Report finds issues with reliability of government’s financial statements, improper payments
An auditor for the Government Accountability Office told lawmakers Wednesday that in the next few years the federal government will owe more than our entire economy produces.
Gene Dodaro, the comptroller general for the Government Accountability Office, testified at the Senate Budget Committee to provide the results of its audit on the government’s financial books. Continue reading
European Central Bank audit identifies capital shortfall in worst-case scenario
Greece’s four main banks need to find another €14bn (£10bn) of reserves to ensure they could withstand an economic downturn, the European Central Bank said on Saturday.
The four banks – Alpha Bank, Eurobank, NBG and Piraeus Bank – have until 6 November to say how they intend to make up that shortfall, the ECB said. Continue reading
Repatriation of foreign gold reserves from the Federal Reserve would undermine the geopolitical role of the US economy in the world.
The largest gold reserve stored by the Fed belongs to Germany, at 674 tons. On the whole, the country holds nearly 3,500 tons of gold. However, both sides were content with the situation: the US received money for storage, and Germany knew its reserves were finely protected. Continue reading