Talks between Greece, the European Central Bank, the International Monetary Fund and the European Union regarding another bailout payment to Greece will continue on Tuesday. An agreement is close but some work still needs to be done, according to the Greek Finance Minister’s office.
Rupert Murdoch’s News International has agreed to pay $4.7 million to settle hacking claims by the family of a murder victim, according to sources close to the case. A lawyer for the company only confirmed “advanced negotiations.” The hacking allegations set off a scandal in July, leading the Murdoch family to close London’s News of the World.
President Barack Obama wants the rich to pay more in taxes as part of a $3 trillion plan to reduce the federal deficit. Also part of the plan is a revamp of the entire tax code by the end of the year.
“Our proposal is through comprehensive tax reform, individual and corporate, to make the current tax system of the United States better for investment, better for growth and more fair to average Americans. And if Congress were to meet those basic principles he laid out, then I’m very confident that the modest changes we’re suggesting in terms of revenue would make the economy stronger in the long term, not weaker in the long term.”
But the focus on Wall Street was Europe. Stocks ended lower on Greek default fears, but losses were cut in half on word that Greece and its international lenders are close to a deal.
That hope, however, came too late to help European markets reverse their steep declines.
Bottom line: Talks between Greece and international lenders extended as a bailout deal gets closer. Sources say Rupert Murdoch has agreed to pay a $4.7 million settlement following hacking claims. And Treasury Secretary Geithner shared some details on the White House tax plan as Wall Street tumbled.