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India has limited room to ease fiscal policy due to high debt: Fitch

India has limited room to ease fiscal policy due to high debt: Fitch

Finance
Fitch Ratings on Tuesday forecasted India's economic growth at 6.6 per cent during the current year, down from 6.8 per cent in the previous year, and said the government has only limited room to ease fiscal policy because of high debt. It said GDP (gross domestic product) growth is likely to rebound to 7.1 per cent next year. Keeping India's rating unchanged at BBB- with a stable outlook, it said the rating balances a strong medium-term growth outlook and relative external resilience with sturdy foreign reserve buffers, against high public debt, financial sector fragilities and some lagging structural factors. In its Asia-Pacific Sovereign Credit Overview, Fitch said India's GDP growth decreased for a fifth consecutive quarter in the April-June quarter to 5 per cent, the lowest in six year...
Defrauded students are still waiting for debt forgiveness from Betsy DeVos

Defrauded students are still waiting for debt forgiveness from Betsy DeVos

Finance
File photo of an ITT Technical Institute campus in Anaheim, California.Susan Goldman | Bloomberg | Getty ImagesWhen Morgan Marler's 5-year-old daughter, Lilian, asks her why she doesn't work anymore, Marler doesn't know what to say. "I can't explain debt to her," Marler, 29, said. "And how I went to school and it was all for nothing."Marler attended ITT Technical Institute, a now-shuttered for-profit school, between 2013 and 2016. The school has since been found to have misled students with false advertisements. Marler, for her part, was told students typically went on to make $ 70,000 a year. After she graduated, the best jobs she could find were at call centers that paid $ 10 an hour — less than she'd been making before she enrolled at the school.Her associates degree at ITT left her wit
Greek debt crisis: ‘I wasn’t paid for two years’

Greek debt crisis: ‘I wasn’t paid for two years’

Business
Setting up a business in a country that is struggling to recover from a severe economic crisis is hardly the most ideal of circumstances.So Greek entrepreneurs Dimitris Kokkinakis and Sophie Lamprou faced an uphill struggle when they set up their business in 2013.Greece was beginning the long trek back from its debt crisis, which at one point looked like it might force the country out of the eurozone. It had imposed drastic austerity measures in response to bailouts starting in 2010.Then in 2015, the government announced capital controls, meaning the amount of money people could withdraw from banks was restricted."It was a very big shock, not just for us, but for everybody in Greece," says Sophie.Both entrepreneurs went without p...
This company is helping pay down its employees’ student debt. ‘They are creating value for us’

This company is helping pay down its employees’ student debt. ‘They are creating value for us’

Finance
Chegg has a new plan to help its employees deal with their student loans.And its CEO wants other companies to follow Chegg's lead.The student-connected learning platform announced a new program Thursday that will give its entry- through manager-level workers up to $ 5,000 a year, if they have been with the company at least two years. Director- or vice president-level employees can get up to $ 3,000 annually to help pay down their student loan debt. "Corporations need to play a role here," Chegg CEO Dan Rosensweig told CNBC's "Closing Bell " on Thursday. "We are the beneficiaries of those people who have gotten an education — doesn't matter if it is four year or two year or even if they completed it," he added. "If they borrowed money and they are creating value for us, we want to help the
He moved to a jungle in India to escape his giant student debt — and he’s not alone

He moved to a jungle in India to escape his giant student debt — and he’s not alone

Finance
Chadd Haag said he left the United States to escape his student debt. Now he lives in India.Source: Chadd HaagChad Haag considered living in a cave to escape his student debt. He had a friend doing it. But after some plotting, he settled on what he considered a less risky plan. This year, he relocated to a jungle in India. "I've put America behind me," Haag, 29, said.Today he lives in a concrete house in the village of Uchakkada for $ 50 a month. His backyard is filled with coconut trees and chickens. "I saw four elephants just yesterday," he said, adding that he hopes never to set foot in a Walmart again.More than 9,000 miles away from Colorado, Haag said, his student loans don't feel real anymore. "It's kind of like, if a tree falls in the woods and no one hears it, does it really exi...