levied on banks to secure the financial system. Those taxes would include a balance sheet tax and a bonus tax.
- UK unemployment figures have risen to 2.5 million, or 8%, a setback for the country’s Labour party, which is in the midst of an election campaign. This is the highest level of unemployment the country has endured since 1994.
- Thailand continues to threaten as a 60 were hurt and a policeman killed in the country’s south yesterday, in what appears to be sectarian violence. Protests continue in the country’s capital, although talks may begin to try to avert more political violence.
- After bumper earnings yesterday, analysts are raising Apple’s targets for this year’s second quarter taking into consideration the company’s booming results yesterday.
- Bonus: Mariah Carey is set to marry on-again, off-again husband Nick Cannon for the third time, on their two year wedding anniversary. No word whether the couple is considering a honeymoon divorce as of yet.
Business Insider Emails & Alerts
Site highlights each day to your inbox.