What Was Teresa Giudice Thinking?

What was the bankrupt real housewife of New Jersey thinking? Or maybe the real problem lies right there — that she and her husband were not thinking at all? Uh-oh… this could seriously hurt their bankruptcy case.

I mean who in their right minds would go on a shopping spree and spend “$8,800 on curtains and some $45,000 for wall hangings, mirrors, frames, urns, chairs and tables” just a few days after filing for bankruptcy? Apparently, the Giudices would.

If my memory serves me right (and I know it does) Teresa and Joe Giudice filed for bankruptcy saying Joe’s real estate investments turned sour because of the recession which is why they are unable to pay the $10.85 million they owe to creditors.

To go on this shopping spree just days after filing for bankruptcy, and giving the whole reality TV-land the dilemma of whether to feel sorry for them or to chastise them for being so financially irresponsible (read: living way beyond their means), is really nothing but plain preposterous. Oh well, it involves Teresa Giudice, so it should not come as a surprise anymore.

Greece Seeks IMF and EU Bailout Package

Last January of this year, the International Monetary Fund or IMF sent a mission to Athens Greece at the request of Greek officials to explore possible assistance to extend help to the debt stricken country. With its budget deficit rising 12.7 percent of its Gross National Product last year and debt climbed to 113 percent of its Gross Domestic Product (GDP), Greece was on the verge of a possible bankruptcy.

Greece has to redeem government bonds worth 8.5 billion euro ($12.2 billion) on May 19.  In order to accomplish this redemption and at the same time prevent the country for a possible bankruptcy, Greece Prime Minister sought a bailout package worth 45 billion Euros (~$65 billion) from both European Union (EU) and International Monetary Fund (IMF) – 30 billion Euros from EU and 15 billion Euros from IMF.

According to the plan, if all the authorities in both EU and IMF agreed to the bailout package, Greece will be able to draw on 30 billion Euros from the other 15 members of the eurozone at an interest rate of 5 percent. The said interest rate of 5 percent would be more than 2 per cent lower than the rates being demanded by the international markets.

In the initial results of the vote of the Greece bailout package, German political parties have expressed resistance in approving the aid. According to one ruling coalition, IMF should not give the bailout package in lump sum to Greece. Instead, they should give it by tranches.

Toni Braxton Files For Bankruptcy Again

Everyone seems to be reeling from the tight economic situation the United States went through (let’s assume the recession is indeed really over) and Toni Braxton is no exception.

The Grammy-award winning singer filed for bankruptcy last month – for the second time. The thing is she does not even know how much she owes creditors.    

All she knows is that her debts fall somewhere between $10 million and $50 million. Whew, what a guess-timate! (Will someone be so kind enough as to refer an accountant to this woman please.)

Braxton, 43, lists a number of creditors seeking repayment on her bankruptcy filing, like Wells Fargo Bank, the IRS, medical bills (she reportedly suffers from pericarditis and two years ago was hospitalized for an undisclosed condition), and she even listed down Orkin Pest Control and The City of Los Angeles Parking Violations Bureau.  

Also on Braxton’s list of creditors seeking payment are: Tiffany & Co., Neiman Marcus, Screen Actors Guild, William Morris Agency, DirecTV, American Express, Nevada Power Company, ADT Security, Airport Concierge Services, Atlantic Records, BMW Financial Services, The Westin, The Four Seasons Hotels and the Flamingo Las Vegas.